Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The North American Income Trust plc (NAIT.L)

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

Valuation Snapshot

Stable Growth$14.11 - $32.14$20.54
Multi-Stage$14.46 - $15.84$15.14
Blended Fair Value$17.84
Current Price$3.41
Upside423.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.90%5.35%0.120.150.120.110.110.090.090.080.080.08
YoY Growth---18.39%19.31%11.33%4.30%12.33%8.79%7.65%6.31%0.34%6.13%
Dividend Yield--3.43%5.05%3.99%3.88%4.50%3.23%3.21%3.08%3.06%4.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)93.41
(-) Cash Dividends Paid (M)34.92
(=) Cash Retained (M)58.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.6811.687.01
Cash Retained (M)58.4958.4958.49
(-) Cash Required (M)-18.68-11.68-7.01
(=) Excess Retained (M)39.8146.8151.48
(/) Shares Outstanding (M)132.03132.03132.03
(=) Excess Retained per Share0.300.350.39
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.300.350.39
(=) Adjusted Dividend0.570.620.65
WACC / Discount Rate7.50%7.50%7.50%
Growth Rate3.35%4.35%5.35%
Fair Value$14.11$20.54$32.14
Upside / Downside313.82%502.30%842.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)93.4197.47101.71106.14110.75115.57119.04
Payout Ratio37.38%47.91%58.43%68.95%79.48%90.00%92.50%
Projected Dividends (M)34.9246.7059.4373.1988.02104.01110.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.50%7.50%7.50%
Growth Rate3.35%4.35%5.35%
Year 1 PV (M)43.0243.4443.86
Year 2 PV (M)50.4551.4352.42
Year 3 PV (M)57.2458.9260.63
Year 4 PV (M)63.4365.9268.49
Year 5 PV (M)69.0672.4776.01
PV of Terminal Value (M)1,626.281,706.501,789.85
Equity Value (M)1,909.491,998.682,091.25
Shares Outstanding (M)132.03132.03132.03
Fair Value$14.46$15.14$15.84
Upside / Downside324.12%343.92%364.49%

High-Yield Dividend Screener

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