Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

John Hancock Tax-Advantaged Dividend Income Fund (HTD)

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

Valuation Snapshot

Stable Growth$58.46 - $93.01$74.17
Multi-Stage$103.38 - $113.50$108.34
Blended Fair Value$91.26
Current Price$22.91
Upside298.32%
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 Rate7.29%7.29%7.29%
Growth Rate-0.44%0.56%1.56%
Fair Value$58.46$74.17$93.01
Upside / Downside155.15%223.75%305.97%

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 Rate7.29%7.29%7.29%
Growth Rate-0.44%0.56%1.56%
Year 1 PV (M)109.81110.91112.01
Year 2 PV (M)115.37117.70120.05
Year 3 PV (M)119.56123.20126.91
Year 4 PV (M)122.55127.55132.70
Year 5 PV (M)124.49130.87137.50
PV of Terminal Value (M)3,071.123,228.483,392.23
Equity Value (M)3,662.903,838.714,021.41
Shares Outstanding (M)35.4335.4335.43
Fair Value$103.38$108.34$113.50
Upside / Downside351.24%372.90%395.40%

High-Yield Dividend Screener

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