DDM Analysis: WTBA

Valuation Snapshot

Stable Growth	$54.80 - $204.82	$92.01
Multi-Stage	$35.60 - $38.86	$37.20
Blended Fair Value	$64.60
Current Price	$20.32
Upside	217.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.36%	7.92%	0.99	0.98	0.98	0.91	0.81	0.80	0.75	0.68	0.64	0.59
YoY Growth	-	-	0.61%	0.51%	6.92%	12.51%	1.75%	6.95%	10.41%	6.47%	8.52%	26.91%
Dividend Yield	-	-	4.96%	5.68%	5.35%	3.36%	3.37%	4.89%	3.55%	2.64%	2.77%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.23
(-) Cash Dividends Paid (M)	16.89
(=) Cash Retained (M)	15.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.45	4.03	2.42
Cash Retained (M)	15.35	15.35	15.35
(-) Cash Required (M)	-6.45	-4.03	-2.42
(=) Excess Retained (M)	8.90	11.32	12.93
(/) Shares Outstanding (M)	17.00	17.00	17.00
(=) Excess Retained per Share	0.52	0.67	0.76
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	0.52	0.67	0.76
(=) Adjusted Dividend	1.52	1.66	1.75
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.80	$92.01	$204.82
Upside / Downside	169.69%	352.81%	907.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.23	34.33	36.56	38.93	41.47	44.16	45.49
Payout Ratio	52.39%	59.91%	67.44%	74.96%	82.48%	90.00%	92.50%
Projected Dividends (M)	16.89	20.57	24.65	29.18	34.20	39.74	42.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18.79	18.97	19.15
Year 2 PV (M)	20.58	20.97	21.37
Year 3 PV (M)	22.26	22.90	23.55
Year 4 PV (M)	23.83	24.75	25.69
Year 5 PV (M)	25.31	26.53	27.80
PV of Terminal Value (M)	494.21	518.08	542.87
Equity Value (M)	604.99	632.20	660.42
Shares Outstanding (M)	17.00	17.00	17.00
Fair Value	$35.60	$37.20	$38.86
Upside / Downside	75.17%	83.05%	91.23%

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West Bancorporation, Inc. (WTBA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener