DDM Analysis: RCKY

Valuation Snapshot

Stable Growth	$31.02 - $50.45	$39.73
Multi-Stage	$33.46 - $36.61	$35.01
Blended Fair Value	$37.37
Current Price	$29.79
Upside	25.43%
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	2.95%	4.33%	0.62	0.61	0.61	0.57	0.55	0.53	0.46	0.44	0.44	0.43
YoY Growth	-	-	1.01%	0.59%	5.56%	5.03%	2.66%	14.44%	6.56%	-0.84%	1.38%	7.76%
Dividend Yield	-	-	3.54%	2.22%	2.62%	1.38%	1.01%	2.75%	1.81%	2.03%	3.81%	3.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.56
(-) Cash Dividends Paid (M)	4.63
(=) Cash Retained (M)	15.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.11	2.57	1.54
Cash Retained (M)	15.94	15.94	15.94
(-) Cash Required (M)	-4.11	-2.57	-1.54
(=) Excess Retained (M)	11.82	13.37	14.39
(/) Shares Outstanding (M)	7.50	7.50	7.50
(=) Excess Retained per Share	1.58	1.78	1.92
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	1.58	1.78	1.92
(=) Adjusted Dividend	2.19	2.40	2.54
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	2.72%	3.72%	4.72%
Fair Value	$31.02	$39.73	$50.45
Upside / Downside	4.13%	33.36%	69.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.56	21.33	22.12	22.94	23.79	24.68	25.42
Payout Ratio	22.50%	36.00%	49.50%	63.00%	76.50%	90.00%	92.50%
Projected Dividends (M)	4.63	7.68	10.95	14.45	18.20	22.21	23.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	2.72%	3.72%	4.72%
Year 1 PV (M)	6.91	6.98	7.05
Year 2 PV (M)	8.88	9.05	9.23
Year 3 PV (M)	10.55	10.86	11.18
Year 4 PV (M)	11.97	12.44	12.93
Year 5 PV (M)	13.15	13.80	14.48
PV of Terminal Value (M)	199.39	209.29	219.57
Equity Value (M)	250.85	262.43	274.44
Shares Outstanding (M)	7.50	7.50	7.50
Fair Value	$33.46	$35.01	$36.61
Upside / Downside	12.33%	17.51%	22.89%

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Rocky Brands, Inc. (RCKY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener