Definitive Analysis
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

Analysis Mode

Ticker

Industry

Sector

John Hancock Financial Opportunities Fund (BTO)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$166.30 - $272.23$213.56
Multi-Stage$205.27 - $224.84$214.87
Blended Fair Value$214.21
Current Price$35.42
Upside504.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.79%8.30%2.472.442.271.971.992.051.551.331.311.96
YoY Growth--0.98%7.70%14.99%-0.89%-2.84%32.30%16.20%1.76%-33.16%76.28%
Dividend Yield--6.92%8.13%6.81%4.24%6.56%5.65%5.55%3.44%3.61%6.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)288.11
(-) Cash Dividends Paid (M)85.61
(=) Cash Retained (M)202.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)57.6236.0121.61
Cash Retained (M)202.49202.49202.49
(-) Cash Required (M)-57.62-36.01-21.61
(=) Excess Retained (M)144.87166.48180.89
(/) Shares Outstanding (M)19.7419.7419.74
(=) Excess Retained per Share7.348.449.17
LTM Dividend per Share4.344.344.34
(+) Excess Retained per Share7.348.449.17
(=) Adjusted Dividend11.6812.7713.50
WACC / Discount Rate8.94%8.94%8.94%
Growth Rate1.79%2.79%3.79%
Fair Value$166.30$213.56$272.23
Upside / Downside369.52%502.93%668.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)288.11296.14304.40312.89321.62330.59340.51
Payout Ratio29.72%41.77%53.83%65.89%77.94%90.00%92.50%
Projected Dividends (M)85.61123.71163.86206.15250.68297.53314.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.94%8.94%8.94%
Growth Rate1.79%2.79%3.79%
Year 1 PV (M)112.45113.56114.66
Year 2 PV (M)135.40138.07140.77
Year 3 PV (M)154.85159.46164.16
Year 4 PV (M)171.17178.00185.02
Year 5 PV (M)184.68193.93203.55
PV of Terminal Value (M)3,292.593,457.533,629.02
Equity Value (M)4,051.144,240.554,437.19
Shares Outstanding (M)19.7419.7419.74
Fair Value$205.27$214.87$224.84
Upside / Downside479.54%506.64%534.77%

High-Yield Dividend Screener

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