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BlackRock Enhanced Global Dividend Trust (BOE)

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

Valuation Snapshot

Stable Growth$17.44 - $25.11$21.18
Multi-Stage$29.80 - $32.64$31.19
Blended Fair Value$26.19
Current Price$11.35
Upside130.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.44%-5.77%0.790.790.810.810.820.851.032.601.231.36
YoY Growth---0.04%-1.89%-0.62%-1.49%-3.13%-17.31%-60.34%111.91%-9.77%-5.41%
Dividend Yield--7.35%7.99%8.45%6.67%7.56%7.75%10.99%20.36%10.59%10.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)147.12
(-) Cash Dividends Paid (M)98.97
(=) Cash Retained (M)48.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.4218.3911.03
Cash Retained (M)48.1448.1448.14
(-) Cash Required (M)-29.42-18.39-11.03
(=) Excess Retained (M)18.7229.7537.11
(/) Shares Outstanding (M)59.5859.5859.58
(=) Excess Retained per Share0.310.500.62
LTM Dividend per Share1.661.661.66
(+) Excess Retained per Share0.310.500.62
(=) Adjusted Dividend1.982.162.28
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$17.44$21.18$25.11
Upside / Downside53.69%86.63%121.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)147.12145.64144.19142.75141.32139.91144.10
Payout Ratio67.28%71.82%76.37%80.91%85.46%90.00%92.50%
Projected Dividends (M)98.97104.60110.11115.50120.76125.91133.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)94.9195.8896.85
Year 2 PV (M)90.6592.5194.39
Year 3 PV (M)86.2888.9491.67
Year 4 PV (M)81.8585.2588.74
Year 5 PV (M)77.4481.4785.67
PV of Terminal Value (M)1,344.301,414.301,487.19
Equity Value (M)1,775.431,858.351,944.50
Shares Outstanding (M)59.5859.5859.58
Fair Value$29.80$31.19$32.64
Upside / Downside162.56%174.82%187.56%

High-Yield Dividend Screener

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