Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

ClearBridge MLP and Midstream Fund Inc (CEM)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$84.05 - $120.96$102.06
Multi-Stage$139.62 - $153.14$146.25
Blended Fair Value$124.16
Current Price$47.29
Upside162.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-17.47%0.00%2.802.341.963.056.217.307.267.050.000.00
YoY Growth--19.47%19.56%-35.77%-50.98%-14.85%0.58%2.95%0.00%0.00%0.00%
Dividend Yield--7.29%6.54%7.33%18.68%12.42%12.24%11.38%9.21%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)159.09
(-) Cash Dividends Paid (M)74.40
(=) Cash Retained (M)84.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)31.8219.8911.93
Cash Retained (M)84.6984.6984.69
(-) Cash Required (M)-31.82-19.89-11.93
(=) Excess Retained (M)52.8764.8072.76
(/) Shares Outstanding (M)13.3713.3713.37
(=) Excess Retained per Share3.954.855.44
LTM Dividend per Share5.565.565.56
(+) Excess Retained per Share3.954.855.44
(=) Adjusted Dividend9.5210.4111.01
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$84.05$102.06$120.96
Upside / Downside77.73%115.82%155.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)159.09157.49155.92154.36152.82151.29155.83
Payout Ratio46.76%55.41%64.06%72.71%81.35%90.00%92.50%
Projected Dividends (M)74.4087.2799.88112.23124.32136.16144.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)79.1879.9980.80
Year 2 PV (M)82.2383.9285.62
Year 3 PV (M)83.8486.4389.07
Year 4 PV (M)84.2687.7691.36
Year 5 PV (M)83.7488.1092.64
PV of Terminal Value (M)1,453.681,529.381,608.19
Equity Value (M)1,866.931,955.572,047.68
Shares Outstanding (M)13.3713.3713.37
Fair Value$139.62$146.25$153.14
Upside / Downside195.25%209.27%223.83%

High-Yield Dividend Screener

« Prev Page 19 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
2979.TSOSiLA Logistics REIT, Inc.6.51%$8,225.4581.63%
5135.KLSarawak Plantation Berhad6.51%$0.2057.64%
TOTB.DETotalEnergies SE6.51%$3.6556.75%
0QNK.LWarteck Invest AG6.49%$126.0080.72%
6605.TWDepo Auto Parts Industrial Co., Ltd.6.49%$8.9365.56%
INCLU.BRInclusio S.A.6.49%$1.1617.79%
TUGU.JKPT Asuransi Tugu Pratama Indonesia Tbk6.49%$76.8936.75%
014580.KSTaekyung Bk Co., Ltd6.48%$298.2330.77%
3485.TWOEclat Forever Machinery Co., Ltd.6.48%$8.8769.07%
3933.HKThe United Laboratories International Holdings Limited6.48%$0.7623.13%
JBH.AXJB Hi-Fi Limited6.48%$6.2475.94%
SGLLV.AXRicegrowers Limited6.48%$1.0754.55%
SJOVA.ICSjóvá-Almennar tryggingar hf.6.48%$2.8390.10%
010960.KSSamho Development Co., Ltd.6.47%$239.2128.41%
FIBRAMQ12.MXFIBRA Macquarie México6.47%$2.1939.90%
FWD.AXFleetwood Limited6.47%$0.1894.88%
VLID3.SAValid Soluções S.A.6.46%$1.3644.64%
214320.KSInnocean Worldwide Inc.6.45%$1,180.0956.54%
3481.TMitsubishi Estate Logistics REIT Investment Corporation6.45%$8,568.4374.88%
TMW.BKThai Mitsuwa Public Company Limited6.45%$3.6127.20%
IMPACT.BKImpact Growth Real Estate Investment Trust6.44%$0.6790.64%
1969.HKChina Chunlai Education Group Co., Ltd.6.43%$0.2318.54%
ALICA.PAIcape Holding S.A.6.43%$0.3845.20%
KBANK-R.BKKasikornbank Public Company Limited6.43%$12.5059.49%
KUMWEL.BKKumwell Corporation Public Company Limited6.43%$0.0745.73%
SLL.DESBO AG6.42%$1.7584.82%
TFF.PATFF Group6.42%$1.2330.40%
8958.TGlobal One Real Estate Investment Corp.6.41%$8,838.2459.36%
AALLON.HEAallon Group Oyj6.41%$0.6863.85%
PL8.AXPlato Income Maximiser Limited6.41%$0.0947.21%
PTT-R.BKPTT Public Company Limited6.41%$2.0578.59%
461300.KQi-Scream Media Co. Ltd.6.39%$1,098.5144.35%
FLRY3.SAFleury S.A.6.39%$0.9586.00%
000666.SZJingwei Textile Machinery Company Limited6.38%$0.5740.17%
013870.KSGMB Korea Corp.6.38%$256.3527.15%
2669.HKChina Overseas Property Holdings Limited6.38%$0.2929.88%
NRP.ASNEPI Rockcastle S.A.6.38%$0.4730.96%
2247.TWPan German Universal Motors Ltd.6.37%$17.9678.50%
MSC.BKMetro Systems Corporation Public Company Limited6.37%$0.5073.61%
017800.KSHyundai Elevator Co., Ltd6.36%$5,588.0485.50%
035250.KSKangwon Land, Inc.6.36%$1,169.5764.65%
5108.TBridgestone Corporation6.36%$223.5463.02%
FSHOP13.MXFibra Shop6.36%$0.5814.91%
FTREIT.BKFrasers Property Thailand Industrial Freehold & Leasehold REIT6.36%$0.7582.90%
0RG6.LFlughafen Zürich AG6.35%$11.0051.63%
0ZQ7.LInstone Real Estate Group SE6.35%$0.5079.32%
ENEL.MIEnel S.p.A.6.35%$0.5790.97%
STANLY.BKThai Stanley Electric Public Company Limited6.35%$12.0052.87%
TASCO-R.BKTipco Asphalt Public Company Limited6.35%$0.8788.88%
603279.SSJingjin Equipment Inc.6.34%$1.0799.67%