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Definitive Analysis

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Invesco California Value Municipal Income Trust (VCV)

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

Valuation Snapshot

Stable Growth$6.18 - $8.41$7.31
Multi-Stage$19.68 - $21.77$20.70
Blended Fair Value$14.01
Current Price$11.09
Upside26.31%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-5.66%-6.75%0.390.390.460.560.550.530.590.640.680.79
YoY Growth--1.92%-16.74%-17.19%2.19%4.07%-11.27%-7.66%-6.10%-13.67%0.18%
Dividend Yield--3.54%3.97%4.87%4.77%4.26%4.17%4.92%5.41%5.51%5.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)61.53
(-) Cash Dividends Paid (M)37.28
(=) Cash Retained (M)24.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.317.694.62
Cash Retained (M)24.2624.2624.26
(-) Cash Required (M)-12.31-7.69-4.62
(=) Excess Retained (M)11.9516.5719.64
(/) Shares Outstanding (M)47.8947.8947.89
(=) Excess Retained per Share0.250.350.41
LTM Dividend per Share0.780.780.78
(+) Excess Retained per Share0.250.350.41
(=) Adjusted Dividend1.031.121.19
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate-8.75%-7.75%-6.75%
Fair Value$6.18$7.31$8.41
Upside / Downside-44.29%-34.05%-24.18%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)61.5356.7752.3748.3144.5741.1242.35
Payout Ratio60.58%66.46%72.35%78.23%84.12%90.00%92.50%
Projected Dividends (M)37.2837.7337.8937.8037.4937.0039.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate-8.75%-7.75%-6.75%
Year 1 PV (M)35.0635.4535.83
Year 2 PV (M)32.7233.4434.17
Year 3 PV (M)30.3431.3532.38
Year 4 PV (M)27.9729.2130.50
Year 5 PV (M)25.6527.0928.59
PV of Terminal Value (M)790.64834.92881.16
Equity Value (M)942.38991.461,042.64
Shares Outstanding (M)47.8947.8947.89
Fair Value$19.68$20.70$21.77
Upside / Downside77.44%86.68%96.31%

High-Yield Dividend Screener

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