Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

T. Rowe Price Tax-Free Income Fd (PRTAX)

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

Valuation Snapshot

Stable Growth$0.06 - $0.08$0.07
Multi-Stage$0.23 - $0.25$0.24
Blended Fair Value$0.15
Current Price$8.69
Upside-98.24%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%-9.21%0.010.020.010.020.020.000.030.030.030.03
YoY Growth---29.67%13.25%-16.85%-11.44%0.00%-100.00%-14.40%4.49%-1.21%0.55%
Dividend Yield--0.13%0.17%0.14%0.16%0.18%0.00%0.26%0.31%0.28%0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3.08
(-) Cash Dividends Paid (M)2.74
(=) Cash Retained (M)0.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.620.380.23
Cash Retained (M)0.340.340.34
(-) Cash Required (M)-0.62-0.38-0.23
(=) Excess Retained (M)-0.28-0.050.11
(/) Shares Outstanding (M)243.11243.11243.11
(=) Excess Retained per Share0.000.000.00
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.000.000.00
(=) Adjusted Dividend0.010.010.01
WACC / Discount Rate5.81%5.81%5.81%
Growth Rate-10.02%-9.02%-8.02%
Fair Value$0.06$0.07$0.08
Upside / Downside-99.34%-99.22%-99.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3.082.802.552.322.111.921.98
Payout Ratio89.04%89.23%89.43%89.62%89.81%90.00%92.50%
Projected Dividends (M)2.742.502.282.081.891.731.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.81%5.81%5.81%
Growth Rate-10.02%-9.02%-8.02%
Year 1 PV (M)2.342.362.39
Year 2 PV (M)1.992.042.08
Year 3 PV (M)1.701.751.81
Year 4 PV (M)1.451.511.58
Year 5 PV (M)1.231.301.38
PV of Terminal Value (M)46.3448.9851.73
Equity Value (M)55.0557.9460.97
Shares Outstanding (M)243.11243.11243.11
Fair Value$0.23$0.24$0.25
Upside / Downside-97.39%-97.26%-97.11%

High-Yield Dividend Screener

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