DDM Analysis: FNWD

Valuation Snapshot

Stable Growth	$34.19 - $163.03	$60.55
Multi-Stage	$31.70 - $34.77	$33.21
Blended Fair Value	$46.88
Current Price	$32.09
Upside	46.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.72%	-2.53%	0.48	1.24	1.18	1.00	1.00	0.95	0.80	0.76	0.73	0.69
YoY Growth	-	-	-61.22%	5.12%	17.75%	0.44%	5.04%	19.03%	5.15%	3.85%	6.11%	10.81%
Dividend Yield	-	-	1.66%	5.02%	4.06%	2.17%	2.34%	3.02%	1.93%	1.73%	1.86%	2.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.71
(-) Cash Dividends Paid (M)	1.56
(=) Cash Retained (M)	3.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.94	0.59	0.35
Cash Retained (M)	3.15	3.15	3.15
(-) Cash Required (M)	-0.94	-0.59	-0.35
(=) Excess Retained (M)	2.21	2.56	2.80
(/) Shares Outstanding (M)	4.29	4.29	4.29
(=) Excess Retained per Share	0.51	0.60	0.65
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.51	0.60	0.65
(=) Adjusted Dividend	0.88	0.96	1.01
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	3.59%	4.59%	5.59%
Fair Value	$34.19	$60.55	$163.03
Upside / Downside	6.54%	88.68%	408.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.71	4.92	5.15	5.39	5.63	5.89	6.07
Payout Ratio	33.06%	44.45%	55.83%	67.22%	78.61%	90.00%	92.50%
Projected Dividends (M)	1.56	2.19	2.88	3.62	4.43	5.30	5.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	3.59%	4.59%	5.59%
Year 1 PV (M)	2.04	2.06	2.08
Year 2 PV (M)	2.50	2.55	2.60
Year 3 PV (M)	2.93	3.02	3.11
Year 4 PV (M)	3.34	3.47	3.61
Year 5 PV (M)	3.73	3.92	4.11
PV of Terminal Value (M)	121.61	127.59	133.81
Equity Value (M)	136.15	142.61	149.30
Shares Outstanding (M)	4.29	4.29	4.29
Fair Value	$31.70	$33.21	$34.77
Upside / Downside	-1.21%	3.48%	8.34%

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Finward Bancorp (FNWD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener