Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Morgan Stanley Insti Fd Advantage Portfolio Cl I (MPAIX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$3,120.34 - $3,676.29$3,445.22
Multi-Stage$721.57 - $790.32$755.31
Blended Fair Value$2,100.27
Current Price$28.79
Upside7,195.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.50%21.11%7.697.226.775.233.433.292.982.612.191.82
YoY Growth--6.51%6.70%29.49%52.28%4.26%10.61%13.91%19.42%20.00%60.95%
Dividend Yield--34.71%37.16%46.89%20.75%8.15%13.97%11.87%11.89%11.44%10.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,756.00
(-) Cash Dividends Paid (M)6,375.00
(=) Cash Retained (M)8,381.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,951.201,844.501,106.70
Cash Retained (M)8,381.008,381.008,381.00
(-) Cash Required (M)-2,951.20-1,844.50-1,106.70
(=) Excess Retained (M)5,429.806,536.507,274.30
(/) Shares Outstanding (M)798.25798.25798.25
(=) Excess Retained per Share6.808.199.11
LTM Dividend per Share7.997.997.99
(+) Excess Retained per Share6.808.199.11
(=) Adjusted Dividend14.7916.1717.10
WACC / Discount Rate5.66%5.66%5.66%
Growth Rate5.50%6.50%7.50%
Fair Value$3,120.34$3,445.22$3,676.29
Upside / Downside10,738.28%11,866.74%12,669.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,756.0015,715.1416,736.6217,824.5018,983.1020,217.0020,823.51
Payout Ratio43.20%52.56%61.92%71.28%80.64%90.00%92.50%
Projected Dividends (M)6,375.008,260.2310,363.6012,705.5015,308.0718,195.3019,261.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.66%5.66%5.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)7,744.057,817.457,890.86
Year 2 PV (M)9,108.849,282.339,457.47
Year 3 PV (M)10,469.3710,769.9111,076.14
Year 4 PV (M)11,825.6612,280.4412,748.22
Year 5 PV (M)13,177.7213,814.2114,475.06
PV of Terminal Value (M)523,671.60548,965.13575,226.71
Equity Value (M)575,997.24602,929.48630,874.45
Shares Outstanding (M)798.25798.25798.25
Fair Value$721.57$755.31$790.32
Upside / Downside2,406.34%2,523.53%2,645.13%

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