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Pengana Private Equity Trust (PE1.AX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$1.55 - $2.34$1.92
Multi-Stage$3.12 - $3.43$3.27
Blended Fair Value$2.60
Current Price$1.15
Upside125.77%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020
DPS0.00%0.00%0.000.060.060.040.020.030.000.000.000.00
YoY Growth---100.00%-1.89%34.25%124.50%-27.35%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%4.58%3.93%3.13%1.65%2.05%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)49.88
(-) Cash Dividends Paid (M)16.22
(=) Cash Retained (M)33.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.986.243.74
Cash Retained (M)33.6633.6633.66
(-) Cash Required (M)-9.98-6.24-3.74
(=) Excess Retained (M)23.6927.4329.92
(/) Shares Outstanding (M)276.69276.69276.69
(=) Excess Retained per Share0.090.100.11
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.090.100.11
(=) Adjusted Dividend0.140.160.17
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.55$1.92$2.34
Upside / Downside34.65%67.08%103.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.8849.3848.8948.4047.9247.4448.86
Payout Ratio32.51%44.01%55.51%67.01%78.50%90.00%92.50%
Projected Dividends (M)16.2221.7327.1432.4337.6142.6945.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)20.0820.2920.49
Year 2 PV (M)23.1723.6524.13
Year 3 PV (M)25.5926.3827.19
Year 4 PV (M)27.4228.5629.73
Year 5 PV (M)28.7630.2631.82
PV of Terminal Value (M)737.59775.99815.99
Equity Value (M)862.61905.12949.34
Shares Outstanding (M)276.69276.69276.69
Fair Value$3.12$3.27$3.43
Upside / Downside171.10%184.46%198.35%

High-Yield Dividend Screener

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