DDM Analysis: FEN

Valuation Snapshot

Stable Growth	$34.58 - $50.09	$42.12
Multi-Stage	$70.66 - $77.70	$74.11
Blended Fair Value	$58.11
Current Price	$14.73
Upside	294.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	-4.54%	1.20	1.20	1.20	1.81	2.38	0.00	2.33	2.31	2.25	2.14
YoY Growth	-	-	0.04%	-0.02%	-33.68%	-24.09%	0.00%	-100.00%	0.90%	2.69%	5.12%	11.96%
Dividend Yield	-	-	8.15%	8.14%	8.79%	16.86%	11.64%	0.00%	10.47%	8.78%	9.72%	6.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.79
(-) Cash Dividends Paid (M)	46.70
(=) Cash Retained (M)	47.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.76	11.72	7.03
Cash Retained (M)	47.09	47.09	47.09
(-) Cash Required (M)	-18.76	-11.72	-7.03
(=) Excess Retained (M)	28.33	35.37	40.06
(/) Shares Outstanding (M)	19.46	19.46	19.46
(=) Excess Retained per Share	1.46	1.82	2.06
LTM Dividend per Share	2.40	2.40	2.40
(+) Excess Retained per Share	1.46	1.82	2.06
(=) Adjusted Dividend	3.86	4.22	4.46
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-3.12%	-2.12%	-1.12%
Fair Value	$34.58	$42.12	$50.09
Upside / Downside	134.78%	185.91%	240.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.79	91.80	89.86	87.95	86.09	84.26	86.79
Payout Ratio	49.79%	57.83%	65.88%	73.92%	81.96%	90.00%	92.50%
Projected Dividends (M)	46.70	53.09	59.19	65.01	70.55	75.83	80.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-3.12%	-2.12%	-1.12%
Year 1 PV (M)	48.80	49.31	49.81
Year 2 PV (M)	50.01	51.05	52.10
Year 3 PV (M)	50.49	52.07	53.68
Year 4 PV (M)	50.37	52.48	54.66
Year 5 PV (M)	49.76	52.38	55.12
PV of Terminal Value (M)	1,125.74	1,185.05	1,246.83
Equity Value (M)	1,375.18	1,442.34	1,512.20
Shares Outstanding (M)	19.46	19.46	19.46
Fair Value	$70.66	$74.11	$77.70
Upside / Downside	379.70%	403.13%	427.50%

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Financial Statements

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Sector

First Trust Energy Income and Growth Fund (FEN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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