DDM Analysis: NDP

Valuation Snapshot

Stable Growth	$44.09 - $64.86	$54.07
Multi-Stage	$83.84 - $91.86	$87.78
Blended Fair Value	$70.92
Current Price	$33.98
Upside	108.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	-29.26%	0.00%	2.52	2.19	0.66	0.85	8.85	14.25	14.21	0.00	0.00	0.00
YoY Growth	-	-	15.21%	230.97%	-22.50%	-90.35%	-37.90%	0.32%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.72%	6.76%	2.98%	6.76%	30.47%	19.79%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.82
(-) Cash Dividends Paid (M)	8.48
(=) Cash Retained (M)	1.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.96	1.23	0.74
Cash Retained (M)	1.34	1.34	1.34
(-) Cash Required (M)	-1.96	-1.23	-0.74
(=) Excess Retained (M)	-0.62	0.12	0.61
(/) Shares Outstanding (M)	1.73	1.73	1.73
(=) Excess Retained per Share	-0.36	0.07	0.35
LTM Dividend per Share	4.90	4.90	4.90
(+) Excess Retained per Share	-0.36	0.07	0.35
(=) Adjusted Dividend	4.54	4.97	5.25
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$44.09	$54.07	$64.86
Upside / Downside	29.75%	59.11%	90.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.82	9.72	9.63	9.53	9.44	9.34	9.62
Payout Ratio	86.32%	87.05%	87.79%	88.53%	89.26%	90.00%	92.50%
Projected Dividends (M)	8.48	8.47	8.45	8.44	8.42	8.41	8.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	7.75	7.83	7.91
Year 2 PV (M)	7.09	7.23	7.38
Year 3 PV (M)	6.48	6.68	6.88
Year 4 PV (M)	5.92	6.17	6.42
Year 5 PV (M)	5.41	5.70	5.99
PV of Terminal Value (M)	112.32	118.17	124.26
Equity Value (M)	144.98	151.78	158.85
Shares Outstanding (M)	1.73	1.73	1.73
Fair Value	$83.84	$87.78	$91.86
Upside / Downside	146.74%	158.32%	170.35%

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Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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