Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings.

FMCB — Fair Value Analysis

FARMERS & MERCHANTS BANCORP

Current: $1435.00Price below range

Fair Value Range

Bear Case (25th pct.)

$1653.47

15.2% vs price

Base Case (Median)

$1702.52

18.6% vs price

Bull Case (75th pct.)

$1802.38

25.6% vs price

$1653.47$1702.52$1802.38

◇ = Current price | | Bear | Base | Bull

Method Breakdown

Method	Est. Value	vs Price	Weight
DCF (Discounted Cash Flow)	$1612.63	12.4%	High (40%)
PE Comparable	$1667.08	16.2%	Medium (25%)
Growth Trajectory DCF	$1995.67	39.1%	Medium (20%)
Graham Number	$1737.95	21.1%	High (80%)

Interpretation

Based on 4 out of 8 methods, FMCB appears undervalued at the current price of $1435.00. The base case fair value of $1702.52 implies 18.6% upside.

Bear/base/bull cases represent the 25th, 50th, and 75th percentile of available method estimates. This is not financial advice. Valuation is inherently uncertain.