Is ASB or ATLO more undervalued in 2026?

CirclFi compares Associated Banc-Corp (ASB) and Ames National Corporation (ATLO) using 13 institutional-grade valuation models. ASB has a Quality of Company score of 8.8/10 while ATLO scores 8.6/10.

Which is a better buy — ASB or ATLO?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do ASB and ATLO valuations compare?

ASB at $27.83 and ATLO at $28.75 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

ASB vs ATLO Valuation Comparison 2026 — Intrinsic Value Analysis

ASB

Banks - Regional

Associated Banc-Corp

Quality

8.8

out of 10

Value Trap

SAFE

Price

$27.83

Last close

Models

11/13

Active

ATLO

Banks - Regional

Ames National Corporation

Quality

8.6

out of 10

Value Trap

—

Price

$28.75

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	ASB Fair Value	ASB Upside	ATLO Fair Value	ATLO Upside
Bayesian DCF	Intrinsic	$17.83	-35.9%	$19.64	-31.7%
Earnings Power Value	Intrinsic	$22.36	-19.7%	$29.71	+3.3%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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ASB vs ATLO — Which Stock Is More Undervalued?

ASB scores higher with a 8.8/10 quality rating vs ATLO's 8.6/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Associated Banc-Corp (ASB) and Ames National Corporation (ATLO) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

ASB currently trades at $27.83 with a QOC of 8.8/10, while ATLO trades at $28.75 with a QOC of 8.6/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).