DDM Analysis: MSIF

Valuation Snapshot

Stable Growth	$13.51 - $19.81	$16.55
Multi-Stage	$23.22 - $25.55	$24.36
Blended Fair Value	$20.45
Current Price	$13.13
Upside	55.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.73%	0.00%	0.89	0.81	0.74	0.42	0.41	0.67	0.64	0.59	0.50	0.34
YoY Growth	-	-	9.11%	10.36%	76.33%	1.25%	-38.53%	5.53%	8.16%	17.88%	46.13%	0.00%
Dividend Yield	-	-	5.39%	5.14%	4.66%	2.64%	2.61%	4.24%	4.02%	3.72%	3.15%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.16
(-) Cash Dividends Paid (M)	10.07
(=) Cash Retained (M)	69.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.83	9.89	5.94
Cash Retained (M)	69.09	69.09	69.09
(-) Cash Required (M)	-15.83	-9.89	-5.94
(=) Excess Retained (M)	53.26	59.19	63.15
(/) Shares Outstanding (M)	44.82	44.82	44.82
(=) Excess Retained per Share	1.19	1.32	1.41
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	1.19	1.32	1.41
(=) Adjusted Dividend	1.41	1.55	1.63
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$13.51	$16.55	$19.81
Upside / Downside	2.92%	26.02%	50.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.16	78.37	77.58	76.81	76.04	75.28	77.54
Payout Ratio	12.72%	28.18%	43.63%	59.09%	74.54%	90.00%	92.50%
Projected Dividends (M)	10.07	22.08	33.85	45.38	56.68	67.75	71.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.19	20.40	20.60
Year 2 PV (M)	28.31	28.89	29.48
Year 3 PV (M)	34.71	35.78	36.88
Year 4 PV (M)	39.64	41.28	42.98
Year 5 PV (M)	43.33	45.59	47.94
PV of Terminal Value (M)	874.22	919.75	967.15
Equity Value (M)	1,040.41	1,091.69	1,145.02
Shares Outstanding (M)	44.82	44.82	44.82
Fair Value	$23.22	$24.36	$25.55
Upside / Downside	76.81%	85.52%	94.59%

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MSC Income Fund, Inc. (MSIF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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