Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dunedin Enterprise Investment Trust PLC (DNE.L)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$5.17 - $7.33$6.24
Multi-Stage$8.03 - $8.79$8.40
Blended Fair Value$7.32
Current Price$5.03
Upside45.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS3.93%-1.94%0.140.640.330.100.040.110.650.330.100.37
YoY Growth---78.40%95.55%215.70%149.88%-63.61%-82.27%93.76%236.70%-72.93%116.49%
Dividend Yield--2.74%12.64%6.96%3.10%1.11%3.49%16.28%10.90%3.08%10.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7.84
(-) Cash Dividends Paid (M)3.47
(=) Cash Retained (M)4.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.570.980.59
Cash Retained (M)4.374.374.37
(-) Cash Required (M)-1.57-0.98-0.59
(=) Excess Retained (M)2.803.393.78
(/) Shares Outstanding (M)9.909.909.90
(=) 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 Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.17$6.24$7.33
Upside / Downside2.87%23.99%45.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7.847.767.697.617.537.467.68
Payout Ratio44.26%53.41%62.56%71.70%80.85%90.00%92.50%
Projected Dividends (M)3.474.154.815.466.096.717.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.733.773.81
Year 2 PV (M)3.893.974.05
Year 3 PV (M)3.984.104.22
Year 4 PV (M)3.994.164.33
Year 5 PV (M)3.964.174.38
PV of Terminal Value (M)59.9163.0366.27
Equity Value (M)79.4683.2087.07
Shares Outstanding (M)9.909.909.90
Fair Value$8.03$8.40$8.79
Upside / Downside59.54%67.04%74.82%

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