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Duff & Phelps Utility & Infrastructure Fund (Duff & Phelps Utility & Infrastructure Fund) Free Cash Flow : $79.42 Mil (TTM As of Oct. 2023)


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What is Duff & Phelps Utility & Infrastructure Fund Free Cash Flow?

Duff & Phelps Utility & Infrastructure Fund's total free cash flow for the months ended in Oct. 2023 was $35.40 Mil. Its total free cash flow for the trailing twelve months (TTM) ended in Oct. 2023 was $79.42 Mil.

Duff & Phelps Utility & Infrastructure Fund's Free Cash Flow per Share for the months ended in Oct. 2023 was $0.93. Its free cash flow per share for the trailing twelve months (TTM) ended in Oct. 2023 was $2.07.

During the past 12 months, the average Free Cash Flow per Share Growth Rate of Duff & Phelps Utility & Infrastructure Fund was 11.60% per year. During the past 3 years, the average Free Cash Flow per Share Growth Rate was -10.20% per year. During the past 5 years, the average Free Cash Flow per Share Growth Rate was 9.30% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Free Cash Flow Growth Rate using Free Cash Flow per Share data.

During the past 7 years, Duff & Phelps Utility & Infrastructure Fund's highest 3-Year average Free Cash Flow per Share Growth Rate was 20.50% per year. The lowest was -10.20% per year. And the median was 6.40% per year.


Duff & Phelps Utility & Infrastructure Fund Free Cash Flow Historical Data

The historical data trend for Duff & Phelps Utility & Infrastructure Fund's Free Cash Flow can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Duff & Phelps Utility & Infrastructure Fund Free Cash Flow Chart

Duff & Phelps Utility & Infrastructure Fund Annual Data
Trend Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23
Free Cash Flow
Get a 7-Day Free Trial 52.79 109.59 45.97 71.63 79.42

Duff & Phelps Utility & Infrastructure Fund Semi-Annual Data
Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23
Free Cash Flow Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 24.34 26.28 45.35 44.02 35.40

Duff & Phelps Utility & Infrastructure Fund Free Cash Flow Calculation

Free Cash Flow is considered one of the most important parameters to measure a company's earnings power by value investors because it is not subject to estimates of Depreciation, Depletion and Amortization (DDA). However, when we look at the Free Cash Flow, we should look from a long term perspective, because any year's Free Cash Flow can be drastically affected by the spending on Property, Plant, & Equipment (PPE) of the business in that year. Over the long term, Free Cash Flow should give pretty good picture on the real earnings power of the company.

Duff & Phelps Utility & Infrastructure Fund's Free Cash Flow for the fiscal year that ended in Oct. 2023 is calculated as

Free Cash Flow (A: Oct. 2023 )=Cash Flow from Operations+Capital Expenditure
=79.418+0
=79.42

Duff & Phelps Utility & Infrastructure Fund's Free Cash Flow for the quarter that ended in Oct. 2023 is calculated as

Free Cash Flow (Q: Oct. 2023 )=Cash Flow from Operations+Capital Expenditure
=35.401+0
=35.40

Free Cash Flow for the trailing twelve months (TTM) ended in Oct. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was $79.42 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Duff & Phelps Utility & Infrastructure Fund  (NYSE:DPG) Free Cash Flow Explanation

Free Cash Flow is very close to Warren Buffett's definition of Owner's Earnings, except that in Warren Buffett's Owner's Earnings, the spending for Property, Plant, and Equipment is only for maintenance (replacement), while in the Free Cash Flow calculation, the cost of new Property, Plant, and Equipment due to business expansion is also deducted. There, Free Cash Flow is more conservative than Owner's Earnings.

In Don Yacktman's calculation of forward rate of return, he uses Free Cash Flow for the calculation. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation.

This is what Yacktman said in his March 2012 interview - when the S&P 500 was at 1400:

If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.

The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).

For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over seven years. The reason we use seven years is because research shows that seven years is the length of the typical business cycle.

Therefore, as of Oct23, Duff & Phelps Utility & Infrastructure Fund's Forward Rate of Return (Yacktman) % is

Forward Rate of Return (Yacktman) % (Oct23)=Normalized Free Cash Flow/Price+5-Year EBITDA Growth Rate
=0/8.27+0
=0.00 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Free Cash Flow within a report period can be affected by management's decisions of capital spending. Therefore, it is important to look at long term when it comes to Free Cash Flow.


Duff & Phelps Utility & Infrastructure Fund Free Cash Flow Related Terms

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Duff & Phelps Utility & Infrastructure Fund (Duff & Phelps Utility & Infrastructure Fund) Business Description

Traded in Other Exchanges
N/A
Address
200 South Wacker Drive, Suite 500, Chicago, IL, USA, 60606
Duff & Phelps Utility & Infrastructure Fund Inc. is an investment fund. Its investment objective is to seek total return, resulting primarily from a high level of current income, with an emphasis on providing tax-advantaged dividend income.
Executives
Grumhaus David D Jr. other: Officer of the Adviser 200 S. WACKER DRIVE, SUITE 500, CHICAGO IL 60606
Metlife Investment Management, Llc 10 percent owner ONE METLIFE WAY, WHIPPANY NJ 07981
Eric Elvekrog other: Officer of Adviser 200 S. WACKER DRIVE, SUITE 500, CHICAGO IL 60606
Mareile B. Cusack director DUFF & PHELPS INVESTMENT MANAGEMENT CO., 200 SOUTH WACKER DRIVE, SUITE 500, CHICAGO IL 60640
Kathleen Hegyi officer: CCO C/O DUFF & PHELPS INVESTMENT MANAGEMENT, 200 SOUTH WACKER DRIVE, CHICAGO IL 60606
Ellen Lyerly Elberfeld other: Officer of Investment Adviser DUFF & PHELPS INVESTMENT MANAGEMENT CO., 200 SOUTH WACKER DRIVE, SUITE 500, CHICAGO IL 60640
Nikita K Thaker officer: Vice President* C/O VIRTUS INVESTMENT PARTNERS, INC., 100 PEARL STREET, HARTFORD CT 06103
Bradley William Patrick Iii other: Officer of Adviser C/O VIRTUS INVESTMENT PARTNERS, INC., 56 PROSPECT STREET, HARTFORD CT 06115
Jacqueline Porter officer: Vice President 100 PEARL STREET, HARTFORD CT 06103
Hoffman Clifford W. Jr. director C/O DUFF & PHELPS INVESTMENT MANAGEMENT, 200 E. WACKER DR., CHICAGO IL 60606
David J Vitale director C/O DNP SELECT INCOME FUND INC., 55 EAST MONROE ST, CHICAGO IL 60603
Christian H Poindexter director C/O BALTIMORE GAS AND ELECTRIC COMPANY, P.O. BOX 1475, BALTIMORE MD 21203
Deborah A Jansen officer: Chief Investment Officer 55 E MONROE ST 36TH FLOOR, CHICAGO IL 60603
Daniel Petrisko officer: Assistant Secretary 800 SCUDDERS HILL ROAD, PLAINSBORO NJ 08536
Metropolitan Life Insurance Co/ny 10 percent owner 200 PARK AVENUE, NEW YORK NY 10166