DDM Analysis: TTP

Valuation Snapshot

Stable Growth	$40.77 - $53.44	$47.42
Multi-Stage	$94.35 - $104.72	$99.42
Blended Fair Value	$73.42
Current Price	$34.70
Upside	111.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-21.29%	-11.08%	2.45	2.58	1.19	2.01	6.90	8.12	8.23	8.01	9.71	8.12
YoY Growth	-	-	-5.00%	117.16%	-40.84%	-70.87%	-15.03%	-1.35%	2.78%	-17.56%	19.63%	2.25%
Dividend Yield	-	-	8.39%	9.53%	4.50%	9.99%	17.49%	13.88%	12.16%	9.33%	19.34%	6.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.90
(-) Cash Dividends Paid (M)	4.81
(=) Cash Retained (M)	19.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.78	2.99	1.79
Cash Retained (M)	19.09	19.09	19.09
(-) Cash Required (M)	-4.78	-2.99	-1.79
(=) Excess Retained (M)	14.31	16.11	17.30
(/) Shares Outstanding (M)	2.01	2.01	2.01
(=) Excess Retained per Share	7.12	8.01	8.61
LTM Dividend per Share	2.39	2.39	2.39
(+) Excess Retained per Share	7.12	8.01	8.61
(=) Adjusted Dividend	9.51	10.40	11.00
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	-12.23%	-11.23%	-10.23%
Fair Value	$40.77	$47.42	$53.44
Upside / Downside	17.50%	36.66%	54.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.90	21.22	18.83	16.72	14.84	13.18	13.57
Payout Ratio	20.11%	34.09%	48.07%	62.05%	76.02%	90.00%	92.50%
Projected Dividends (M)	4.81	7.23	9.05	10.37	11.28	11.86	12.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	-12.23%	-11.23%	-10.23%
Year 1 PV (M)	6.61	6.68	6.76
Year 2 PV (M)	7.55	7.73	7.90
Year 3 PV (M)	7.91	8.18	8.46
Year 4 PV (M)	7.86	8.22	8.60
Year 5 PV (M)	7.54	7.98	8.44
PV of Terminal Value (M)	152.23	161.10	170.38
Equity Value (M)	189.69	199.89	210.54
Shares Outstanding (M)	2.01	2.01	2.01
Fair Value	$94.35	$99.42	$104.72
Upside / Downside	171.90%	186.51%	201.77%

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Tortoise Pipeline & Energy Fund, Inc. (TTP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener