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Definitive Analysis

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Flaherty & Crumrine Preferred Income Fund Inc. (PFD)

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

Valuation Snapshot

Stable Growth$21.79 - $31.82$26.64
Multi-Stage$49.07 - $54.02$51.50
Blended Fair Value$39.07
Current Price$11.03
Upside254.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.36%-3.23%0.690.680.840.840.770.740.790.830.870.88
YoY Growth--1.36%-18.42%-0.96%8.84%4.79%-6.90%-4.05%-5.16%-1.16%-7.93%
Dividend Yield--6.06%6.94%7.37%4.90%4.10%4.54%6.58%5.34%6.55%6.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)37.75
(-) Cash Dividends Paid (M)18.32
(=) Cash Retained (M)19.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.554.722.83
Cash Retained (M)19.4419.4419.44
(-) Cash Required (M)-7.55-4.72-2.83
(=) Excess Retained (M)11.8914.7216.61
(/) Shares Outstanding (M)12.8512.8512.85
(=) Excess Retained per Share0.921.151.29
LTM Dividend per Share1.431.431.43
(+) Excess Retained per Share0.921.151.29
(=) Adjusted Dividend2.352.572.72
WACC / Discount Rate7.07%7.07%7.07%
Growth Rate-3.36%-2.36%-1.36%
Fair Value$21.79$26.64$31.82
Upside / Downside97.55%141.48%188.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)37.7536.8636.0035.1534.3233.5134.52
Payout Ratio48.51%56.81%65.11%73.41%81.70%90.00%92.50%
Projected Dividends (M)18.3220.9423.4425.8028.0430.1631.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.07%7.07%7.07%
Growth Rate-3.36%-2.36%-1.36%
Year 1 PV (M)19.3619.5619.76
Year 2 PV (M)20.0320.4520.87
Year 3 PV (M)20.3821.0221.67
Year 4 PV (M)20.4821.3422.23
Year 5 PV (M)20.3621.4422.56
PV of Terminal Value (M)530.07558.07587.24
Equity Value (M)630.68661.87694.32
Shares Outstanding (M)12.8512.8512.85
Fair Value$49.07$51.50$54.02
Upside / Downside344.88%366.88%389.77%

High-Yield Dividend Screener

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