DDM Analysis: HWBK

Valuation Snapshot

Stable Growth	$194.50 - $632.00	$592.27
Multi-Stage	$82.83 - $90.67	$86.67
Blended Fair Value	$339.47
Current Price	$31.04
Upside	993.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.46%	17.37%	0.72	0.67	0.61	0.52	0.43	0.38	0.29	0.21	0.16	0.15
YoY Growth	-	-	8.56%	9.65%	17.26%	19.34%	12.89%	34.67%	35.21%	34.37%	3.69%	4.03%
Dividend Yield	-	-	2.56%	3.17%	2.70%	2.21%	2.29%	2.45%	1.47%	1.29%	0.98%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.21
(-) Cash Dividends Paid (M)	5.37
(=) Cash Retained (M)	16.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.44	2.78	1.67
Cash Retained (M)	16.84	16.84	16.84
(-) Cash Required (M)	-4.44	-2.78	-1.67
(=) Excess Retained (M)	12.40	14.07	15.18
(/) Shares Outstanding (M)	6.99	6.99	6.99
(=) Excess Retained per Share	1.77	2.01	2.17
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	1.77	2.01	2.17
(=) Adjusted Dividend	2.54	2.78	2.94
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$194.50	$592.27	$632.00
Upside / Downside	526.60%	1,808.10%	1,936.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.21	23.66	25.19	26.83	28.58	30.43	31.35
Payout Ratio	24.18%	37.34%	50.51%	63.67%	76.84%	90.00%	92.50%
Projected Dividends (M)	5.37	8.83	12.73	17.08	21.96	27.39	29.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.19	8.27	8.34
Year 2 PV (M)	10.93	11.14	11.35
Year 3 PV (M)	13.60	13.99	14.39
Year 4 PV (M)	16.20	16.83	17.47
Year 5 PV (M)	18.73	19.64	20.58
PV of Terminal Value (M)	511.29	535.98	561.62
Equity Value (M)	578.95	605.85	633.76
Shares Outstanding (M)	6.99	6.99	6.99
Fair Value	$82.83	$86.67	$90.67
Upside / Downside	166.84%	179.24%	192.10%

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Hawthorn Bancshares, Inc. (HWBK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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