DDM Analysis: FGB

Valuation Snapshot

Stable Growth	$10.71 - $15.80	$13.15
Multi-Stage	$19.78 - $21.72	$20.73
Blended Fair Value	$16.94
Current Price	$4.28
Upside	295.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-15.24%	0.00%	0.37	0.33	0.33	0.33	0.35	0.83	0.70	0.70	0.70	0.69
YoY Growth	-	-	10.61%	0.00%	0.00%	-6.36%	-57.76%	19.37%	0.08%	0.09%	1.18%	0.00%
Dividend Yield	-	-	8.53%	9.85%	9.46%	8.25%	10.74%	14.14%	11.52%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.61
(-) Cash Dividends Paid (M)	9.99
(=) Cash Retained (M)	9.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.92	2.45	1.47
Cash Retained (M)	9.63	9.63	9.63
(-) Cash Required (M)	-3.92	-2.45	-1.47
(=) Excess Retained (M)	5.71	7.18	8.16
(/) Shares Outstanding (M)	14.37	14.37	14.37
(=) Excess Retained per Share	0.40	0.50	0.57
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.40	0.50	0.57
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.71	$13.15	$15.80
Upside / Downside	150.20%	207.18%	269.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.61	19.42	19.22	19.03	18.84	18.65	19.21
Payout Ratio	50.91%	58.73%	66.55%	74.36%	82.18%	90.00%	92.50%
Projected Dividends (M)	9.99	11.40	12.79	14.15	15.48	16.79	17.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.45	10.56	10.67
Year 2 PV (M)	10.75	10.97	11.19
Year 3 PV (M)	10.90	11.24	11.58
Year 4 PV (M)	10.93	11.38	11.85
Year 5 PV (M)	10.86	11.43	12.02
PV of Terminal Value (M)	230.23	242.22	254.70
Equity Value (M)	284.12	297.79	312.00
Shares Outstanding (M)	14.37	14.37	14.37
Fair Value	$19.78	$20.73	$21.72
Upside / Downside	362.04%	384.27%	407.38%

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First Trust Specialty Finance and Financial Opportunities Fund (FGB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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