Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

HYDROGEN Freehold And Leasehold Real Estate Investment Trust (HYDROGEN.BK)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$6.17 - $9.27$7.64
Multi-Stage$11.76 - $12.96$12.34
Blended Fair Value$9.99
Current Price$8.60
Upside16.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022
DPS0.00%0.00%0.000.220.000.000.000.000.000.000.000.00
YoY Growth---100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%2.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)152.28
(-) Cash Dividends Paid (M)4.94
(=) Cash Retained (M)147.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.4619.0411.42
Cash Retained (M)147.34147.34147.34
(-) Cash Required (M)-30.46-19.04-11.42
(=) Excess Retained (M)116.88128.30135.92
(/) Shares Outstanding (M)207.72207.72207.72
(=) Excess Retained per Share0.560.620.65
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.560.620.65
(=) Adjusted Dividend0.590.640.68
WACC / Discount Rate7.31%7.31%7.31%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.17$7.64$9.27
Upside / Downside-28.23%-11.17%7.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)152.28150.76149.25147.76146.28144.82149.16
Payout Ratio3.25%20.60%37.95%55.30%72.65%90.00%92.50%
Projected Dividends (M)4.9431.0556.6481.71106.27130.34137.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.31%7.31%7.31%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)28.6428.9429.23
Year 2 PV (M)48.1949.1850.18
Year 3 PV (M)64.1366.1268.14
Year 4 PV (M)76.9580.1383.42
Year 5 PV (M)87.0591.5896.30
PV of Terminal Value (M)2,136.802,248.072,363.93
Equity Value (M)2,441.772,564.032,691.20
Shares Outstanding (M)207.72207.72207.72
Fair Value$11.76$12.34$12.96
Upside / Downside36.69%43.53%50.65%

High-Yield Dividend Screener

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