Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Morgan Stanley Insti Fd Advantage Portfolio Cl I (MPAIX)

Company Dividend Discount ModelIndustry: Sector:

Valuation Snapshot

Stable Growth$275.25 - $501.10$369.01
Multi-Stage$221.66 - $241.43$231.37
Blended Fair Value$300.19
Current Price$28.79
Upside942.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.50%21.11%7.697.226.775.233.433.292.982.612.191.82
YoY Growth--6.51%6.70%29.49%52.28%4.26%10.61%13.91%19.42%20.00%60.95%
Dividend Yield--34.71%37.16%46.89%20.75%8.15%13.97%11.87%11.89%11.44%10.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,756.00
(-) Cash Dividends Paid (M)6,375.00
(=) Cash Retained (M)8,381.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,951.201,844.501,106.70
Cash Retained (M)8,381.008,381.008,381.00
(-) Cash Required (M)-2,951.20-1,844.50-1,106.70
(=) Excess Retained (M)5,429.806,536.507,274.30
(/) Shares Outstanding (M)798.25798.25798.25
(=) Excess Retained per Share6.808.199.11
LTM Dividend per Share7.997.997.99
(+) Excess Retained per Share6.808.199.11
(=) Adjusted Dividend14.7916.1717.10
WACC / Discount Rate11.17%11.17%11.17%
Growth Rate5.50%6.50%7.50%
Fair Value$275.25$369.01$501.10
Upside / Downside856.06%1,181.73%1,640.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,756.0015,715.1416,736.6217,824.5018,983.1020,217.0020,823.51
Payout Ratio43.20%52.56%61.92%71.28%80.64%90.00%92.50%
Projected Dividends (M)6,375.008,260.2310,363.6012,705.5015,308.0718,195.3019,261.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.17%11.17%11.17%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)7,360.627,430.397,500.15
Year 2 PV (M)8,229.158,385.898,544.11
Year 3 PV (M)8,989.989,248.059,511.01
Year 4 PV (M)9,651.8310,023.0110,404.80
Year 5 PV (M)10,222.8210,716.5811,229.25
PV of Terminal Value (M)132,489.31138,888.59145,532.79
Equity Value (M)176,943.70184,692.52192,722.12
Shares Outstanding (M)798.25798.25798.25
Fair Value$221.66$231.37$241.43
Upside / Downside669.94%703.65%738.59%

High-Yield Dividend Screener

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