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

Mode

Company

Ticker

Industry

Sector

Invesco Advantage Municipal Income Trust II (VKI)

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

Valuation Snapshot

Stable Growth$2.86 - $3.80$3.35
Multi-Stage$6.06 - $6.66$6.35
Blended Fair Value$4.85
Current Price$8.31
Upside-41.64%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-6.35%-7.01%0.370.380.460.580.550.520.590.660.720.78
YoY Growth---1.03%-18.18%-19.62%5.41%4.98%-11.58%-10.70%-8.21%-8.32%0.97%
Dividend Yield--4.16%4.46%5.42%5.22%4.72%4.64%5.53%6.07%6.35%6.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.16
(-) Cash Dividends Paid (M)24.66
(=) Cash Retained (M)7.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.434.022.41
Cash Retained (M)7.507.507.50
(-) Cash Required (M)-6.43-4.02-2.41
(=) Excess Retained (M)1.073.485.09
(/) Shares Outstanding (M)44.2244.2244.22
(=) Excess Retained per Share0.020.080.12
LTM Dividend per Share0.560.560.56
(+) Excess Retained per Share0.020.080.12
(=) Adjusted Dividend0.580.640.67
WACC / Discount Rate9.47%9.47%9.47%
Growth Rate-9.01%-8.01%-7.01%
Fair Value$2.86$3.35$3.80
Upside / Downside-65.53%-59.70%-54.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.1629.5827.2125.0323.0221.1821.82
Payout Ratio76.68%79.34%82.01%84.67%87.34%90.00%92.50%
Projected Dividends (M)24.6623.4722.3121.1920.1119.0620.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.47%9.47%9.47%
Growth Rate-9.01%-8.01%-7.01%
Year 1 PV (M)21.2121.4421.67
Year 2 PV (M)18.2218.6219.03
Year 3 PV (M)15.6416.1616.69
Year 4 PV (M)13.4014.0014.62
Year 5 PV (M)11.4812.1312.80
PV of Terminal Value (M)187.94198.49209.52
Equity Value (M)267.88280.84294.33
Shares Outstanding (M)44.2244.2244.22
Fair Value$6.06$6.35$6.66
Upside / Downside-27.10%-23.57%-19.90%

High-Yield Dividend Screener

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