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BlackRock MuniAssets Fund, Inc. (MUA)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$13.76 - $25.79$18.66
Multi-Stage$14.07 - $15.35$14.70
Blended Fair Value$16.68
Current Price$11.05
Upside50.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.550.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.75%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34.38
(-) Cash Dividends Paid (M)25.23
(=) Cash Retained (M)9.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.884.302.58
Cash Retained (M)9.159.159.15
(-) Cash Required (M)-6.88-4.30-2.58
(=) Excess Retained (M)2.274.856.57
(/) Shares Outstanding (M)38.4638.4638.46
(=) Excess Retained per Share0.060.130.17
LTM Dividend per Share0.660.660.66
(+) Excess Retained per Share0.060.130.17
(=) Adjusted Dividend0.720.780.83
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate3.69%4.69%5.69%
Fair Value$13.76$18.66$25.79
Upside / Downside24.53%68.85%133.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34.3835.9937.6839.4541.3043.2444.54
Payout Ratio73.39%76.71%80.03%83.36%86.68%90.00%92.50%
Projected Dividends (M)25.2327.6130.1632.8935.8038.9241.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate3.69%4.69%5.69%
Year 1 PV (M)25.0725.3125.56
Year 2 PV (M)24.8725.3525.83
Year 3 PV (M)24.6225.3426.07
Year 4 PV (M)24.3325.2926.27
Year 5 PV (M)24.0225.2026.43
PV of Terminal Value (M)418.20438.76460.12
Equity Value (M)541.12565.25590.28
Shares Outstanding (M)38.4638.4638.46
Fair Value$14.07$14.70$15.35
Upside / Downside27.32%33.00%38.89%

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