Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

Finward Bancorp (FNWD)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$34.19 - $163.02$60.55
Multi-Stage$31.70 - $34.76$33.20
Blended Fair Value$46.88
Current Price$32.09
Upside46.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.72%-2.53%0.481.241.181.001.000.950.800.760.730.69
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.940.590.35
Cash Retained (M)3.153.153.15
(-) Cash Required (M)-0.94-0.59-0.35
(=) Excess Retained (M)2.212.562.80
(/) Shares Outstanding (M)4.294.294.29
(=) Excess Retained per Share0.510.600.65
LTM Dividend per Share0.360.360.36
(+) Excess Retained per Share0.510.600.65
(=) Adjusted Dividend0.880.961.01
WACC / Discount Rate6.25%6.25%6.25%
Growth Rate3.59%4.59%5.59%
Fair Value$34.19$60.55$163.02
Upside / Downside6.54%88.68%408.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4.714.925.155.395.635.896.07
Payout Ratio33.06%44.45%55.83%67.22%78.61%90.00%92.50%
Projected Dividends (M)1.562.192.883.624.435.305.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.25%6.25%6.25%
Growth Rate3.59%4.59%5.59%
Year 1 PV (M)2.042.062.08
Year 2 PV (M)2.502.552.60
Year 3 PV (M)2.933.023.11
Year 4 PV (M)3.343.473.61
Year 5 PV (M)3.733.924.11
PV of Terminal Value (M)121.60127.59133.81
Equity Value (M)136.15142.60149.30
Shares Outstanding (M)4.294.294.29
Fair Value$31.70$33.20$34.76
Upside / Downside-1.21%3.47%8.34%

High-Yield Dividend Screener

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