Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

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Company Industry Sector

Ticker

Industry

Sector

John Hancock Tax-Advantaged Dividend Income Fund (HTD)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$60.22 - $96.83$76.75
Multi-Stage$109.28 - $120.02$114.55
Blended Fair Value$95.65
Current Price$22.91
Upside317.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.20%1.56%1.661.681.651.671.652.052.181.821.471.50
YoY Growth---1.26%1.88%-1.40%1.27%-19.67%-5.84%19.92%23.57%-2.23%6.06%
Dividend Yield--7.20%10.18%7.23%6.80%8.68%7.48%9.74%7.10%6.17%7.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)201.04
(-) Cash Dividends Paid (M)102.68
(=) Cash Retained (M)98.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)40.2125.1315.08
Cash Retained (M)98.3698.3698.36
(-) Cash Required (M)-40.21-25.13-15.08
(=) Excess Retained (M)58.1573.2383.28
(/) Shares Outstanding (M)35.4335.4335.43
(=) Excess Retained per Share1.642.072.35
LTM Dividend per Share2.902.902.90
(+) Excess Retained per Share1.642.072.35
(=) Adjusted Dividend4.544.965.25
WACC / Discount Rate7.06%7.06%7.06%
Growth Rate-0.44%0.56%1.56%
Fair Value$60.22$76.75$96.83
Upside / Downside162.84%235.01%322.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)201.04202.16203.30204.43205.58206.73212.93
Payout Ratio51.08%58.86%66.65%74.43%82.22%90.00%92.50%
Projected Dividends (M)102.68118.99135.49152.16169.02186.06196.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.06%7.06%7.06%
Growth Rate-0.44%0.56%1.56%
Year 1 PV (M)110.04111.14112.25
Year 2 PV (M)115.86118.20120.56
Year 3 PV (M)120.32123.98127.72
Year 4 PV (M)123.59128.63133.82
Year 5 PV (M)125.81132.26138.96
PV of Terminal Value (M)3,276.473,444.363,619.06
Equity Value (M)3,872.084,058.564,252.37
Shares Outstanding (M)35.4335.4335.43
Fair Value$109.28$114.55$120.02
Upside / Downside377.01%399.98%423.86%

High-Yield Dividend Screener

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