Definitive Analysis
Definitive Analysis

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DTF Tax-Free Income 2028 Term Fund Inc. (DTF)

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

Valuation Snapshot

Stable Growth$2.35 - $3.68$2.96
Multi-Stage$5.84 - $6.42$6.12
Blended Fair Value$4.54
Current Price$11.19
Upside-59.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.390.550.490.580.670.750.911.021.02
YoY Growth---100.00%-29.67%13.25%-15.84%-12.51%-11.74%-17.26%-10.55%0.00%-1.21%
Dividend Yield--0.00%3.71%5.14%3.42%4.09%4.69%6.11%6.43%6.75%6.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1.70
(-) Cash Dividends Paid (M)1.37
(=) Cash Retained (M)0.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.340.210.13
Cash Retained (M)0.330.330.33
(-) Cash Required (M)-0.34-0.21-0.13
(=) Excess Retained (M)-0.010.120.21
(/) Shares Outstanding (M)7.037.037.03
(=) Excess Retained per Share0.000.020.03
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.000.020.03
(=) Adjusted Dividend0.190.210.22
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.35$2.96$3.68
Upside / Downside-79.02%-73.56%-67.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1.701.691.671.651.641.621.67
Payout Ratio80.42%82.33%84.25%86.17%88.08%90.00%92.50%
Projected Dividends (M)1.371.391.411.431.441.461.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1.301.311.32
Year 2 PV (M)1.231.251.28
Year 3 PV (M)1.161.191.23
Year 4 PV (M)1.091.141.18
Year 5 PV (M)1.031.091.14
PV of Terminal Value (M)35.2337.0638.97
Equity Value (M)41.0343.0445.12
Shares Outstanding (M)7.037.037.03
Fair Value$5.84$6.12$6.42
Upside / Downside-47.84%-45.29%-42.63%

High-Yield Dividend Screener

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