Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Metrics Master Income Trust (MXT.AX)

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

Valuation Snapshot

Stable Growth$2.98 - $4.54$3.71
Multi-Stage$6.53 - $7.17$6.85
Blended Fair Value$5.28
Current Price$2.02
Upside161.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20252024202320222021202020192018
DPS0.00%0.00%0.000.160.120.060.060.000.000.000.000.00
YoY Growth---100.00%33.03%104.58%4.60%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%7.96%6.42%3.07%2.82%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)343.69
(-) Cash Dividends Paid (M)292.74
(=) Cash Retained (M)50.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)68.7442.9625.78
Cash Retained (M)50.9650.9650.96
(-) Cash Required (M)-68.74-42.96-25.78
(=) Excess Retained (M)-17.787.9925.18
(/) Shares Outstanding (M)1,019.301,019.301,019.30
(=) Excess Retained per Share-0.020.010.02
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share-0.020.010.02
(=) Adjusted Dividend0.270.300.31
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.98$3.71$4.54
Upside / Downside47.53%83.72%124.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)343.69340.26336.85333.48330.15326.85336.65
Payout Ratio85.17%86.14%87.10%88.07%89.03%90.00%92.50%
Projected Dividends (M)292.74293.09293.41293.70293.95294.16311.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)271.48274.25277.02
Year 2 PV (M)251.74256.90262.12
Year 3 PV (M)233.40240.62247.98
Year 4 PV (M)216.37225.34234.58
Year 5 PV (M)200.56211.01221.88
PV of Terminal Value (M)5,485.175,770.796,068.20
Equity Value (M)6,658.726,978.907,311.78
Shares Outstanding (M)1,019.301,019.301,019.30
Fair Value$6.53$6.85$7.17
Upside / Downside223.40%238.95%255.12%

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