DDM Analysis: DFP

Valuation Snapshot

Stable Growth	$47.44 - $71.50	$58.80
Multi-Stage	$95.91 - $105.46	$100.59
Blended Fair Value	$79.70
Current Price	$20.01
Upside	298.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.87%	0.00%	1.31	1.60	1.68	1.79	1.68	1.60	1.67	1.79	1.79	1.79
YoY Growth	-	-	-17.85%	-4.82%	-6.23%	6.74%	4.87%	-4.03%	-6.71%	-0.18%	0.02%	0.00%
Dividend Yield	-	-	6.38%	9.04%	8.55%	6.49%	5.96%	6.06%	7.83%	6.76%	7.82%	7.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.41
(-) Cash Dividends Paid (M)	54.98
(=) Cash Retained (M)	59.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.88	14.30	8.58
Cash Retained (M)	59.44	59.44	59.44
(-) Cash Required (M)	-22.88	-14.30	-8.58
(=) Excess Retained (M)	36.55	45.14	50.86
(/) Shares Outstanding (M)	20.54	20.54	20.54
(=) Excess Retained per Share	1.78	2.20	2.48
LTM Dividend per Share	2.68	2.68	2.68
(+) Excess Retained per Share	1.78	2.20	2.48
(=) Adjusted Dividend	4.46	4.87	5.15
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$47.44	$58.80	$71.50
Upside / Downside	137.07%	193.86%	257.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.41	113.27	112.14	111.02	109.91	108.81	112.07
Payout Ratio	48.05%	56.44%	64.83%	73.22%	81.61%	90.00%	92.50%
Projected Dividends (M)	54.98	63.93	72.70	81.29	89.69	97.93	103.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	59.03	59.63	60.24
Year 2 PV (M)	61.98	63.25	64.54
Year 3 PV (M)	63.99	65.97	67.99
Year 4 PV (M)	65.20	67.90	70.69
Year 5 PV (M)	65.73	69.15	72.71
PV of Terminal Value (M)	1,653.98	1,740.11	1,829.79
Equity Value (M)	1,969.91	2,066.02	2,165.95
Shares Outstanding (M)	20.54	20.54	20.54
Fair Value	$95.91	$100.59	$105.46
Upside / Downside	379.33%	402.72%	427.04%

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Flaherty & Crumrine Dynamic Preferred and Income Fund Inc. (DFP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener