Definitive Analysis
Definitive Analysis

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Projections DCF DDM EPV Multiples Valuations

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Tortoise Energy Independence Fund, Inc. (NDP)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$44.12 - $64.92$54.11
Multi-Stage$83.97 - $92.00$87.91
Blended Fair Value$71.01
Current Price$33.98
Upside108.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017
DPS-29.26%0.00%2.522.190.660.858.8514.2514.210.000.000.00
YoY Growth--15.21%230.97%-22.50%-90.35%-37.90%0.32%0.00%0.00%0.00%0.00%
Dividend Yield--8.72%6.76%2.98%6.76%30.47%19.79%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.82
(-) Cash Dividends Paid (M)8.48
(=) Cash Retained (M)1.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.961.230.74
Cash Retained (M)1.341.341.34
(-) Cash Required (M)-1.96-1.23-0.74
(=) Excess Retained (M)-0.620.120.61
(/) Shares Outstanding (M)1.731.731.73
(=) Excess Retained per Share-0.360.070.35
LTM Dividend per Share4.904.904.90
(+) Excess Retained per Share-0.360.070.35
(=) Adjusted Dividend4.544.975.25
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate-2.00%-1.00%0.00%
Fair Value$44.12$54.11$64.92
Upside / Downside29.85%59.25%91.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.829.729.639.539.449.349.62
Payout Ratio86.32%87.05%87.79%88.53%89.26%90.00%92.50%
Projected Dividends (M)8.488.478.458.448.428.418.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.757.837.91
Year 2 PV (M)7.097.237.38
Year 3 PV (M)6.486.686.89
Year 4 PV (M)5.926.176.42
Year 5 PV (M)5.425.705.99
PV of Terminal Value (M)112.53118.39124.49
Equity Value (M)145.19152.01159.09
Shares Outstanding (M)1.731.731.73
Fair Value$83.97$87.91$92.00
Upside / Downside147.11%158.70%170.75%

High-Yield Dividend Screener

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