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The Gabelli Dividend & Income Trust (GDV)

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

Valuation Snapshot

Stable Growth$49.90 - $71.82$60.60
Multi-Stage$82.12 - $90.11$86.04
Blended Fair Value$73.32
Current Price$26.01
Upside181.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1.301.421.391.400.000.000.000.000.000.00
YoY Growth---8.26%1.93%-0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.40%6.59%6.76%5.17%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)631.87
(-) Cash Dividends Paid (M)252.32
(=) Cash Retained (M)379.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)126.3778.9847.39
Cash Retained (M)379.55379.55379.55
(-) Cash Required (M)-126.37-78.98-47.39
(=) Excess Retained (M)253.17300.56332.16
(/) Shares Outstanding (M)89.4589.4589.45
(=) Excess Retained per Share2.833.363.71
LTM Dividend per Share2.822.822.82
(+) Excess Retained per Share2.833.363.71
(=) Adjusted Dividend5.656.186.53
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$49.90$60.60$71.82
Upside / Downside91.86%132.99%176.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)631.87625.55619.29613.10606.97600.90618.93
Payout Ratio39.93%49.95%59.96%69.97%79.99%90.00%92.50%
Projected Dividends (M)252.32312.44371.32429.00485.49540.81572.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)283.49286.38289.27
Year 2 PV (M)305.70311.98318.31
Year 3 PV (M)320.47330.38340.49
Year 4 PV (M)329.06342.70356.76
Year 5 PV (M)332.59349.91367.95
PV of Terminal Value (M)5,773.846,074.496,387.55
Equity Value (M)7,345.167,695.848,060.33
Shares Outstanding (M)89.4589.4589.45
Fair Value$82.12$86.04$90.11
Upside / Downside215.72%230.79%246.46%

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