Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nuveen Intermediate Duration Municipal Term Fund (NID)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$8.02 - $11.39$9.68
Multi-Stage$13.36 - $14.60$13.97
Blended Fair Value$11.83
Current Price$13.07
Upside-9.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS-3.97%0.00%0.550.520.510.510.620.670.680.680.670.17
YoY Growth--5.39%2.13%-0.89%-17.09%-7.65%-1.79%-0.05%2.30%301.28%0.00%
Dividend Yield--4.01%3.61%3.85%3.84%4.94%5.02%5.00%5.48%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)56.80
(-) Cash Dividends Paid (M)48.04
(=) Cash Retained (M)8.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.367.104.26
Cash Retained (M)8.768.768.76
(-) Cash Required (M)-11.36-7.10-4.26
(=) Excess Retained (M)-2.601.664.50
(/) Shares Outstanding (M)46.9146.9146.91
(=) Excess Retained per Share-0.060.040.10
LTM Dividend per Share1.021.021.02
(+) Excess Retained per Share-0.060.040.10
(=) Adjusted Dividend0.971.061.12
WACC / Discount Rate9.83%9.83%9.83%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.02$9.68$11.39
Upside / Downside-38.62%-25.92%-12.85%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)56.8056.2355.6755.1154.5654.0255.64
Payout Ratio84.59%85.67%86.75%87.83%88.92%90.00%92.50%
Projected Dividends (M)48.0448.1748.2948.4148.5148.6151.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.83%9.83%9.83%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)43.4243.8644.30
Year 2 PV (M)39.2340.0340.85
Year 3 PV (M)35.4436.5437.65
Year 4 PV (M)32.0133.3434.71
Year 5 PV (M)28.9130.4231.98
PV of Terminal Value (M)447.93471.25495.54
Equity Value (M)626.94655.44685.04
Shares Outstanding (M)46.9146.9146.91
Fair Value$13.36$13.97$14.60
Upside / Downside2.26%6.90%11.73%

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