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Emerging Markets Debt Fund - Investor Class (AEDVX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$8.50 - $12.23$10.32
Multi-Stage$14.71 - $16.10$15.39
Blended Fair Value$12.85
Current Price$8.96
Upside43.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%0.00%0.921.031.111.201.230.001.240.650.680.74
YoY Growth---10.02%-7.11%-8.09%-2.08%0.00%-100.00%89.44%-3.82%-7.75%0.00%
Dividend Yield--10.31%11.68%11.91%11.39%13.56%0.00%12.21%6.37%6.87%7.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)71.40
(-) Cash Dividends Paid (M)54.84
(=) Cash Retained (M)16.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.288.935.36
Cash Retained (M)16.5716.5716.57
(-) Cash Required (M)-14.28-8.93-5.36
(=) Excess Retained (M)2.287.6411.21
(/) Shares Outstanding (M)59.3459.3459.34
(=) Excess Retained per Share0.040.130.19
LTM Dividend per Share0.920.920.92
(+) Excess Retained per Share0.040.130.19
(=) Adjusted Dividend0.961.051.11
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.50$10.32$12.23
Upside / Downside-5.14%15.19%36.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)71.4070.6969.9869.2868.5967.9069.94
Payout Ratio76.80%79.44%82.08%84.72%87.36%90.00%92.50%
Projected Dividends (M)54.8456.1557.4458.7059.9261.1164.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)50.9551.4751.99
Year 2 PV (M)47.2948.2649.24
Year 3 PV (M)43.8545.2046.59
Year 4 PV (M)40.6142.3044.03
Year 5 PV (M)37.5839.5441.58
PV of Terminal Value (M)652.46686.43721.81
Equity Value (M)872.74913.20955.23
Shares Outstanding (M)59.3459.3459.34
Fair Value$14.71$15.39$16.10
Upside / Downside64.13%71.74%79.65%

High-Yield Dividend Screener

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