DDM Analysis: LARK

Valuation Snapshot

Stable Growth	$203.34 - $420.15	$393.72
Multi-Stage	$83.18 - $91.19	$87.11
Blended Fair Value	$240.41
Current Price	$26.69
Upside	800.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.62%	6.68%	0.79	0.75	0.72	0.66	0.62	0.60	0.57	0.53	0.50	0.44
YoY Growth	-	-	5.06%	4.57%	9.95%	5.09%	3.56%	5.50%	6.98%	6.73%	14.33%	5.47%
Dividend Yield	-	-	2.91%	4.11%	3.85%	2.89%	2.87%	3.77%	3.27%	2.58%	2.10%	2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.39
(-) Cash Dividends Paid (M)	4.80
(=) Cash Retained (M)	7.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.48	1.55	0.93
Cash Retained (M)	7.59	7.59	7.59
(-) Cash Required (M)	-2.48	-1.55	-0.93
(=) Excess Retained (M)	5.11	6.04	6.66
(/) Shares Outstanding (M)	5.82	5.82	5.82
(=) Excess Retained per Share	0.88	1.04	1.14
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	0.88	1.04	1.14
(=) Adjusted Dividend	1.70	1.86	1.97
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$203.34	$393.72	$420.15
Upside / Downside	661.87%	1,375.14%	1,474.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.39	13.09	13.84	14.62	15.45	16.33	16.82
Payout Ratio	38.75%	49.00%	59.25%	69.50%	79.75%	90.00%	92.50%
Projected Dividends (M)	4.80	6.41	8.20	10.16	12.32	14.70	15.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	6.02	6.08	6.13
Year 2 PV (M)	7.22	7.36	7.50
Year 3 PV (M)	8.40	8.64	8.89
Year 4 PV (M)	9.55	9.92	10.31
Year 5 PV (M)	10.69	11.21	11.75
PV of Terminal Value (M)	442.13	463.66	486.01
Equity Value (M)	484.01	506.87	530.59
Shares Outstanding (M)	5.82	5.82	5.82
Fair Value	$83.18	$87.11	$91.19
Upside / Downside	211.66%	226.38%	241.65%

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Landmark Bancorp, Inc. (LARK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener