Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

MFF Capital Investments Limited (MFF.AX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$78.41 - $296.36$131.99
Multi-Stage$48.44 - $53.01$50.69
Blended Fair Value$91.34
Current Price$4.42
Upside1,966.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-10.40%25.87%0.110.080.060.050.040.180.020.020.010.01
YoY Growth--33.99%22.31%24.13%16.69%-75.67%710.79%22.00%39.83%0.59%24.18%
Dividend Yield--2.41%2.15%2.44%2.37%1.56%6.80%0.78%0.70%0.68%0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,564.77
(-) Cash Dividends Paid (M)95.43
(=) Cash Retained (M)1,469.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)312.95195.60117.36
Cash Retained (M)1,469.341,469.341,469.34
(-) Cash Required (M)-312.95-195.60-117.36
(=) Excess Retained (M)1,156.381,273.741,351.98
(/) Shares Outstanding (M)579.69579.69579.69
(=) Excess Retained per Share1.992.202.33
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share1.992.202.33
(=) Adjusted Dividend2.162.362.50
WACC / Discount Rate8.41%8.41%8.41%
Growth Rate5.50%6.50%7.50%
Fair Value$78.41$131.99$296.36
Upside / Downside1,673.88%2,886.30%6,604.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,564.771,666.481,774.801,890.162,013.022,143.872,208.18
Payout Ratio6.10%22.88%39.66%56.44%73.22%90.00%92.50%
Projected Dividends (M)95.43381.27703.871,066.801,473.931,929.482,042.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.41%8.41%8.41%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)348.41351.71355.01
Year 2 PV (M)587.75598.95610.25
Year 3 PV (M)814.02837.39861.20
Year 4 PV (M)1,027.731,067.251,107.91
Year 5 PV (M)1,229.401,288.781,350.44
PV of Terminal Value (M)24,075.6225,238.4826,445.85
Equity Value (M)28,082.9329,382.5630,730.65
Shares Outstanding (M)579.69579.69579.69
Fair Value$48.44$50.69$53.01
Upside / Downside996.04%1,046.76%1,099.37%

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