DDM Analysis: VBNK

Valuation Snapshot

Stable Growth	$16.88 - $34.79	$23.72
Multi-Stage	$18.79 - $20.61	$19.68
Blended Fair Value	$21.70
Current Price	$16.37
Upside	32.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.49%	0.00%	0.12	0.12	0.12	0.13	0.14	0.12	0.10	0.07	0.07	0.06
YoY Growth	-	-	-0.33%	-3.46%	-3.04%	-10.14%	16.37%	20.83%	38.30%	0.00%	20.80%	0.00%
Dividend Yield	-	-	0.60%	0.79%	1.20%	0.87%	1.27%	1.63%	1.36%	0.94%	1.60%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28.77
(-) Cash Dividends Paid (M)	3.33
(=) Cash Retained (M)	25.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.75	3.60	2.16
Cash Retained (M)	25.44	25.44	25.44
(-) Cash Required (M)	-5.75	-3.60	-2.16
(=) Excess Retained (M)	19.69	21.84	23.28
(/) Shares Outstanding (M)	29.98	29.98	29.98
(=) Excess Retained per Share	0.66	0.73	0.78
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.66	0.73	0.78
(=) Adjusted Dividend	0.77	0.84	0.89
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	2.79%	3.79%	4.79%
Fair Value	$16.88	$23.72	$34.79
Upside / Downside	3.14%	44.91%	112.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28.77	29.86	30.99	32.17	33.39	34.66	35.70
Payout Ratio	11.57%	27.26%	42.94%	58.63%	74.31%	90.00%	92.50%
Projected Dividends (M)	3.33	8.14	13.31	18.86	24.82	31.19	33.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	2.79%	3.79%	4.79%
Year 1 PV (M)	7.50	7.57	7.65
Year 2 PV (M)	11.30	11.52	11.75
Year 3 PV (M)	14.76	15.20	15.64
Year 4 PV (M)	17.90	18.60	19.33
Year 5 PV (M)	20.73	21.76	22.83
PV of Terminal Value (M)	491.05	515.40	540.72
Equity Value (M)	563.24	590.06	617.91
Shares Outstanding (M)	29.98	29.98	29.98
Fair Value	$18.79	$19.68	$20.61
Upside / Downside	14.77%	20.24%	25.91%

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VersaBank (VBNK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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