Definitive Analysis
Definitive Analysis

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ClearBridge MLP and Midstream Fund Inc (CEM)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$86.08 - $124.54$104.78
Multi-Stage$146.09 - $160.29$153.05
Blended Fair Value$128.91
Current Price$47.29
Upside172.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-17.47%0.00%2.802.341.963.056.217.307.267.050.000.00
YoY Growth--19.47%19.56%-35.77%-50.98%-14.85%0.58%2.95%0.00%0.00%0.00%
Dividend Yield--7.29%6.54%7.33%18.68%12.42%12.24%11.38%9.21%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)159.09
(-) Cash Dividends Paid (M)74.40
(=) Cash Retained (M)84.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)31.8219.8911.93
Cash Retained (M)84.6984.6984.69
(-) Cash Required (M)-31.82-19.89-11.93
(=) Excess Retained (M)52.8764.8072.76
(/) Shares Outstanding (M)13.3713.3713.37
(=) Excess Retained per Share3.954.855.44
LTM Dividend per Share5.565.565.56
(+) Excess Retained per Share3.954.855.44
(=) Adjusted Dividend9.5210.4111.01
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate-2.00%-1.00%0.00%
Fair Value$86.08$104.78$124.54
Upside / Downside82.02%121.56%163.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)159.09157.49155.92154.36152.82151.29155.83
Payout Ratio46.76%55.41%64.06%72.71%81.35%90.00%92.50%
Projected Dividends (M)74.4087.2799.88112.23124.32136.16144.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)79.3880.1981.00
Year 2 PV (M)82.6384.3286.03
Year 3 PV (M)84.4487.0589.72
Year 4 PV (M)85.0888.6092.24
Year 5 PV (M)84.7589.1693.76
PV of Terminal Value (M)1,537.131,617.171,700.52
Equity Value (M)1,953.402,046.502,143.25
Shares Outstanding (M)13.3713.3713.37
Fair Value$146.09$153.05$160.29
Upside / Downside208.92%223.64%238.95%

High-Yield Dividend Screener

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