Definitive Analysis
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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

Mode

Company Industry Sector

Ticker

Industry

Sector

John Hancock Tax-Advantaged Dividend Income Fund (HTD)

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

Valuation Snapshot

Stable Growth$54.87 - $85.47$68.99
Multi-Stage$92.21 - $101.16$96.60
Blended Fair Value$82.80
Current Price$22.91
Upside261.40%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.20%1.56%1.661.681.651.671.652.052.181.821.471.50
YoY Growth---1.26%1.88%-1.40%1.27%-19.67%-5.84%19.92%23.57%-2.23%6.06%
Dividend Yield--7.20%10.18%7.23%6.80%8.68%7.48%9.74%7.10%6.17%7.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)201.04
(-) Cash Dividends Paid (M)102.68
(=) Cash Retained (M)98.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)40.2125.1315.08
Cash Retained (M)98.3698.3698.36
(-) Cash Required (M)-40.21-25.13-15.08
(=) Excess Retained (M)58.1573.2383.28
(/) Shares Outstanding (M)35.4335.4335.43
(=) Excess Retained per Share1.642.072.35
LTM Dividend per Share2.902.902.90
(+) Excess Retained per Share1.642.072.35
(=) Adjusted Dividend4.544.965.25
WACC / Discount Rate7.80%7.80%7.80%
Growth Rate-0.44%0.56%1.56%
Fair Value$54.87$68.99$85.47
Upside / Downside139.50%201.14%273.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)201.04202.16203.30204.43205.58206.73212.93
Payout Ratio51.08%58.86%66.65%74.43%82.22%90.00%92.50%
Projected Dividends (M)102.68118.99135.49152.16169.02186.06196.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.80%7.80%7.80%
Growth Rate-0.44%0.56%1.56%
Year 1 PV (M)109.29110.39111.49
Year 2 PV (M)114.29116.60118.93
Year 3 PV (M)117.89121.48125.14
Year 4 PV (M)120.27125.17130.23
Year 5 PV (M)121.60127.83134.31
PV of Terminal Value (M)2,683.752,821.272,964.36
Equity Value (M)3,267.093,422.733,584.45
Shares Outstanding (M)35.4335.4335.43
Fair Value$92.21$96.60$101.16
Upside / Downside302.48%321.65%341.57%

High-Yield Dividend Screener

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