Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TwentyFour Select Monthly Income Fund Limited (SMIF.L)

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

Valuation Snapshot

Stable Growth$4.73 - $10.03$6.71
Multi-Stage$3.41 - $3.73$3.57
Blended Fair Value$5.14
Current Price$0.86
Upside497.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.71%26.79%0.080.050.050.050.050.050.040.040.040.04
YoY Growth--39.52%4.60%9.28%-6.11%6.14%10.24%2.30%10.04%0.87%439.75%
Dividend Yield--8.92%7.21%7.14%4.96%6.09%5.15%4.48%4.26%4.19%3.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)63.83
(-) Cash Dividends Paid (M)6.07
(=) Cash Retained (M)57.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.777.984.79
Cash Retained (M)57.7557.7557.75
(-) Cash Required (M)-12.77-7.98-4.79
(=) Excess Retained (M)44.9949.7852.97
(/) Shares Outstanding (M)253.11253.11253.11
(=) Excess Retained per Share0.180.200.21
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.180.200.21
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Fair Value$4.73$6.71$10.03
Upside / Downside449.95%680.70%1,066.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)63.8367.9772.3977.1082.1187.4590.07
Payout Ratio9.51%25.61%41.71%57.81%73.90%90.00%92.50%
Projected Dividends (M)6.0717.4130.1944.5760.6878.7083.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)15.6815.8315.97
Year 2 PV (M)24.4924.9525.42
Year 3 PV (M)32.5533.4834.44
Year 4 PV (M)39.9141.4543.02
Year 5 PV (M)46.6248.8751.21
PV of Terminal Value (M)704.98739.03774.38
Equity Value (M)864.22903.61944.45
Shares Outstanding (M)253.11253.11253.11
Fair Value$3.41$3.57$3.73
Upside / Downside297.03%315.12%333.89%

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