West Bancorporation Dossier
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SectorFinancials IndustryRegional Banks Beta (adjusted)0.81 Intrinsic Value $23.12median of 2 methodsbased on filings through 30 Jun 2026 Market Price $28.51Price as of 30 Sep 2026 OvervaluedIntrinsic value is 19% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $485.9M Enterprise Value $428.6M Shares Outstanding 17.2M diluted Next Earnings Date29 Oct 2026 Last ex-dividend5 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary West Bancorporation Inc. (WTBA) continues to demonstrate best-in-class operational efficiency and pristine asset quality, highlighted by its Q1 2026 efficiency ratio of 49.85% and zero loans on nonaccrual status. However, top-line growth remains constrained by flat loan demand and elevated deposit costs in a challenging interest rate environment. While the bank's relationship-driven model in Iowa and Minnesota provides a stable core deposit base, the lack of near-term organic or M&A-driven growth catalysts justifies a Hold recommendation at current valuation levels. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$25.50 Mean target$26.25 High · most bullish analyst$27.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $24.0015% Persistent high interest rates keep deposit costs elevated, compressing NIM. A localized economic slowdown in Iowa or Minnesota pressures commercial real estate portfolios, leading to an uptick in nonperforming assets and requiring the resumption of credit loss provisions, which would erode profitability. Base CaseCentral scenario $27.5060% NIM continues to expand gradually as deposit costs stabilize. Loan growth remains flat to slightly positive due to ongoing secondary market refinancings and asset sales. The bank maintains its highly disciplined expense structure, keeping the efficiency ratio below 50% and delivering steady, low-volatility earnings in line with consensus expectations. Bull CaseUpside scenario $26.0025% Rapid stabilization or decline in interest rates leads to a significant reduction in deposit costs, accelerating net interest margin (NIM) expansion. Pristine credit quality is maintained, allowing the bank to avoid credit loss provisions while selectively growing its commercial real estate and C&I portfolios in high-growth Midwestern sub-markets. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |