DDM Analysis: ATLO

Valuation Snapshot

Stable Growth	$25.64 - $46.66	$34.37
Multi-Stage	$37.68 - $41.33	$39.47
Blended Fair Value	$36.92
Current Price	$20.22
Upside	82.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.67%	3.37%	1.02	1.09	1.08	1.05	1.02	0.98	1.21	0.91	0.87	0.81
YoY Growth	-	-	-6.49%	0.38%	3.05%	3.49%	3.27%	-18.66%	33.33%	4.82%	6.41%	11.43%
Dividend Yield	-	-	5.81%	5.55%	5.21%	4.23%	3.97%	4.81%	4.38%	3.30%	2.83%	3.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.03
(-) Cash Dividends Paid (M)	7.79
(=) Cash Retained (M)	8.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.21	2.00	1.20
Cash Retained (M)	8.24	8.24	8.24
(-) Cash Required (M)	-3.21	-2.00	-1.20
(=) Excess Retained (M)	5.03	6.23	7.04
(/) Shares Outstanding (M)	8.93	8.93	8.93
(=) Excess Retained per Share	0.56	0.70	0.79
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	0.56	0.70	0.79
(=) Adjusted Dividend	1.44	1.57	1.66
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	1.37%	2.37%	3.37%
Fair Value	$25.64	$34.37	$46.66
Upside / Downside	26.80%	69.98%	130.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.03	16.41	16.80	17.19	17.60	18.02	18.56
Payout Ratio	48.60%	56.88%	65.16%	73.44%	81.72%	90.00%	92.50%
Projected Dividends (M)	7.79	9.33	10.94	12.63	14.38	16.22	17.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	1.37%	2.37%	3.37%
Year 1 PV (M)	8.63	8.72	8.80
Year 2 PV (M)	9.36	9.55	9.74
Year 3 PV (M)	9.99	10.29	10.60
Year 4 PV (M)	10.53	10.95	11.39
Year 5 PV (M)	10.98	11.53	12.11
PV of Terminal Value (M)	286.84	301.27	316.28
Equity Value (M)	336.35	352.32	368.91
Shares Outstanding (M)	8.93	8.93	8.93
Fair Value	$37.68	$39.47	$41.33
Upside / Downside	86.37%	95.22%	104.42%

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Ames National Corporation (ATLO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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