Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

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Company

Ticker

Industry

Sector

First Trust Specialty Finance and Financial Opportunities Fund (FGB)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$8.92 - $12.63$10.75
Multi-Stage$13.98 - $15.31$14.63
Blended Fair Value$12.69
Current Price$4.28
Upside196.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-15.24%0.00%0.370.330.330.330.350.830.700.700.700.69
YoY Growth--10.61%0.00%0.00%-6.36%-57.76%19.37%0.08%0.09%1.18%0.00%
Dividend Yield--8.53%9.85%9.46%8.25%10.74%14.14%11.52%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19.61
(-) Cash Dividends Paid (M)9.99
(=) Cash Retained (M)9.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.922.451.47
Cash Retained (M)9.639.639.63
(-) Cash Required (M)-3.92-2.45-1.47
(=) Excess Retained (M)5.717.188.16
(/) Shares Outstanding (M)14.3714.3714.37
(=) Excess Retained per Share0.400.500.57
LTM Dividend per Share0.700.700.70
(+) Excess Retained per Share0.400.500.57
(=) Adjusted Dividend1.091.191.26
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.92$10.75$12.63
Upside / Downside108.39%151.18%195.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19.6119.4219.2219.0318.8418.6519.21
Payout Ratio50.91%58.73%66.55%74.36%82.18%90.00%92.50%
Projected Dividends (M)9.9911.4012.7914.1515.4816.7917.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)10.2610.3710.47
Year 2 PV (M)10.3610.5710.79
Year 3 PV (M)10.3110.6310.96
Year 4 PV (M)10.1510.5811.01
Year 5 PV (M)9.9110.4210.96
PV of Terminal Value (M)149.83157.64165.76
Equity Value (M)200.83210.21219.95
Shares Outstanding (M)14.3714.3714.37
Fair Value$13.98$14.63$15.31
Upside / Downside226.59%241.84%257.68%

High-Yield Dividend Screener

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