Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Healthcare Special Opportunities Fund (MDS-UN.TO)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$2.05 - $2.64$2.37
Multi-Stage$5.34 - $5.93$5.63
Blended Fair Value$4.00
Current Price$11.55
Upside-65.39%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-15.42%0.00%0.260.260.390.490.800.610.430.270.000.00
YoY Growth--1.47%-34.02%-19.20%-39.71%32.70%39.44%61.52%0.00%0.00%0.00%
Dividend Yield--2.02%2.18%3.41%3.75%5.87%4.85%4.01%2.61%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1.16
(-) Cash Dividends Paid (M)0.75
(=) Cash Retained (M)0.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.230.150.09
Cash Retained (M)0.410.410.41
(-) Cash Required (M)-0.23-0.15-0.09
(=) Excess Retained (M)0.170.260.32
(/) Shares Outstanding (M)1.461.461.46
(=) Excess Retained per Share0.120.180.22
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share0.120.180.22
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate8.08%8.08%8.08%
Growth Rate-17.42%-16.42%-15.42%
Fair Value$2.05$2.37$2.64
Upside / Downside-82.21%-79.50%-77.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1.160.970.810.680.570.470.49
Payout Ratio64.99%70.00%75.00%80.00%85.00%90.00%92.50%
Projected Dividends (M)0.750.680.610.540.480.430.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.08%8.08%8.08%
Growth Rate-17.42%-16.42%-15.42%
Year 1 PV (M)0.620.630.64
Year 2 PV (M)0.510.520.53
Year 3 PV (M)0.410.430.44
Year 4 PV (M)0.340.350.37
Year 5 PV (M)0.270.290.31
PV of Terminal Value (M)5.666.016.38
Equity Value (M)7.818.238.67
Shares Outstanding (M)1.461.461.46
Fair Value$5.34$5.63$5.93
Upside / Downside-53.76%-51.28%-48.68%

High-Yield Dividend Screener

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