Hawthorn Bancshares, Inc. (HWBK)

Industry: Banks - Regional Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
CVLY	673	Codorus Valley Ban	115	9.65	9.41	7.14	7.38	11.34	4.94
AVBH	674	Avidbank Holdings,	114	8.18	6.88	5.90	5.90	-	6.14
0QV3.L	675	Glarner Kantonalba	114	13.36	13.62	-	-	69.09	60.95
BINA.JK	676	PT Bank Ina Perdan	113	6,151.19	7,531.15	423.66	360.96	564.11	2,778.51
NWFL	677	Norwood Financial	112	30.40	33.88	16.62	18.17	4.33	21.04
ESSA	678	ESSA Bancorp, Inc.	112	12.16	11.95	17.39	17.01	25.34	18.75
TRANSCOR.BO	679	Transcorp Internat	112	25.81	25.81	10.43	10.43	15.28	50.46
HWBK	680	Hawthorn Bancshare	111	9.77	8.80	6.84	6.25	6.65	6.60
TSBK	681	Timberland Bancorp	110	8.99	8.67	0.91	0.89	0.84	0.92
BNORDIK-CSE.CO	682	P/F BankNordik	110	4.46	4.00	-	-	-	-5.37
FSFG	683	First Savings Fina	109	12.09	13.69	8.37	9.81	-	10.74
FCCO	684	First Community Co	107	11.63	10.14	5.62	4.70	7.28	6.97
CALB	685	California BanCorp	107	21.12	21.29	12.04	10.88	2.42	2.63
ISBA	686	Isabella Bank Corp	106	14.28	13.25	13.17	12.28	12.73	13.15
AMAR.JK	687	PT Bank Amar Indon	104	12.35	9.26	6.26	4.65	7.47	4.79
PLBC	688	Plumas Bancorp	102	10.24	9.03	4.76	4.21	6.62	4.45

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.09	10.14	7.14	7.38	7.38	6.56
Full Range Median Multiple	12.16	11.95	8.37	9.81	9.40	8.86
Industry Multiple	423.06	514.80	40.94	35.94	60.57	213.18
Market Implied Multiple	9.98	8.99	7.00	6.39	6.81	6.76
Company (HWBK) Multiple	9.77	8.80	6.84	6.25	6.65	6.60
(*) Net Income / EBITDA / Revenue	22	25	29	32	30	30
Winsorized Enterprise Value	N/A	N/A	208	235	221	198
Full Range Median Enterprise Value	N/A	N/A	244	313	282	267
(-) Net Debt	-18	-18	-18	-18	-18	-18
Winsorized Equity Value	269	250	225	253	239	216
Full Range Median Equity Value	270	295	261	331	299	285
(/) Shares Outstanding	7	7	7	7	7	7
Winsorized Fair Value	$38.43	$35.76	$32.26	$36.20	$34.14	$30.84
Full Range Median Fair Value	$38.65	$42.18	$37.40	$47.30	$42.83	$40.78
Current Price	$31.71	$31.71	$31.71	$31.71	$31.71	$31.71
Upside / Downside	21.18%	12.79%	1.74%	14.17%	7.66%	-2.73%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$26.90	$25.04	$22.58	$25.34	$23.90	$21.59
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy