Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Calamos Strategic Total Return Fund (CSQ)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$84.82 - $175.61$119.38
Multi-Stage$88.50 - $96.81$92.58
Blended Fair Value$105.98
Current Price$16.05
Upside560.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.34%0.00%1.231.161.171.111.020.950.940.950.950.95
YoY Growth--5.65%-0.59%5.48%8.16%8.27%0.06%-0.94%0.00%0.00%0.00%
Dividend Yield--7.08%9.05%8.49%5.83%8.00%7.26%8.04%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)763.92
(-) Cash Dividends Paid (M)390.35
(=) Cash Retained (M)373.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)152.7895.4957.29
Cash Retained (M)373.57373.57373.57
(-) Cash Required (M)-152.78-95.49-57.29
(=) Excess Retained (M)220.79278.08316.28
(/) Shares Outstanding (M)160.36160.36160.36
(=) Excess Retained per Share1.381.731.97
LTM Dividend per Share2.432.432.43
(+) Excess Retained per Share1.381.731.97
(=) Adjusted Dividend3.814.174.41
WACC / Discount Rate7.99%7.99%7.99%
Growth Rate3.34%4.34%5.34%
Fair Value$84.82$119.38$175.61
Upside / Downside428.47%643.80%994.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)763.92797.09831.71867.82905.50944.82973.17
Payout Ratio51.10%58.88%66.66%74.44%82.22%90.00%92.50%
Projected Dividends (M)390.35469.32554.41646.00744.50850.34900.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.99%7.99%7.99%
Growth Rate3.34%4.34%5.34%
Year 1 PV (M)430.45434.61438.78
Year 2 PV (M)466.37475.44484.60
Year 3 PV (M)498.41513.02527.91
Year 4 PV (M)526.83547.52568.82
Year 5 PV (M)551.89579.11607.40
PV of Terminal Value (M)11,718.5312,296.5912,897.23
Equity Value (M)14,192.4914,846.3015,524.74
Shares Outstanding (M)160.36160.36160.36
Fair Value$88.50$92.58$96.81
Upside / Downside451.42%476.83%503.18%

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