Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CVC Income & Growth Limited (CVCG.L)

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

Valuation Snapshot

Stable Growth$47.23 - $106.48$68.50
Multi-Stage$50.50 - $55.42$52.92
Blended Fair Value$60.71
Current Price$1.45
Upside4,086.77%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.29%5.01%0.100.080.060.060.080.130.120.090.130.13
YoY Growth--14.22%36.97%-3.45%-22.31%-35.05%7.43%25.14%-25.91%-3.37%122.26%
Dividend Yield--6.64%7.27%5.92%5.06%7.75%10.80%9.81%7.40%10.49%9.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)539.51
(-) Cash Dividends Paid (M)33.16
(=) Cash Retained (M)506.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)107.9067.4440.46
Cash Retained (M)506.36506.36506.36
(-) Cash Required (M)-107.90-67.44-40.46
(=) Excess Retained (M)398.45438.92465.89
(/) Shares Outstanding (M)224.65224.65224.65
(=) Excess Retained per Share1.771.952.07
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share1.771.952.07
(=) Adjusted Dividend1.922.102.22
WACC / Discount Rate7.20%7.20%7.20%
Growth Rate3.01%4.01%5.01%
Fair Value$47.23$68.50$106.48
Upside / Downside3,156.91%4,624.11%7,243.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)539.51561.15583.65607.06631.40656.72676.42
Payout Ratio6.15%22.92%39.69%56.46%73.23%90.00%92.50%
Projected Dividends (M)33.16128.60231.64342.73462.37591.05625.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.20%7.20%7.20%
Growth Rate3.01%4.01%5.01%
Year 1 PV (M)118.80119.96121.11
Year 2 PV (M)197.70201.56205.46
Year 3 PV (M)270.26278.20286.30
Year 4 PV (M)336.83350.10363.76
Year 5 PV (M)397.79417.48437.94
PV of Terminal Value (M)10,024.5010,520.6211,036.19
Equity Value (M)11,345.8911,887.9212,450.76
Shares Outstanding (M)224.65224.65224.65
Fair Value$50.50$52.92$55.42
Upside / Downside3,383.03%3,549.43%3,722.21%

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