DDM Analysis: HMNF

Valuation Snapshot

Stable Growth	$11.13 - $17.26	$13.97
Multi-Stage	$25.27 - $27.84	$26.53
Blended Fair Value	$20.25
Current Price	$22.64
Upside	-10.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.30	0.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	24.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.42%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.24
(-) Cash Dividends Paid (M)	1.48
(=) Cash Retained (M)	3.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.05	0.65	0.39
Cash Retained (M)	3.76	3.76	3.76
(-) Cash Required (M)	-1.05	-0.65	-0.39
(=) Excess Retained (M)	2.71	3.10	3.36
(/) Shares Outstanding (M)	4.41	4.41	4.41
(=) Excess Retained per Share	0.61	0.70	0.76
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.61	0.70	0.76
(=) Adjusted Dividend	0.95	1.04	1.10
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.13	$13.97	$17.26
Upside / Downside	-50.82%	-38.29%	-23.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.24	5.19	5.13	5.08	5.03	4.98	5.13
Payout Ratio	28.27%	40.62%	52.96%	65.31%	77.65%	90.00%	92.50%
Projected Dividends (M)	1.48	2.11	2.72	3.32	3.91	4.48	4.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.96	1.98	2.00
Year 2 PV (M)	2.35	2.40	2.45
Year 3 PV (M)	2.68	2.76	2.84
Year 4 PV (M)	2.93	3.05	3.18
Year 5 PV (M)	3.13	3.29	3.46
PV of Terminal Value (M)	98.32	103.44	108.77
Equity Value (M)	111.37	116.93	122.70
Shares Outstanding (M)	4.41	4.41	4.41
Fair Value	$25.27	$26.53	$27.84
Upside / Downside	11.63%	17.20%	22.99%

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HMN Financial, Inc. (HMNF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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