Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tortoise Pipeline & Energy Fund, Inc. (TTP)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$40.42 - $52.93$46.99
Multi-Stage$91.20 - $101.20$96.09
Blended Fair Value$71.54
Current Price$34.70
Upside106.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-21.29%-11.08%2.452.581.192.016.908.128.238.019.718.12
YoY Growth---5.00%117.16%-40.84%-70.87%-15.03%-1.35%2.78%-17.56%19.63%2.25%
Dividend Yield--8.39%9.53%4.50%9.99%17.49%13.88%12.16%9.33%19.34%6.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)23.90
(-) Cash Dividends Paid (M)4.81
(=) Cash Retained (M)19.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.782.991.79
Cash Retained (M)19.0919.0919.09
(-) Cash Required (M)-4.78-2.99-1.79
(=) Excess Retained (M)14.3116.1117.30
(/) Shares Outstanding (M)2.012.012.01
(=) Excess Retained per Share7.128.018.61
LTM Dividend per Share2.392.392.39
(+) Excess Retained per Share7.128.018.61
(=) Adjusted Dividend9.5110.4011.00
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate-12.23%-11.23%-10.23%
Fair Value$40.42$46.99$52.93
Upside / Downside16.50%35.43%52.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)23.9021.2218.8316.7214.8413.1813.57
Payout Ratio20.11%34.09%48.07%62.05%76.02%90.00%92.50%
Projected Dividends (M)4.817.239.0510.3711.2811.8612.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate-12.23%-11.23%-10.23%
Year 1 PV (M)6.606.676.75
Year 2 PV (M)7.537.707.88
Year 3 PV (M)7.878.148.42
Year 4 PV (M)7.808.178.54
Year 5 PV (M)7.487.928.37
PV of Terminal Value (M)146.09154.60163.51
Equity Value (M)183.37193.20203.46
Shares Outstanding (M)2.012.012.01
Fair Value$91.20$96.09$101.20
Upside / Downside162.83%176.92%191.63%

High-Yield Dividend Screener

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