Definitive Analysis
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Definitive Analysis

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John Hancock Preferred Income Fund (HPI)

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

Valuation Snapshot

Stable Growth$29.55 - $43.88$36.39
Multi-Stage$57.71 - $63.31$60.45
Blended Fair Value$48.42
Current Price$16.06
Upside201.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.36%-1.41%1.421.381.391.391.401.391.601.621.621.63
YoY Growth--2.48%-0.25%0.05%-0.69%0.26%-12.87%-1.50%-0.05%-0.41%-0.28%
Dividend Yield--8.83%7.91%8.78%7.33%6.46%6.70%6.58%7.39%7.29%7.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)97.93
(-) Cash Dividends Paid (M)74.82
(=) Cash Retained (M)23.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19.5912.247.35
Cash Retained (M)23.1123.1123.11
(-) Cash Required (M)-19.59-12.24-7.35
(=) Excess Retained (M)3.5210.8715.77
(/) Shares Outstanding (M)26.7026.7026.70
(=) Excess Retained per Share0.130.410.59
LTM Dividend per Share2.802.802.80
(+) Excess Retained per Share0.130.410.59
(=) Adjusted Dividend2.933.213.39
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-2.00%-1.00%0.00%
Fair Value$29.55$36.39$43.88
Upside / Downside84.01%126.60%173.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)97.9396.9595.9995.0394.0793.1395.93
Payout Ratio76.40%79.12%81.84%84.56%87.28%90.00%92.50%
Projected Dividends (M)74.8276.7178.5580.3582.1183.8288.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)70.4971.2171.92
Year 2 PV (M)66.3267.6869.06
Year 3 PV (M)62.3464.2666.23
Year 4 PV (M)58.5360.9563.45
Year 5 PV (M)54.9057.7660.74
PV of Terminal Value (M)1,228.041,291.991,358.57
Equity Value (M)1,540.611,613.851,689.97
Shares Outstanding (M)26.7026.7026.70
Fair Value$57.71$60.45$63.31
Upside / Downside259.34%276.43%294.18%

High-Yield Dividend Screener

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