Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nuveen Mortgage and Income Fund (JLS)

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

Valuation Snapshot

Stable Growth$29.96 - $43.55$36.54
Multi-Stage$92.57 - $102.04$97.21
Blended Fair Value$66.88
Current Price$18.74
Upside256.88%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS-11.58%0.00%1.781.571.060.970.983.306.039.630.000.00
YoY Growth--13.76%47.49%9.88%-1.02%-70.39%-45.25%-37.35%0.00%0.00%0.00%
Dividend Yield--9.91%9.29%6.57%4.62%4.95%15.04%26.99%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22.92
(-) Cash Dividends Paid (M)19.32
(=) Cash Retained (M)3.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.582.861.72
Cash Retained (M)3.603.603.60
(-) Cash Required (M)-4.58-2.86-1.72
(=) Excess Retained (M)-0.990.731.88
(/) Shares Outstanding (M)5.485.485.48
(=) Excess Retained per Share-0.180.130.34
LTM Dividend per Share3.533.533.53
(+) Excess Retained per Share-0.180.130.34
(=) Adjusted Dividend3.353.663.87
WACC / Discount Rate5.97%5.97%5.97%
Growth Rate-4.68%-3.68%-2.68%
Fair Value$29.96$36.54$43.55
Upside / Downside59.88%95.01%132.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22.9222.0721.2620.4819.7219.0019.57
Payout Ratio84.31%85.45%86.59%87.72%88.86%90.00%92.50%
Projected Dividends (M)19.3218.8618.4117.9617.5317.1018.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.97%5.97%5.97%
Growth Rate-4.68%-3.68%-2.68%
Year 1 PV (M)17.6117.8017.98
Year 2 PV (M)16.0516.3916.73
Year 3 PV (M)14.6315.1015.57
Year 4 PV (M)13.3313.9014.49
Year 5 PV (M)12.1412.8013.47
PV of Terminal Value (M)433.21456.42480.61
Equity Value (M)506.99532.40558.86
Shares Outstanding (M)5.485.485.48
Fair Value$92.57$97.21$102.04
Upside / Downside393.98%418.75%444.52%

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