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Definitive Analysis

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Henderson European Focus Trust plc (HEFT.L)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$2.72 - $6.33$3.99
Multi-Stage$2.04 - $2.22$2.13
Blended Fair Value$3.06
Current Price$1.81
Upside68.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS9.31%12.60%0.050.040.030.030.030.030.030.020.020.02
YoY Growth--39.22%14.41%-1.74%0.64%-0.95%17.17%11.26%15.99%-4.29%45.07%
Dividend Yield--3.15%2.79%1.95%2.50%2.51%2.57%1.94%2.31%2.12%2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27.87
(-) Cash Dividends Paid (M)18.10
(=) Cash Retained (M)9.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.573.482.09
Cash Retained (M)9.779.779.77
(-) Cash Required (M)-5.57-3.48-2.09
(=) Excess Retained (M)4.206.287.68
(/) Shares Outstanding (M)213.21213.21213.21
(=) Excess Retained per Share0.020.030.04
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.020.030.04
(=) Adjusted Dividend0.100.110.12
WACC / Discount Rate9.55%9.55%9.55%
Growth Rate5.50%6.50%7.50%
Fair Value$2.72$3.99$6.33
Upside / Downside50.35%120.36%249.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27.8729.6831.6133.6635.8538.1839.32
Payout Ratio64.95%69.96%74.97%79.98%84.99%90.00%92.50%
Projected Dividends (M)18.1020.7623.6926.9230.4734.3636.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.55%9.55%9.55%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)18.7718.9519.13
Year 2 PV (M)19.3719.7420.11
Year 3 PV (M)19.9020.4721.06
Year 4 PV (M)20.3721.1521.96
Year 5 PV (M)20.7721.7722.81
PV of Terminal Value (M)335.50351.71368.53
Equity Value (M)434.69453.80473.60
Shares Outstanding (M)213.21213.21213.21
Fair Value$2.04$2.13$2.22
Upside / Downside12.64%17.59%22.72%

High-Yield Dividend Screener

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