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MINT Income Fund (MID-UN.TO)

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

Valuation Snapshot

Stable Growth$13.91 - $21.23$17.34
Multi-Stage$30.09 - $33.08$31.55
Blended Fair Value$24.44
Current Price$7.10
Upside244.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.90%-12.21%0.480.530.580.610.660.850.991.020.531.05
YoY Growth---10.72%-7.72%-5.05%-8.31%-21.72%-14.22%-3.30%92.22%-49.13%-40.27%
Dividend Yield--6.03%8.43%8.16%9.21%12.58%13.71%17.17%14.70%7.32%14.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)17.34
(-) Cash Dividends Paid (M)10.67
(=) Cash Retained (M)6.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.472.171.30
Cash Retained (M)6.676.676.67
(-) Cash Required (M)-3.47-2.17-1.30
(=) Excess Retained (M)3.204.505.37
(/) Shares Outstanding (M)11.0711.0711.07
(=) Excess Retained per Share0.290.410.48
LTM Dividend per Share0.960.960.96
(+) Excess Retained per Share0.290.410.48
(=) Adjusted Dividend1.251.371.45
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.91$17.34$21.23
Upside / Downside95.95%144.19%198.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)17.3417.1616.9916.8216.6516.4916.98
Payout Ratio61.55%67.24%72.93%78.62%84.31%90.00%92.50%
Projected Dividends (M)10.6711.5412.3913.2314.0414.8415.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)10.7010.8010.91
Year 2 PV (M)10.6410.8611.08
Year 3 PV (M)10.5310.8511.18
Year 4 PV (M)10.3510.7811.23
Year 5 PV (M)10.1410.6711.22
PV of Terminal Value (M)280.82295.45310.67
Equity Value (M)333.18349.41366.29
Shares Outstanding (M)11.0711.0711.07
Fair Value$30.09$31.55$33.08
Upside / Downside323.75%344.40%365.87%

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