Definitive Analysis
Definitive Analysis

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First Trust New Opportunities MLP & Energy Fund (FPL)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$13.25 - $19.59$16.28
Multi-Stage$24.80 - $27.23$25.99
Blended Fair Value$21.13
Current Price$6.68
Upside216.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%0.00%0.450.460.470.730.980.001.301.260.000.00
YoY Growth---3.44%-2.60%-35.27%-24.98%0.00%-100.00%2.73%0.00%0.00%0.00%
Dividend Yield--6.67%7.59%8.10%20.00%11.26%0.00%10.90%9.87%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)39.68
(-) Cash Dividends Paid (M)21.51
(=) Cash Retained (M)18.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.944.962.98
Cash Retained (M)18.1718.1718.17
(-) Cash Required (M)-7.94-4.96-2.98
(=) Excess Retained (M)10.2413.2115.20
(/) Shares Outstanding (M)23.7123.7123.71
(=) Excess Retained per Share0.430.560.64
LTM Dividend per Share0.910.910.91
(+) Excess Retained per Share0.430.560.64
(=) Adjusted Dividend1.341.461.55
WACC / Discount Rate7.90%7.90%7.90%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.25$16.28$19.59
Upside / Downside98.32%143.74%193.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)39.6839.2838.8938.5038.1137.7338.86
Payout Ratio54.20%61.36%68.52%75.68%82.84%90.00%92.50%
Projected Dividends (M)21.5124.1026.6529.1431.5733.9635.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.90%7.90%7.90%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)22.1122.3422.56
Year 2 PV (M)22.4322.8923.35
Year 3 PV (M)22.5023.1923.90
Year 4 PV (M)22.3623.2924.25
Year 5 PV (M)22.0723.2224.41
PV of Terminal Value (M)476.43501.24527.08
Equity Value (M)587.90616.16645.55
Shares Outstanding (M)23.7123.7123.71
Fair Value$24.80$25.99$27.23
Upside / Downside271.19%289.04%307.59%

High-Yield Dividend Screener

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