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Energy Income Fund (ENI-UN.TO)

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

Valuation Snapshot

Stable Growth$3.67 - $5.60$4.57
Multi-Stage$7.92 - $8.70$8.30
Blended Fair Value$6.44
Current Price$1.70
Upside278.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.90%-8.56%0.120.110.120.130.140.160.170.190.210.23
YoY Growth--15.21%-9.87%-9.87%-9.70%-7.95%-8.72%-9.85%-8.74%-9.96%-22.35%
Dividend Yield--7.97%6.96%8.10%8.25%9.95%9.17%10.60%9.07%9.36%12.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1.16
(-) Cash Dividends Paid (M)0.66
(=) Cash Retained (M)0.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.230.150.09
Cash Retained (M)0.510.510.51
(-) Cash Required (M)-0.23-0.15-0.09
(=) Excess Retained (M)0.270.360.42
(/) Shares Outstanding (M)2.822.822.82
(=) Excess Retained per Share0.100.130.15
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.100.130.15
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate6.80%6.80%6.80%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.67$4.57$5.60
Upside / Downside115.70%168.86%229.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1.161.151.141.131.121.111.14
Payout Ratio56.38%63.11%69.83%76.55%83.28%90.00%92.50%
Projected Dividends (M)0.660.730.800.860.931.001.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.80%6.80%6.80%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)0.670.680.69
Year 2 PV (M)0.680.700.71
Year 3 PV (M)0.690.710.73
Year 4 PV (M)0.690.710.74
Year 5 PV (M)0.680.720.75
PV of Terminal Value (M)18.9419.9220.95
Equity Value (M)22.3523.4424.58
Shares Outstanding (M)2.822.822.82
Fair Value$7.92$8.30$8.70
Upside / Downside365.61%388.36%412.02%

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