Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

American Century Emerging Markets Investor Class (TWMIX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$3.64 - $5.23$4.42
Multi-Stage$6.25 - $6.83$6.53
Blended Fair Value$5.48
Current Price$10.03
Upside-45.39%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%0.00%0.400.450.480.520.530.000.540.280.290.32
YoY Growth---10.02%-7.11%-8.09%-2.08%0.00%-100.00%89.44%-3.82%-7.75%0.00%
Dividend Yield--4.00%4.51%4.01%3.52%5.86%0.00%4.36%2.99%3.61%3.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)71.40
(-) Cash Dividends Paid (M)54.84
(=) Cash Retained (M)16.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.288.935.36
Cash Retained (M)16.5716.5716.57
(-) Cash Required (M)-14.28-8.93-5.36
(=) Excess Retained (M)2.287.6411.21
(/) Shares Outstanding (M)136.77136.77136.77
(=) Excess Retained per Share0.020.060.08
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.020.060.08
(=) Adjusted Dividend0.420.460.48
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.64$4.42$5.23
Upside / Downside-63.66%-55.93%-47.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)71.4070.6969.9869.2868.5967.9069.94
Payout Ratio76.80%79.44%82.08%84.72%87.36%90.00%92.50%
Projected Dividends (M)54.8456.1557.4458.7059.9261.1164.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)50.8951.4151.93
Year 2 PV (M)47.1848.1449.12
Year 3 PV (M)43.6945.0446.42
Year 4 PV (M)40.4242.0943.82
Year 5 PV (M)37.3639.3041.33
PV of Terminal Value (M)634.69667.74702.16
Equity Value (M)854.22893.73934.77
Shares Outstanding (M)136.77136.77136.77
Fair Value$6.25$6.53$6.83
Upside / Downside-37.73%-34.85%-31.86%

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