DDM Analysis: SBSI

Valuation Snapshot

Stable Growth	$383.00 - $458.52	$429.70
Multi-Stage	$80.25 - $87.82	$83.96
Blended Fair Value	$256.83
Current Price	$28.25
Upside	809.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.52%	9.31%	1.44	1.44	1.48	1.47	1.42	1.40	1.38	1.06	0.85	0.83
YoY Growth	-	-	0.11%	-3.01%	0.82%	3.16%	1.61%	1.29%	30.37%	24.02%	3.56%	39.91%
Dividend Yield	-	-	4.96%	5.00%	4.46%	3.59%	3.69%	4.61%	4.07%	3.05%	2.61%	3.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.02
(-) Cash Dividends Paid (M)	43.58
(=) Cash Retained (M)	26.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.00	8.75	5.25
Cash Retained (M)	26.44	26.44	26.44
(-) Cash Required (M)	-14.00	-8.75	-5.25
(=) Excess Retained (M)	12.44	17.69	21.19
(/) Shares Outstanding (M)	30.37	30.37	30.37
(=) Excess Retained per Share	0.41	0.58	0.70
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	0.41	0.58	0.70
(=) Adjusted Dividend	1.84	2.02	2.13
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$383.00	$429.70	$458.52
Upside / Downside	1,255.74%	1,421.08%	1,523.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.02	74.57	79.42	84.58	90.08	95.93	98.81
Payout Ratio	62.24%	67.79%	73.34%	78.90%	84.45%	90.00%	92.50%
Projected Dividends (M)	43.58	50.55	58.25	66.73	76.07	86.34	91.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.24	47.69	48.13
Year 2 PV (M)	50.86	51.83	52.81
Year 3 PV (M)	54.45	56.01	57.61
Year 4 PV (M)	58.00	60.23	62.53
Year 5 PV (M)	61.52	64.49	67.58
PV of Terminal Value (M)	2,165.08	2,269.65	2,378.23
Equity Value (M)	2,437.16	2,549.91	2,666.89
Shares Outstanding (M)	30.37	30.37	30.37
Fair Value	$80.25	$83.96	$87.82
Upside / Downside	184.07%	197.22%	210.85%

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Southside Bancshares, Inc. (SBSI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener