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Cohen & Steers Infrastructure Fund, Inc (UTF)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$34.65 - $50.30$42.24
Multi-Stage$56.75 - $62.20$59.42
Blended Fair Value$50.83
Current Price$26.95
Upside88.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.42%3.19%1.441.451.421.391.431.411.431.441.141.13
YoY Growth---1.12%2.36%1.94%-2.34%1.35%-1.31%-1.05%26.00%1.34%7.51%
Dividend Yield--5.98%6.84%5.92%4.89%5.52%5.37%7.22%6.02%5.91%5.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)567.46
(-) Cash Dividends Paid (M)303.92
(=) Cash Retained (M)263.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)113.4970.9342.56
Cash Retained (M)263.54263.54263.54
(-) Cash Required (M)-113.49-70.93-42.56
(=) Excess Retained (M)150.05192.61220.98
(/) Shares Outstanding (M)120.78120.78120.78
(=) Excess Retained per Share1.241.591.83
LTM Dividend per Share2.522.522.52
(+) Excess Retained per Share1.241.591.83
(=) Adjusted Dividend3.764.114.35
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-1.58%-0.58%0.42%
Fair Value$34.65$42.24$50.30
Upside / Downside28.57%56.73%86.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)567.46564.18560.91557.67554.44551.23567.77
Payout Ratio53.56%60.85%68.13%75.42%82.71%90.00%92.50%
Projected Dividends (M)303.92343.28382.18420.61458.58496.11525.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-1.58%-0.58%0.42%
Year 1 PV (M)311.49314.65317.82
Year 2 PV (M)314.67321.09327.58
Year 3 PV (M)314.24323.91333.79
Year 4 PV (M)310.88323.71336.93
Year 5 PV (M)305.17320.99337.46
PV of Terminal Value (M)5,297.705,572.365,858.30
Equity Value (M)6,854.147,176.727,511.88
Shares Outstanding (M)120.78120.78120.78
Fair Value$56.75$59.42$62.20
Upside / Downside110.58%120.49%130.79%

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