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Nuveen Churchill Direct Lending Corp. (NCDL)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$12.58 - $18.11$15.28
Multi-Stage$20.47 - $22.48$21.46
Blended Fair Value$18.37
Current Price$13.80
Upside33.11%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.001.230.000.000.000.000.020.000.000.00
YoY Growth---100.00%0.00%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%6.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)91.54
(-) Cash Dividends Paid (M)28.27
(=) Cash Retained (M)63.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.3111.446.87
Cash Retained (M)63.2763.2763.27
(-) Cash Required (M)-18.31-11.44-6.87
(=) Excess Retained (M)44.9651.8356.41
(/) Shares Outstanding (M)51.4851.4851.48
(=) Excess Retained per Share0.871.011.10
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.871.011.10
(=) Adjusted Dividend1.421.561.64
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.58$15.28$18.11
Upside / Downside-8.83%10.73%31.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)91.5490.6289.7288.8287.9387.0589.66
Payout Ratio30.88%42.70%54.53%66.35%78.18%90.00%92.50%
Projected Dividends (M)28.2738.7048.9258.9368.7478.3582.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)35.1235.4835.84
Year 2 PV (M)40.2941.1141.95
Year 3 PV (M)44.0445.4146.80
Year 4 PV (M)46.6248.5650.55
Year 5 PV (M)48.2250.7353.35
PV of Terminal Value (M)839.62883.34928.86
Equity Value (M)1,053.911,104.631,157.34
Shares Outstanding (M)51.4851.4851.48
Fair Value$20.47$21.46$22.48
Upside / Downside48.35%55.49%62.91%

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