Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

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

Valuation Snapshot

Stable Growth$27.92 - $38.41$33.22
Multi-Stage$88.78 - $98.20$93.39
Blended Fair Value$63.30
Current Price$20.14
Upside214.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS-5.86%0.00%1.511.562.161.861.962.052.162.430.000.00
YoY Growth---3.29%-27.61%15.85%-4.68%-4.37%-5.23%-11.07%0.00%0.00%0.00%
Dividend Yield--7.65%8.27%11.54%6.96%6.96%6.49%9.08%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)64.59
(-) Cash Dividends Paid (M)36.35
(=) Cash Retained (M)28.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.928.074.84
Cash Retained (M)28.2428.2428.24
(-) Cash Required (M)-12.92-8.07-4.84
(=) Excess Retained (M)15.3220.1623.39
(/) Shares Outstanding (M)12.0312.0312.03
(=) Excess Retained per Share1.271.681.94
LTM Dividend per Share3.023.023.02
(+) Excess Retained per Share1.271.681.94
(=) Adjusted Dividend4.304.704.97
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate-7.86%-6.86%-5.86%
Fair Value$27.92$33.22$38.41
Upside / Downside38.65%64.92%90.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)64.5960.1656.0352.1848.6045.2746.63
Payout Ratio56.28%63.02%69.77%76.51%83.26%90.00%92.50%
Projected Dividends (M)36.3537.9139.0939.9340.4740.7443.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate-7.86%-6.86%-5.86%
Year 1 PV (M)35.2835.6636.04
Year 2 PV (M)33.8534.5835.33
Year 3 PV (M)32.1733.2334.31
Year 4 PV (M)30.3431.6833.06
Year 5 PV (M)28.4230.0031.64
PV of Terminal Value (M)907.84958.181,010.74
Equity Value (M)1,067.891,123.331,181.12
Shares Outstanding (M)12.0312.0312.03
Fair Value$88.78$93.39$98.20
Upside / Downside340.83%363.71%387.57%

High-Yield Dividend Screener

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