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Nuveen California Quality Municipal Income Fund (NAC)

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

Valuation Snapshot

Stable Growth$9.26 - $13.29$11.23
Multi-Stage$23.24 - $25.61$24.40
Blended Fair Value$17.82
Current Price$11.79
Upside51.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202420232022202120202019201820172016
DPS-12.17%-2.45%0.340.450.590.650.630.650.680.780.700.69
YoY Growth---25.47%-22.55%-10.26%3.17%-2.18%-4.57%-13.38%12.26%0.93%59.43%
Dividend Yield--2.87%4.14%5.40%4.77%4.34%4.30%5.11%5.81%4.80%4.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)197.64
(-) Cash Dividends Paid (M)114.84
(=) Cash Retained (M)82.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)39.5324.7014.82
Cash Retained (M)82.8082.8082.80
(-) Cash Required (M)-39.53-24.70-14.82
(=) Excess Retained (M)43.2758.1067.98
(/) Shares Outstanding (M)144.73144.73144.73
(=) Excess Retained per Share0.300.400.47
LTM Dividend per Share0.790.790.79
(+) Excess Retained per Share0.300.400.47
(=) Adjusted Dividend1.091.191.26
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-4.45%-3.45%-2.45%
Fair Value$9.26$11.23$13.29
Upside / Downside-21.44%-4.72%12.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)197.64190.82184.25177.90171.76165.84170.82
Payout Ratio58.10%64.48%70.86%77.24%83.62%90.00%92.50%
Projected Dividends (M)114.84123.05130.56137.41143.63149.26158.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-4.45%-3.45%-2.45%
Year 1 PV (M)114.00115.19116.38
Year 2 PV (M)112.06114.42116.80
Year 3 PV (M)109.26112.73116.26
Year 4 PV (M)105.80110.30114.94
Year 5 PV (M)101.86107.30112.98
PV of Terminal Value (M)2,820.752,971.473,128.57
Equity Value (M)3,363.733,531.413,705.94
Shares Outstanding (M)144.73144.73144.73
Fair Value$23.24$24.40$25.61
Upside / Downside97.13%106.96%117.19%

High-Yield Dividend Screener

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