Definitive Analysis
Definitive Analysis

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Digital Telecommunications Infrastructure Fund (DIF.BK)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$9.64 - $14.57$11.97
Multi-Stage$19.18 - $21.12$20.13
Blended Fair Value$16.05
Current Price$9.05
Upside77.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-1.26%0.00%0.890.961.041.041.040.950.700.530.520.00
YoY Growth---7.15%-7.62%-0.29%0.00%9.72%36.49%31.56%1.73%0.00%0.00%
Dividend Yield--11.45%12.17%8.20%7.40%8.70%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11,936.20
(-) Cash Dividends Paid (M)2,362.13
(=) Cash Retained (M)9,574.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,387.241,492.03895.22
Cash Retained (M)9,574.079,574.079,574.07
(-) Cash Required (M)-2,387.24-1,492.03-895.22
(=) Excess Retained (M)7,186.838,082.048,678.85
(/) Shares Outstanding (M)10,631.6510,631.6510,631.65
(=) Excess Retained per Share0.680.760.82
LTM Dividend per Share0.220.220.22
(+) Excess Retained per Share0.680.760.82
(=) Adjusted Dividend0.900.981.04
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Fair Value$9.64$11.97$14.57
Upside / Downside6.56%32.22%61.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11,936.2011,816.8411,698.6711,581.6911,465.8711,351.2111,691.75
Payout Ratio19.79%33.83%47.87%61.92%75.96%90.00%92.50%
Projected Dividends (M)2,362.133,997.845,600.607,170.908,709.2410,216.0910,814.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,694.163,731.863,769.56
Year 2 PV (M)4,782.074,880.164,979.25
Year 3 PV (M)5,657.785,832.756,011.29
Year 4 PV (M)6,349.556,612.716,883.96
Year 5 PV (M)6,882.377,240.757,613.91
PV of Terminal Value (M)176,525.34185,717.42195,288.50
Equity Value (M)203,891.26214,015.65224,546.46
Shares Outstanding (M)10,631.6510,631.6510,631.65
Fair Value$19.18$20.13$21.12
Upside / Downside111.91%122.43%133.38%

High-Yield Dividend Screener

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