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 Industry Sector

Ticker

Industry

Sector

First Trust Intermediate Duration Preferred & Income Fund (FPF)

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

Valuation Snapshot

Stable Growth	$28.24 - $40.06	$34.07
Multi-Stage	$56.53 - $62.05	$59.23
Blended Fair Value	$46.65
Current Price	$17.62
Upside	164.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.93%	-1.61%	1.62	1.31	1.50	1.53	1.59	1.70	1.77	1.89	1.95	2.10
YoY Growth	-	-	23.66%	-12.66%	-1.85%	-3.76%	-6.47%	-3.95%	-6.35%	-3.01%	-7.44%	10.29%
Dividend Yield	-	-	8.63%	9.21%	9.15%	6.04%	7.36%	7.05%	8.64%	7.61%	8.59%	9.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	265.47
(-) Cash Dividends Paid (M)	188.02
(=) Cash Retained (M)	77.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.09	33.18	19.91
Cash Retained (M)	77.45	77.45	77.45
(-) Cash Required (M)	-53.09	-33.18	-19.91
(=) Excess Retained (M)	24.35	44.26	57.54
(/) Shares Outstanding (M)	60.85	60.85	60.85
(=) Excess Retained per Share	0.40	0.73	0.95
LTM Dividend per Share	3.09	3.09	3.09
(+) Excess Retained per Share	0.40	0.73	0.95
(=) Adjusted Dividend	3.49	3.82	4.04
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	-3.61%	-2.61%	-1.61%
Fair Value	$28.24	$34.07	$40.06
Upside / Downside	60.30%	93.38%	127.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	265.47	258.53	251.77	245.18	238.77	232.53	239.51
Payout Ratio	70.83%	74.66%	78.50%	82.33%	86.17%	90.00%	92.50%
Projected Dividends (M)	188.02	193.02	197.63	201.86	205.74	209.28	221.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	-3.61%	-2.61%	-1.61%
Year 1 PV (M)	176.40	178.23	180.06
Year 2 PV (M)	165.07	168.51	171.99
Year 3 PV (M)	154.09	158.93	163.88
Year 4 PV (M)	143.53	149.58	155.82
Year 5 PV (M)	133.43	140.50	147.86
PV of Terminal Value (M)	2,667.26	2,808.53	2,955.72
Equity Value (M)	3,439.78	3,604.28	3,775.32
Shares Outstanding (M)	60.85	60.85	60.85
Fair Value	$56.53	$59.23	$62.05
Upside / Downside	220.83%	236.18%	252.13%

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TTAM	Titan America S.A.	0.00%	$0.00	0.00%
UANG.JK	PT Pakuan, Tbk	0.00%	$0.00	0.00%
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