Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Analysis Mode

Ticker

Industry

Sector

Virtus Equity & Convertible Income Fund (NIE)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$48.65 - $70.42$59.23
Multi-Stage$82.50 - $90.53$86.44
Blended Fair Value$72.84
Current Price$24.12
Upside201.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)186.12
(-) Cash Dividends Paid (M)84.24
(=) Cash Retained (M)101.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)37.2223.2713.96
Cash Retained (M)101.89101.89101.89
(-) Cash Required (M)-37.22-23.27-13.96
(=) Excess Retained (M)64.6678.6287.93
(/) Shares Outstanding (M)27.7127.7127.71
(=) Excess Retained per Share2.332.843.17
LTM Dividend per Share3.043.043.04
(+) Excess Retained per Share2.332.843.17
(=) Adjusted Dividend5.375.886.21
WACC / Discount Rate8.82%8.82%8.82%
Growth Rate-2.00%-1.00%0.00%
Fair Value$48.65$59.23$70.42
Upside / Downside101.72%145.57%191.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)186.12184.26182.42180.59178.79177.00182.31
Payout Ratio45.26%54.21%63.15%72.10%81.05%90.00%92.50%
Projected Dividends (M)84.2499.88115.21130.21144.91159.30168.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.82%8.82%8.82%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)90.8691.7892.71
Year 2 PV (M)95.3397.2899.26
Year 3 PV (M)98.01101.04104.13
Year 4 PV (M)99.21103.33107.56
Year 5 PV (M)99.21104.38109.75
PV of Terminal Value (M)1,803.431,897.341,995.12
Equity Value (M)2,286.042,395.152,508.54
Shares Outstanding (M)27.7127.7127.71
Fair Value$82.50$86.44$90.53
Upside / Downside242.05%258.37%275.34%

High-Yield Dividend Screener

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