DDM Analysis: TPZ

Valuation Snapshot

Stable Growth	$31.21 - $46.58	$38.52
Multi-Stage	$61.67 - $67.70	$64.63
Blended Fair Value	$51.57
Current Price	$15.45
Upside	233.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	-5.69%	0.00%	1.29	1.26	0.70	1.21	1.72	1.72	1.72	0.00	0.00	0.00
YoY Growth	-	-	2.35%	79.38%	-41.93%	-30.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	9.48%	9.23%	5.43%	12.08%	11.08%	10.05%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.97
(-) Cash Dividends Paid (M)	15.57
(=) Cash Retained (M)	7.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.59	2.87	1.72
Cash Retained (M)	7.41	7.41	7.41
(-) Cash Required (M)	-4.59	-2.87	-1.72
(=) Excess Retained (M)	2.81	4.53	5.68
(/) Shares Outstanding (M)	6.05	6.05	6.05
(=) Excess Retained per Share	0.47	0.75	0.94
LTM Dividend per Share	2.58	2.58	2.58
(+) Excess Retained per Share	0.47	0.75	0.94
(=) Adjusted Dividend	3.04	3.33	3.52
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$31.21	$38.52	$46.58
Upside / Downside	102.00%	149.31%	201.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.97	22.74	22.52	22.29	22.07	21.85	22.50
Payout Ratio	67.76%	72.21%	76.66%	81.10%	85.55%	90.00%	92.50%
Projected Dividends (M)	15.57	16.42	17.26	18.08	18.88	19.66	20.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.12	15.27	15.43
Year 2 PV (M)	14.62	14.92	15.23
Year 3 PV (M)	14.10	14.53	14.98
Year 4 PV (M)	13.55	14.11	14.69
Year 5 PV (M)	12.99	13.67	14.37
PV of Terminal Value (M)	302.44	318.18	334.58
Equity Value (M)	372.82	390.69	409.28
Shares Outstanding (M)	6.05	6.05	6.05
Fair Value	$61.67	$64.63	$67.70
Upside / Downside	299.17%	318.31%	338.21%

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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Financial Statements

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Ticker

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Sector

Tortoise Essential Energy Fund (TPZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener