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Cohen & Steers Infrastructure Fund, Inc (UTF)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$34.71 - $50.40$42.32
Multi-Stage$56.92 - $62.39$59.60
Blended Fair Value$50.96
Current Price$26.95
Upside89.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.42%3.19%1.441.451.421.391.431.411.431.441.141.13
YoY Growth---1.12%2.36%1.94%-2.34%1.35%-1.31%-1.05%26.00%1.34%7.51%
Dividend Yield--5.98%6.84%5.92%4.89%5.52%5.37%7.22%6.02%5.91%5.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)567.46
(-) Cash Dividends Paid (M)303.92
(=) Cash Retained (M)263.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)113.4970.9342.56
Cash Retained (M)263.54263.54263.54
(-) Cash Required (M)-113.49-70.93-42.56
(=) Excess Retained (M)150.05192.61220.98
(/) Shares Outstanding (M)120.78120.78120.78
(=) Excess Retained per Share1.241.591.83
LTM Dividend per Share2.522.522.52
(+) Excess Retained per Share1.241.591.83
(=) Adjusted Dividend3.764.114.35
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-1.58%-0.58%0.42%
Fair Value$34.71$42.32$50.40
Upside / Downside28.79%57.02%87.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)567.46564.18560.91557.67554.44551.23567.77
Payout Ratio53.56%60.85%68.13%75.42%82.71%90.00%92.50%
Projected Dividends (M)303.92343.28382.18420.61458.58496.11525.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-1.58%-0.58%0.42%
Year 1 PV (M)311.54314.71317.87
Year 2 PV (M)314.77321.20327.69
Year 3 PV (M)314.39324.07333.95
Year 4 PV (M)311.08323.92337.15
Year 5 PV (M)305.42321.25337.74
PV of Terminal Value (M)5,317.775,593.475,880.49
Equity Value (M)6,874.987,198.637,534.90
Shares Outstanding (M)120.78120.78120.78
Fair Value$56.92$59.60$62.39
Upside / Downside111.22%121.16%131.49%

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