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

First Trust Intermediate Duration Preferred & Income Fund (FPF)

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

Valuation Snapshot

Stable Growth$30.96 - $44.78$37.68
Multi-Stage$70.36 - $77.36$73.79
Blended Fair Value$55.74
Current Price$17.62
Upside216.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.93%-1.61%1.621.311.501.531.591.701.771.891.952.10
YoY Growth--23.66%-12.66%-1.85%-3.76%-6.47%-3.95%-6.35%-3.01%-7.44%10.29%
Dividend Yield--8.63%9.21%9.15%6.04%7.36%7.05%8.64%7.61%8.59%9.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)265.47
(-) Cash Dividends Paid (M)188.02
(=) Cash Retained (M)77.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)53.0933.1819.91
Cash Retained (M)77.4577.4577.45
(-) Cash Required (M)-53.09-33.18-19.91
(=) Excess Retained (M)24.3544.2657.54
(/) Shares Outstanding (M)60.8560.8560.85
(=) Excess Retained per Share0.400.730.95
LTM Dividend per Share3.093.093.09
(+) Excess Retained per Share0.400.730.95
(=) Adjusted Dividend3.493.824.04
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate-3.61%-2.61%-1.61%
Fair Value$30.96$37.68$44.78
Upside / Downside75.70%113.85%154.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)265.47258.53251.77245.18238.77232.53239.51
Payout Ratio70.83%74.66%78.50%82.33%86.17%90.00%92.50%
Projected Dividends (M)188.02193.02197.63201.86205.74209.28221.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate-3.61%-2.61%-1.61%
Year 1 PV (M)178.12179.97181.81
Year 2 PV (M)168.29171.80175.35
Year 3 PV (M)158.63163.62168.71
Year 4 PV (M)149.20155.49161.97
Year 5 PV (M)140.05147.47155.20
PV of Terminal Value (M)3,487.073,671.753,864.18
Equity Value (M)4,281.364,490.104,707.23
Shares Outstanding (M)60.8560.8560.85
Fair Value$70.36$73.79$77.36
Upside / Downside299.33%318.80%339.05%

High-Yield Dividend Screener

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