DDM Analysis: MBWM

Valuation Snapshot

Stable Growth	$530.54 - $1,050.27	$984.26
Multi-Stage	$161.45 - $176.80	$168.99
Blended Fair Value	$576.62
Current Price	$45.00
Upside	1,181.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.61%	-0.85%	1.39	1.30	1.21	1.14	1.11	1.06	1.70	0.74	1.16	0.59
YoY Growth	-	-	6.99%	7.15%	5.82%	3.31%	4.80%	-37.79%	128.29%	-35.69%	96.84%	-61.10%
Dividend Yield	-	-	3.19%	3.46%	3.96%	3.23%	3.41%	4.99%	5.12%	2.24%	3.36%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85.54
(-) Cash Dividends Paid (M)	23.21
(=) Cash Retained (M)	62.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.11	10.69	6.42
Cash Retained (M)	62.33	62.33	62.33
(-) Cash Required (M)	-17.11	-10.69	-6.42
(=) Excess Retained (M)	45.22	51.63	55.91
(/) Shares Outstanding (M)	16.20	16.20	16.20
(=) Excess Retained per Share	2.79	3.19	3.45
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	2.79	3.19	3.45
(=) Adjusted Dividend	4.22	4.62	4.88
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$530.54	$984.26	$1,050.27
Upside / Downside	1,078.97%	2,087.24%	2,233.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85.54	91.10	97.02	103.33	110.04	117.20	120.71
Payout Ratio	27.14%	39.71%	52.28%	64.85%	77.43%	90.00%	92.50%
Projected Dividends (M)	23.21	36.18	50.72	67.01	85.20	105.48	111.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.70	34.02	34.34
Year 2 PV (M)	44.02	44.86	45.70
Year 3 PV (M)	54.17	55.73	57.31
Year 4 PV (M)	64.16	66.63	69.17
Year 5 PV (M)	73.99	77.57	81.28
PV of Terminal Value (M)	2,345.07	2,458.34	2,575.94
Equity Value (M)	2,615.11	2,737.13	2,863.74
Shares Outstanding (M)	16.20	16.20	16.20
Fair Value	$161.45	$168.99	$176.80
Upside / Downside	258.79%	275.53%	292.90%

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Mercantile Bank Corporation (MBWM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener