DDM Analysis: PFD

Valuation Snapshot

Stable Growth	$21.79 - $31.82	$26.64
Multi-Stage	$49.07 - $54.02	$51.50
Blended Fair Value	$39.07
Current Price	$11.03
Upside	254.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.36%	-3.23%	0.69	0.68	0.84	0.84	0.77	0.74	0.79	0.83	0.87	0.88
YoY Growth	-	-	1.36%	-18.42%	-0.96%	8.84%	4.79%	-6.90%	-4.05%	-5.16%	-1.16%	-7.93%
Dividend Yield	-	-	6.06%	6.94%	7.37%	4.90%	4.10%	4.54%	6.58%	5.34%	6.55%	6.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.75
(-) Cash Dividends Paid (M)	18.32
(=) Cash Retained (M)	19.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.55	4.72	2.83
Cash Retained (M)	19.44	19.44	19.44
(-) Cash Required (M)	-7.55	-4.72	-2.83
(=) Excess Retained (M)	11.89	14.72	16.61
(/) Shares Outstanding (M)	12.85	12.85	12.85
(=) Excess Retained per Share	0.92	1.15	1.29
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	0.92	1.15	1.29
(=) Adjusted Dividend	2.35	2.57	2.72
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	-3.36%	-2.36%	-1.36%
Fair Value	$21.79	$26.64	$31.82
Upside / Downside	97.56%	141.48%	188.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.75	36.86	36.00	35.15	34.32	33.51	34.52
Payout Ratio	48.51%	56.81%	65.11%	73.41%	81.70%	90.00%	92.50%
Projected Dividends (M)	18.32	20.94	23.44	25.80	28.04	30.16	31.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	-3.36%	-2.36%	-1.36%
Year 1 PV (M)	19.36	19.56	19.76
Year 2 PV (M)	20.03	20.45	20.87
Year 3 PV (M)	20.38	21.02	21.67
Year 4 PV (M)	20.48	21.34	22.23
Year 5 PV (M)	20.36	21.44	22.56
PV of Terminal Value (M)	530.08	558.08	587.25
Equity Value (M)	630.69	661.88	694.33
Shares Outstanding (M)	12.85	12.85	12.85
Fair Value	$49.07	$51.50	$54.02
Upside / Downside	344.89%	366.89%	389.78%

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Flaherty & Crumrine Preferred Income Fund Inc. (PFD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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