Definitive Analysis
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Definitive Analysis

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Tortoise Pipeline & Energy Fund, Inc. (TTP)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$40.77 - $53.43$47.41
Multi-Stage$94.30 - $104.67$99.37
Blended Fair Value$73.39
Current Price$34.70
Upside111.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-21.29%-11.08%2.452.581.192.016.908.128.238.019.718.12
YoY Growth---5.00%117.16%-40.84%-70.87%-15.03%-1.35%2.78%-17.56%19.63%2.25%
Dividend Yield--8.39%9.53%4.50%9.99%17.49%13.88%12.16%9.33%19.34%6.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)23.90
(-) Cash Dividends Paid (M)4.81
(=) Cash Retained (M)19.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.782.991.79
Cash Retained (M)19.0919.0919.09
(-) Cash Required (M)-4.78-2.99-1.79
(=) Excess Retained (M)14.3116.1117.30
(/) Shares Outstanding (M)2.012.012.01
(=) Excess Retained per Share7.128.018.61
LTM Dividend per Share2.392.392.39
(+) Excess Retained per Share7.128.018.61
(=) Adjusted Dividend9.5110.4011.00
WACC / Discount Rate8.25%8.25%8.25%
Growth Rate-12.23%-11.23%-10.23%
Fair Value$40.77$47.41$53.43
Upside / Downside17.49%36.64%53.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)23.9021.2218.8316.7214.8413.1813.57
Payout Ratio20.11%34.09%48.07%62.05%76.02%90.00%92.50%
Projected Dividends (M)4.817.239.0510.3711.2811.8612.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.25%8.25%8.25%
Growth Rate-12.23%-11.23%-10.23%
Year 1 PV (M)6.616.686.76
Year 2 PV (M)7.557.737.90
Year 3 PV (M)7.918.188.46
Year 4 PV (M)7.858.228.60
Year 5 PV (M)7.547.988.44
PV of Terminal Value (M)152.14161.01170.29
Equity Value (M)189.60199.80210.44
Shares Outstanding (M)2.012.012.01
Fair Value$94.30$99.37$104.67
Upside / Downside171.77%186.38%201.63%

High-Yield Dividend Screener

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