Definitive Analysis
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Definitive Analysis

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

Ticker

Industry

Sector

Tortoise Energy Independence Fund, Inc. (NDP)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$39.26 - $56.24$47.58
Multi-Stage$67.63 - $73.95$70.73
Blended Fair Value$59.15
Current Price$33.98
Upside74.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017
DPS-29.26%0.00%2.522.190.660.858.8514.2514.210.000.000.00
YoY Growth--15.21%230.97%-22.50%-90.35%-37.90%0.32%0.00%0.00%0.00%0.00%
Dividend Yield--8.72%6.76%2.98%6.76%30.47%19.79%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.82
(-) Cash Dividends Paid (M)8.48
(=) Cash Retained (M)1.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.961.230.74
Cash Retained (M)1.341.341.34
(-) Cash Required (M)-1.96-1.23-0.74
(=) Excess Retained (M)-0.620.120.61
(/) Shares Outstanding (M)1.731.731.73
(=) Excess Retained per Share-0.360.070.35
LTM Dividend per Share4.904.904.90
(+) Excess Retained per Share-0.360.070.35
(=) Adjusted Dividend4.544.975.25
WACC / Discount Rate9.34%9.34%9.34%
Growth Rate-2.00%-1.00%0.00%
Fair Value$39.26$47.58$56.24
Upside / Downside15.55%40.01%65.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.829.729.639.539.449.349.62
Payout Ratio86.32%87.05%87.79%88.53%89.26%90.00%92.50%
Projected Dividends (M)8.488.478.458.448.428.418.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.34%9.34%9.34%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.667.747.82
Year 2 PV (M)6.937.077.21
Year 3 PV (M)6.266.456.65
Year 4 PV (M)5.665.896.13
Year 5 PV (M)5.115.385.66
PV of Terminal Value (M)85.3389.7794.39
Equity Value (M)116.95122.31127.87
Shares Outstanding (M)1.731.731.73
Fair Value$67.63$70.73$73.95
Upside / Downside99.04%108.16%117.63%

High-Yield Dividend Screener

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