Definitive Analysis
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Definitive Analysis

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The North American Income Trust plc (NAIT.L)

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

Valuation Snapshot

Stable Growth$9.48 - $16.53$12.49
Multi-Stage$9.75 - $10.66$10.20
Blended Fair Value$11.35
Current Price$3.41
Upside232.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.90%5.35%0.120.150.120.110.110.090.090.080.080.08
YoY Growth---18.39%19.31%11.33%4.30%12.33%8.79%7.65%6.31%0.34%6.13%
Dividend Yield--3.43%5.05%3.99%3.88%4.50%3.23%3.21%3.08%3.06%4.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)93.41
(-) Cash Dividends Paid (M)34.92
(=) Cash Retained (M)58.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.6811.687.01
Cash Retained (M)58.4958.4958.49
(-) Cash Required (M)-18.68-11.68-7.01
(=) Excess Retained (M)39.8146.8151.48
(/) Shares Outstanding (M)132.03132.03132.03
(=) Excess Retained per Share0.300.350.39
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.300.350.39
(=) Adjusted Dividend0.570.620.65
WACC / Discount Rate9.52%9.52%9.52%
Growth Rate3.35%4.35%5.35%
Fair Value$9.48$12.49$16.53
Upside / Downside177.96%266.32%384.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)93.4197.47101.71106.14110.75115.57119.04
Payout Ratio37.38%47.91%58.43%68.95%79.48%90.00%92.50%
Projected Dividends (M)34.9246.7059.4373.1988.02104.01110.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.52%9.52%9.52%
Growth Rate3.35%4.35%5.35%
Year 1 PV (M)42.2342.6443.05
Year 2 PV (M)48.6049.5550.50
Year 3 PV (M)54.1255.7157.33
Year 4 PV (M)58.8761.1863.56
Year 5 PV (M)62.9166.0169.23
PV of Terminal Value (M)1,021.131,071.501,123.83
Equity Value (M)1,287.861,346.581,407.50
Shares Outstanding (M)132.03132.03132.03
Fair Value$9.75$10.20$10.66
Upside / Downside186.04%199.09%212.62%

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