4 models fit West Bancorporation Common Stock and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
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Valued as a bank: Residual income, P/E comparison, Dividend discount, and Graham number.
ACCE opinionWest Bancorporation Common Stock (WTBA)
Fair value (4 models)
$22.29
ACCE price target
$28.00
Rating
Overvalued
Horizon
12 months
Fair value published on 21 Oct 2026, 12:04 CEST; previously $22.00 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 12:04 CEST.
Price used: $30.44 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison, Graham number, Dividend discount, and Residual income.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
36.6% above
-26.8% to fair value
ACCE score
83
out of 100
Analysts
0% buy
2 covering
P/E
13.5x
forward 10.8x
1-year return
+48.3%
Dividend yield
3.44%
West Bancorporation Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
West Bancorporation is the holding company for West Bank, a regional commercial bank in Iowa and the Des Moines metro, lending mostly to small and mid-sized businesses, commercial real estate, and residential borrowers, and funding itself largely through deposits. Its advantage is a lean, relationship-driven franchise with an operating margin of 52.6% and ROE of 14.7%, which is strong for a bank this size. Revenue growth of 18.0% is well ahead of most regional peers, and the stock trades at 13.1x trailing and 13.3x forward earnings, so the market is not pricing in that momentum at a premium. At a $493M market cap with no index membership, the name sits well below the radar of most institutional screens, which is one reason it may be worth a closer look at the loan book and deposit trends.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Score drifting lower
ACCE score fell from 84 to 82 over 90 days, with Value at 67 the weakest component. Price trades 36.6% above the model fair value of $22.29, so the valuation cushion has thinned.
moderate
Leverage on the balance sheet
Debt/Equity of 1.42 is high for a regional bank, and the company is also quarter-on-quarter down 1.2%. Worth checking how the loan book and funding costs are holding up before adding size.
AI research notes
AI-assisted·How I use AIWritten Oct 18, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 18.0% year over year, well ahead of its 12.7% average annual pace over five years.
A net margin of 37.1% and free cash flow of $43M over the last twelve months show the business converts sales into cash well.
The stock trades at 10.4x forward earnings, below the sector median of 11.8x, and pays a 3.6% dividend yield.
Why it could disappoint
The share price sits 36.6% above the model fair value of $22.29, and all four valuation models sit below the price.
Debt to equity of 1.42 and a return on invested capital of only 8.7% suggest the balance sheet and capital base are stretched for the returns they produce.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where WTBA's valuation models land
Price
$30.44
Model fair value
$22.29
Model range
$10.72 to $30.63
Fair value $22.29
Price $30.44
The price sits inside the model range.
Model
Fair value
Upside
Dividend discount
Graham number
P/E comparison
Residual income
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Quality
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