DDM Analysis: VTN

Valuation Snapshot

Stable Growth	$5.49 - $7.41	$6.47
Multi-Stage	$18.12 - $20.06	$19.07
Blended Fair Value	$12.77
Current Price	$10.71
Upside	19.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-7.65%	-7.83%	0.40	0.40	0.49	0.61	0.59	0.60	0.68	0.74	0.80	0.88
YoY Growth	-	-	0.41%	-17.91%	-19.55%	3.60%	-2.24%	-11.16%	-8.41%	-8.19%	-8.71%	-3.34%
Dividend Yield	-	-	3.76%	3.81%	4.84%	4.98%	4.47%	4.42%	5.21%	5.64%	5.96%	5.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.25
(-) Cash Dividends Paid (M)	14.68
(=) Cash Retained (M)	7.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.45	2.78	1.67
Cash Retained (M)	7.57	7.57	7.57
(-) Cash Required (M)	-4.45	-2.78	-1.67
(=) Excess Retained (M)	3.12	4.79	5.90
(/) Shares Outstanding (M)	18.26	18.26	18.26
(=) Excess Retained per Share	0.17	0.26	0.32
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.17	0.26	0.32
(=) Adjusted Dividend	0.97	1.07	1.13
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-9.65%	-8.65%	-7.65%
Fair Value	$5.49	$6.47	$7.41
Upside / Downside	-48.76%	-39.57%	-30.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.25	20.32	18.57	16.96	15.49	14.15	14.58
Payout Ratio	65.99%	70.79%	75.59%	80.39%	85.20%	90.00%	92.50%
Projected Dividends (M)	14.68	14.39	14.03	13.63	13.20	12.74	13.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-9.65%	-8.65%	-7.65%
Year 1 PV (M)	13.37	13.52	13.67
Year 2 PV (M)	12.13	12.40	12.67
Year 3 PV (M)	10.95	11.32	11.70
Year 4 PV (M)	9.86	10.30	10.76
Year 5 PV (M)	8.84	9.34	9.86
PV of Terminal Value (M)	275.76	291.37	307.67
Equity Value (M)	330.92	348.25	366.33
Shares Outstanding (M)	18.26	18.26	18.26
Fair Value	$18.12	$19.07	$20.06
Upside / Downside	69.21%	78.07%	87.31%

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Invesco Trust for Investment Grade New York Municipals (VTN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener