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DoubleLine Opportunistic Credit Fund (DBL)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$25.20 - $36.29$30.61
Multi-Stage$42.23 - $46.30$44.23
Blended Fair Value$37.42
Current Price$15.58
Upside140.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS3.51%0.00%1.321.211.131.151.351.111.141.561.561.96
YoY Growth--9.08%6.82%-1.45%-15.16%21.99%-3.01%-26.57%-0.15%-20.51%0.00%
Dividend Yield--8.46%7.64%7.76%7.94%6.86%5.82%5.52%7.58%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)66.13
(-) Cash Dividends Paid (M)34.41
(=) Cash Retained (M)31.72
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.238.274.96
Cash Retained (M)31.7231.7231.72
(-) Cash Required (M)-13.23-8.27-4.96
(=) Excess Retained (M)18.4923.4526.76
(/) Shares Outstanding (M)18.5718.5718.57
(=) Excess Retained per Share1.001.261.44
LTM Dividend per Share1.851.851.85
(+) Excess Retained per Share1.001.261.44
(=) Adjusted Dividend2.853.123.29
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$25.20$30.61$36.29
Upside / Downside61.76%96.47%132.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)66.1365.4764.8264.1763.5362.8964.78
Payout Ratio52.03%59.63%67.22%74.81%82.41%90.00%92.50%
Projected Dividends (M)34.4139.0443.5748.0152.3556.6059.92

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)35.4335.7936.15
Year 2 PV (M)35.8836.6237.36
Year 3 PV (M)35.8836.9938.12
Year 4 PV (M)35.5136.9838.50
Year 5 PV (M)34.8436.6538.54
PV of Terminal Value (M)606.61638.20671.09
Equity Value (M)784.15821.23859.76
Shares Outstanding (M)18.5718.5718.57
Fair Value$42.23$44.23$46.30
Upside / Downside171.07%183.88%197.20%

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