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Definitive Analysis

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Page: Dividend Discount Model

John Hancock Preferred Income Fund II

Ticker: HPF | Industry: Asset Management - Income | Sector: Financial Services
$16.21 -0.04 (-0.25%)
As of: 2026-01-23

Master Data Export


Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$6.58 - $7.72$7.18
Multi-Stage DDM$5.21 - $5.83$5.52
Blended Fair Value$6.35
Stock Price$16.05

Dividend History (Last 10 Years)

Metric2025202420232022202120202019201820172016
DPS1.4361.4361.4361.4491.4571.4701.6381.6781.66013.323
YoY %0.01%-0.02%-0.91%-0.55%-0.91%-10.22%-2.40%1.07%-87.54%693.01%
Yield8.946%8.945%8.947%9.029%9.079%9.162%10.205%10.456%10.345%83.007%

CAGRValue
5 Year-0.48%
10 Year-1.56%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth-21.20% to -19.20%-20.20%
WACC9.00%9.00%
Fair Value$6.58 - $7.72$7.18

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income29.4029.4029.40
(=) Cash Required5.883.682.21
Cash Retained29.4029.4029.40
(-) Cash Required-5.88-3.68-2.21
(=) Excess Retained23.5225.7327.20
(/) Shares Outstanding21,620,54121,620,54121,620,541
(=) Excess Retained per Share1.091.191.26
LTM Dividend per Share1.4361.4361.436
(+) Excess Retained per Share1.091.191.26
(=) Adjusted Dividend2.5242.6262.694

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income29.4023.4618.7214.9411.929.51
Payout Ratio105.6%25.0%41.0%57.0%73.0%90.0%
Projected Dividends31.045.877.688.528.708.56

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV5.555.625.69
Year 2 PV6.586.756.92
Year 3 PV6.616.877.13
Year 4 PV6.126.446.77
Year 5 PV5.465.816.18
TV PV82.4087.7693.40
Equity Value112.71119.24126.08
Fair Value$5.21$5.52$5.83
Stock Price$16.05$16.05$16.05

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