DDM Analysis: TKBP.SW

Valuation Snapshot

Stable Growth	$252.39 - $435.05	$331.08
Multi-Stage	$392.27 - $431.25	$411.39
Blended Fair Value	$371.24
Current Price	$153.00
Upside	142.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.32%	4.70%	4.83	4.56	4.54	4.38	4.11	4.10	4.03	4.02	4.00	3.99
YoY Growth	-	-	5.91%	0.51%	3.49%	6.63%	0.23%	1.71%	0.31%	0.38%	0.35%	30.88%
Dividend Yield	-	-	3.80%	3.81%	3.81%	4.11%	3.93%	3.76%	3.93%	3.95%	4.52%	5.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	317.36
(-) Cash Dividends Paid (M)	36.47
(=) Cash Retained (M)	280.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.47	39.67	23.80
Cash Retained (M)	280.89	280.89	280.89
(-) Cash Required (M)	-63.47	-39.67	-23.80
(=) Excess Retained (M)	217.42	241.22	257.09
(/) Shares Outstanding (M)	16.00	16.00	16.00
(=) Excess Retained per Share	13.59	15.08	16.07
LTM Dividend per Share	2.28	2.28	2.28
(+) Excess Retained per Share	13.59	15.08	16.07
(=) Adjusted Dividend	15.87	17.36	18.35
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$252.39	$331.08	$435.05
Upside / Downside	64.96%	116.40%	184.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	317.36	322.77	328.27	333.86	339.54	345.33	355.69
Payout Ratio	11.49%	27.19%	42.89%	58.60%	74.30%	90.00%	92.50%
Projected Dividends (M)	36.47	87.77	140.81	195.63	252.28	310.80	329.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	81.19	82.00	82.81
Year 2 PV (M)	120.50	122.91	125.34
Year 3 PV (M)	154.88	159.53	164.29
Year 4 PV (M)	184.76	192.21	199.88
Year 5 PV (M)	210.57	221.23	232.32
PV of Terminal Value (M)	5,524.49	5,804.28	6,095.30
Equity Value (M)	6,276.39	6,582.17	6,899.94
Shares Outstanding (M)	16.00	16.00	16.00
Fair Value	$392.27	$411.39	$431.25
Upside / Downside	156.39%	168.88%	181.86%

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Thurgauer Kantonalbank (TKBP.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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