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Canso Credit Trust - Canso Credit Income Fund (PBY-UN.TO)

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

Valuation Snapshot

Stable Growth$14.39 - $20.09$17.24
Multi-Stage$38.34 - $42.34$40.30
Blended Fair Value$28.77
Current Price$15.93
Upside80.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.16%-6.99%0.580.791.192.512.450.760.790.911.111.20
YoY Growth---25.97%-34.14%-52.55%2.77%222.68%-3.53%-13.40%-18.15%-7.55%-0.06%
Dividend Yield--3.64%5.52%8.73%16.59%17.13%6.95%7.04%8.01%10.20%11.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)23.08
(-) Cash Dividends Paid (M)10.09
(=) Cash Retained (M)12.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.622.881.73
Cash Retained (M)12.9912.9912.99
(-) Cash Required (M)-4.62-2.88-1.73
(=) Excess Retained (M)8.3710.1011.26
(/) Shares Outstanding (M)9.299.299.29
(=) Excess Retained per Share0.901.091.21
LTM Dividend per Share1.091.091.09
(+) Excess Retained per Share0.901.091.21
(=) Adjusted Dividend1.992.172.30
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-6.14%-5.14%-4.14%
Fair Value$14.39$17.24$20.09
Upside / Downside-9.67%8.20%26.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)23.0821.8920.7619.7018.6817.7218.26
Payout Ratio43.72%52.98%62.23%71.49%80.74%90.00%92.50%
Projected Dividends (M)10.0911.6012.9214.0815.0915.9516.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-6.14%-5.14%-4.14%
Year 1 PV (M)10.7410.8610.97
Year 2 PV (M)11.0911.3211.56
Year 3 PV (M)11.1911.5511.92
Year 4 PV (M)11.1111.5912.08
Year 5 PV (M)10.8811.4712.09
PV of Terminal Value (M)301.18317.57334.67
Equity Value (M)356.18374.36393.29
Shares Outstanding (M)9.299.299.29
Fair Value$38.34$40.30$42.34
Upside / Downside140.71%152.99%165.79%

High-Yield Dividend Screener

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