Definitive Analysis
Definitive Analysis

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MFC Industrial Investment Property and Leasehold Fund (M-II.BK)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$11.84 - $22.15$16.05
Multi-Stage$16.42 - $18.01$17.20
Blended Fair Value$16.62
Current Price$6.00
Upside177.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS2.28%3.72%0.610.590.620.590.560.550.520.650.840.62
YoY Growth--2.69%-3.41%4.24%5.36%2.75%4.21%-19.50%-22.28%35.43%45.75%
Dividend Yield--10.80%8.08%7.99%8.14%8.00%6.41%6.19%6.91%9.04%6.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)135.46
(-) Cash Dividends Paid (M)60.20
(=) Cash Retained (M)75.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.0916.9310.16
Cash Retained (M)75.2675.2675.26
(-) Cash Required (M)-27.09-16.93-10.16
(=) Excess Retained (M)48.1758.3365.10
(/) Shares Outstanding (M)172.00172.00172.00
(=) Excess Retained per Share0.280.340.38
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.280.340.38
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate1.72%2.72%3.72%
Fair Value$11.84$16.05$22.15
Upside / Downside97.39%167.44%269.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)135.46139.14142.92146.80150.79154.88159.53
Payout Ratio44.44%53.55%62.66%71.78%80.89%90.00%92.50%
Projected Dividends (M)60.2074.5189.56105.37121.97139.39147.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate1.72%2.72%3.72%
Year 1 PV (M)68.8869.5670.23
Year 2 PV (M)76.5378.0479.57
Year 3 PV (M)83.2385.7188.23
Year 4 PV (M)89.0592.6196.27
Year 5 PV (M)94.0898.80103.70
PV of Terminal Value (M)2,413.292,534.282,660.07
Equity Value (M)2,825.062,958.983,098.07
Shares Outstanding (M)172.00172.00172.00
Fair Value$16.42$17.20$18.01
Upside / Downside173.75%186.72%200.20%

High-Yield Dividend Screener

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