DDM Analysis: NEWTZ

Valuation Snapshot

Stable Growth	$167.29 - $448.71	$420.43
Multi-Stage	$137.01 - $150.48	$143.62
Blended Fair Value	$282.02
Current Price	$11.45
Upside	2,363.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-59.56%	0.00%	0.02	0.55	2.50	2.72	1.65	1.58	1.26	1.09	1.06	0.59
YoY Growth	-	-	-96.88%	-78.08%	-7.98%	64.72%	4.45%	25.70%	15.02%	3.29%	80.66%	0.00%
Dividend Yield	-	-	0.14%	4.80%	19.56%	10.19%	6.19%	11.97%	6.38%	6.05%	6.24%	4.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.30
(-) Cash Dividends Paid (M)	26.17
(=) Cash Retained (M)	33.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.86	7.41	4.45
Cash Retained (M)	33.12	33.12	33.12
(-) Cash Required (M)	-11.86	-7.41	-4.45
(=) Excess Retained (M)	21.27	25.71	28.68
(/) Shares Outstanding (M)	25.78	25.78	25.78
(=) Excess Retained per Share	0.82	1.00	1.11
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	0.82	1.00	1.11
(=) Adjusted Dividend	1.84	2.01	2.13
WACC / Discount Rate	4.61%	4.61%	4.61%
Growth Rate	3.47%	4.47%	5.47%
Fair Value	$167.29	$420.43	$448.71
Upside / Downside	1,361.01%	3,571.85%	3,818.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.30	61.95	64.71	67.61	70.63	73.78	76.00
Payout Ratio	44.14%	53.31%	62.48%	71.65%	80.83%	90.00%	92.50%
Projected Dividends (M)	26.17	33.02	40.43	48.44	57.09	66.41	70.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.61%	4.61%	4.61%
Growth Rate	3.47%	4.47%	5.47%
Year 1 PV (M)	31.27	31.57	31.87
Year 2 PV (M)	36.25	36.95	37.66
Year 3 PV (M)	41.12	42.32	43.55
Year 4 PV (M)	45.88	47.67	49.53
Year 5 PV (M)	50.53	53.01	55.60
PV of Terminal Value (M)	3,327.65	3,491.59	3,661.93
Equity Value (M)	3,532.68	3,703.12	3,880.14
Shares Outstanding (M)	25.78	25.78	25.78
Fair Value	$137.01	$143.62	$150.48
Upside / Downside	1,096.59%	1,154.32%	1,214.28%

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Newtek Business Services Corp. 5.50% Notes Due 2026 (NEWTZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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