DDM Analysis: ISBA

Valuation Snapshot

Stable Growth	$29.41 - $49.57	$38.23
Multi-Stage	$56.66 - $62.29	$59.42
Blended Fair Value	$48.83
Current Price	$35.25
Upside	38.51%
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	-0.33%	1.76%	1.10	1.11	1.09	1.13	1.15	1.12	1.10	1.08	1.03	0.98
YoY Growth	-	-	-0.84%	1.66%	-3.41%	-1.84%	2.92%	1.38%	2.24%	4.51%	5.11%	6.28%
Dividend Yield	-	-	4.65%	5.67%	4.39%	4.36%	5.28%	6.20%	4.64%	3.93%	3.73%	3.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.22
(-) Cash Dividends Paid (M)	8.11
(=) Cash Retained (M)	10.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.64	2.28	1.37
Cash Retained (M)	10.11	10.11	10.11
(-) Cash Required (M)	-3.64	-2.28	-1.37
(=) Excess Retained (M)	6.46	7.83	8.74
(/) Shares Outstanding (M)	7.42	7.42	7.42
(=) Excess Retained per Share	0.87	1.06	1.18
LTM Dividend per Share	1.09	1.09	1.09
(+) Excess Retained per Share	0.87	1.06	1.18
(=) Adjusted Dividend	1.96	2.15	2.27
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-0.24%	0.76%	1.76%
Fair Value	$29.41	$38.23	$49.57
Upside / Downside	-16.56%	8.45%	40.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.22	18.35	18.49	18.63	18.78	18.92	19.49
Payout Ratio	44.52%	53.61%	62.71%	71.81%	80.90%	90.00%	92.50%
Projected Dividends (M)	8.11	9.84	11.60	13.38	15.19	17.03	18.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-0.24%	0.76%	1.76%
Year 1 PV (M)	9.15	9.25	9.34
Year 2 PV (M)	10.04	10.24	10.44
Year 3 PV (M)	10.77	11.10	11.44
Year 4 PV (M)	11.38	11.84	12.32
Year 5 PV (M)	11.87	12.47	13.11
PV of Terminal Value (M)	367.24	386.02	405.56
Equity Value (M)	420.46	440.93	462.21
Shares Outstanding (M)	7.42	7.42	7.42
Fair Value	$56.66	$59.42	$62.29
Upside / Downside	60.74%	68.57%	76.70%

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Isabella Bank Corporation (ISBA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener