Definitive Analysis
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Definitive Analysis

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Sector

Invesco Bond Income Plus Limited (BIPS.L)

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

Valuation Snapshot

Stable Growth$7.29 - $18.13$10.93
Multi-Stage$5.32 - $5.80$5.56
Blended Fair Value$8.24
Current Price$1.73
Upside376.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.78%11.19%0.110.100.100.070.050.050.050.050.050.04
YoY Growth--8.95%8.52%30.61%41.59%3.66%1.82%2.87%5.51%6.46%8.28%
Dividend Yield--6.56%6.13%5.82%3.95%2.75%2.56%2.83%2.43%2.39%2.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)63.80
(-) Cash Dividends Paid (M)39.80
(=) Cash Retained (M)24.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.767.984.79
Cash Retained (M)24.0024.0024.00
(-) Cash Required (M)-12.76-7.98-4.79
(=) Excess Retained (M)11.2416.0219.21
(/) Shares Outstanding (M)194.22194.22194.22
(=) Excess Retained per Share0.060.080.10
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.060.080.10
(=) Adjusted Dividend0.260.290.30
WACC / Discount Rate9.30%9.30%9.30%
Growth Rate5.50%6.50%7.50%
Fair Value$7.29$10.93$18.13
Upside / Downside321.56%531.59%948.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)63.8067.9572.3677.0782.0887.4190.04
Payout Ratio62.38%67.91%73.43%78.95%84.48%90.00%92.50%
Projected Dividends (M)39.8046.1453.1460.8569.3478.6783.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.30%9.30%9.30%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)41.8242.2242.61
Year 2 PV (M)43.6544.4845.32
Year 3 PV (M)45.3046.6047.92
Year 4 PV (M)46.7848.5850.43
Year 5 PV (M)48.1150.4352.84
PV of Terminal Value (M)808.14847.17887.70
Equity Value (M)1,033.791,079.471,126.82
Shares Outstanding (M)194.22194.22194.22
Fair Value$5.32$5.56$5.80
Upside / Downside207.67%221.27%235.36%

High-Yield Dividend Screener

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