Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Flaherty & Crumrine Dynamic Preferred and Income Fund Inc. (DFP)

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

Valuation Snapshot

Stable Growth$51.89 - $80.31$65.07
Multi-Stage$118.64 - $130.59$124.50
Blended Fair Value$94.78
Current Price$20.01
Upside373.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.87%0.00%1.311.601.681.791.681.601.671.791.791.79
YoY Growth---17.85%-4.82%-6.23%6.74%4.87%-4.03%-6.71%-0.18%0.02%0.00%
Dividend Yield--6.38%9.04%8.55%6.49%5.96%6.06%7.83%6.76%7.82%7.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)114.41
(-) Cash Dividends Paid (M)54.98
(=) Cash Retained (M)59.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.8814.308.58
Cash Retained (M)59.4459.4459.44
(-) Cash Required (M)-22.88-14.30-8.58
(=) Excess Retained (M)36.5545.1450.86
(/) Shares Outstanding (M)20.5420.5420.54
(=) Excess Retained per Share1.782.202.48
LTM Dividend per Share2.682.682.68
(+) Excess Retained per Share1.782.202.48
(=) Adjusted Dividend4.464.875.15
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$51.89$65.07$80.31
Upside / Downside159.34%225.19%301.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)114.41113.27112.14111.02109.91108.81112.07
Payout Ratio48.05%56.44%64.83%73.22%81.61%90.00%92.50%
Projected Dividends (M)54.9863.9372.7081.2989.6997.93103.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)59.4760.0860.68
Year 2 PV (M)62.9164.2065.50
Year 3 PV (M)65.4367.4569.52
Year 4 PV (M)67.1669.9472.81
Year 5 PV (M)68.2071.7675.45
PV of Terminal Value (M)2,113.512,223.572,338.16
Equity Value (M)2,436.682,556.992,682.13
Shares Outstanding (M)20.5420.5420.54
Fair Value$118.64$124.50$130.59
Upside / Downside492.91%522.19%552.64%

High-Yield Dividend Screener

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