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MINT Income Fund (MID-UN.TO)

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

Valuation Snapshot

Stable Growth$13.94 - $21.28$17.38
Multi-Stage$30.23 - $33.24$31.70
Blended Fair Value$24.54
Current Price$7.10
Upside245.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.90%-12.21%0.480.530.580.610.660.850.991.020.531.05
YoY Growth---10.72%-7.72%-5.05%-8.31%-21.72%-14.22%-3.30%92.22%-49.13%-40.27%
Dividend Yield--6.03%8.43%8.16%9.21%12.58%13.71%17.17%14.70%7.32%14.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)17.34
(-) Cash Dividends Paid (M)10.67
(=) Cash Retained (M)6.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.472.171.30
Cash Retained (M)6.676.676.67
(-) Cash Required (M)-3.47-2.17-1.30
(=) Excess Retained (M)3.204.505.37
(/) Shares Outstanding (M)11.0711.0711.07
(=) Excess Retained per Share0.290.410.48
LTM Dividend per Share0.960.960.96
(+) Excess Retained per Share0.290.410.48
(=) Adjusted Dividend1.251.371.45
WACC / Discount Rate6.80%6.80%6.80%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.94$17.38$21.28
Upside / Downside96.35%144.75%199.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)17.3417.1616.9916.8216.6516.4916.98
Payout Ratio61.55%67.24%72.93%78.62%84.31%90.00%92.50%
Projected Dividends (M)10.6711.5412.3913.2314.0414.8415.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.80%6.80%6.80%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)10.7010.8110.92
Year 2 PV (M)10.6510.8611.09
Year 3 PV (M)10.5310.8611.19
Year 4 PV (M)10.3610.7911.23
Year 5 PV (M)10.1510.6811.23
PV of Terminal Value (M)282.39297.09312.40
Equity Value (M)334.77351.09368.06
Shares Outstanding (M)11.0711.0711.07
Fair Value$30.23$31.70$33.24
Upside / Downside325.78%346.53%368.11%

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