Definitive Analysis
Definitive Analysis

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Canadian High Income Equity Fund (CIQ-UN.TO)

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

Valuation Snapshot

Stable Growth$9.67 - $12.40$11.13
Multi-Stage$29.08 - $32.59$30.79
Blended Fair Value$20.96
Current Price$6.53
Upside221.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-17.73%-19.97%0.460.510.620.780.991.221.462.313.363.66
YoY Growth---10.56%-17.18%-20.53%-21.68%-18.25%-16.51%-36.82%-31.46%-8.07%-13.94%
Dividend Yield--7.02%7.48%7.89%11.00%13.05%17.40%15.47%23.87%41.54%36.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4.92
(-) Cash Dividends Paid (M)1.19
(=) Cash Retained (M)3.72
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.980.610.37
Cash Retained (M)3.723.723.72
(-) Cash Required (M)-0.98-0.61-0.37
(=) Excess Retained (M)2.743.113.36
(/) Shares Outstanding (M)1.231.231.23
(=) Excess Retained per Share2.232.532.73
LTM Dividend per Share0.970.970.97
(+) Excess Retained per Share2.232.532.73
(=) Adjusted Dividend3.203.503.70
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-19.73%-18.73%-17.73%
Fair Value$9.67$11.13$12.40
Upside / Downside48.16%70.49%89.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4.924.003.252.642.151.741.80
Payout Ratio24.28%37.43%50.57%63.71%76.86%90.00%92.50%
Projected Dividends (M)1.191.501.641.681.651.571.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate-19.73%-18.73%-17.73%
Year 1 PV (M)1.381.401.42
Year 2 PV (M)1.401.441.48
Year 3 PV (M)1.331.381.43
Year 4 PV (M)1.211.271.33
Year 5 PV (M)1.061.131.20
PV of Terminal Value (M)29.3831.2533.22
Equity Value (M)35.7637.8740.08
Shares Outstanding (M)1.231.231.23
Fair Value$29.08$30.79$32.59
Upside / Downside345.30%371.54%399.06%

High-Yield Dividend Screener

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