Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Templeton Emerging Markets Income Fund (TEI)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$5.67 - $7.56$6.65
Multi-Stage$17.35 - $19.21$18.26
Blended Fair Value$12.46
Current Price$6.00
Upside107.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-8.70%0.460.450.530.000.000.000.530.500.130.93
YoY Growth--0.40%-14.09%0.00%0.00%0.00%-100.00%5.48%293.54%-86.21%-17.90%
Dividend Yield--8.89%8.89%9.63%0.00%0.00%0.00%5.53%4.52%1.18%8.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)82.95
(-) Cash Dividends Paid (M)53.63
(=) Cash Retained (M)29.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.5910.376.22
Cash Retained (M)29.3229.3229.32
(-) Cash Required (M)-16.59-10.37-6.22
(=) Excess Retained (M)12.7318.9523.10
(/) Shares Outstanding (M)59.0459.0459.04
(=) Excess Retained per Share0.220.320.39
LTM Dividend per Share0.910.910.91
(+) Excess Retained per Share0.220.320.39
(=) Adjusted Dividend1.121.231.30
WACC / Discount Rate6.86%6.86%6.86%
Growth Rate-10.81%-9.81%-8.81%
Fair Value$5.67$6.65$7.56
Upside / Downside-5.44%10.86%26.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)82.9574.8167.4760.8554.8849.4950.98
Payout Ratio64.65%69.72%74.79%79.86%84.93%90.00%92.50%
Projected Dividends (M)53.6352.1650.4648.5946.6144.5447.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.86%6.86%6.86%
Growth Rate-10.81%-9.81%-8.81%
Year 1 PV (M)48.2748.8149.35
Year 2 PV (M)43.2244.1945.18
Year 3 PV (M)38.5239.8341.17
Year 4 PV (M)34.1935.7537.36
Year 5 PV (M)30.2431.9733.78
PV of Terminal Value (M)829.93877.51927.26
Equity Value (M)1,024.361,078.071,134.10
Shares Outstanding (M)59.0459.0459.04
Fair Value$17.35$18.26$19.21
Upside / Downside189.19%204.36%220.17%

High-Yield Dividend Screener

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