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InvenTrust Properties Corp. (IVT)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$10.73 - $15.45$13.03
Multi-Stage$17.43 - $19.14$18.27
Blended Fair Value$15.65
Current Price$28.62
Upside-45.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.740.710.710.690.680.690.681.261.87
YoY Growth---100.00%3.96%-0.47%2.48%1.81%-1.74%1.57%-45.89%-32.70%-66.62%
Dividend Yield--0.00%2.95%3.02%2.31%0.55%0.30%0.55%0.55%1.01%1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)118.56
(-) Cash Dividends Paid (M)34.97
(=) Cash Retained (M)83.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.7114.828.89
Cash Retained (M)83.5983.5983.59
(-) Cash Required (M)-23.71-14.82-8.89
(=) Excess Retained (M)59.8868.7774.70
(/) Shares Outstanding (M)78.1878.1878.18
(=) Excess Retained per Share0.770.880.96
LTM Dividend per Share0.450.450.45
(+) Excess Retained per Share0.770.880.96
(=) Adjusted Dividend1.211.331.40
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$10.73$13.03$15.45
Upside / Downside-62.51%-54.46%-46.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)118.56117.37116.20115.04113.89112.75116.13
Payout Ratio29.49%41.59%53.70%65.80%77.90%90.00%92.50%
Projected Dividends (M)34.9748.8262.3975.6988.72101.47107.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)44.3144.7645.21
Year 2 PV (M)51.3952.4453.50
Year 3 PV (M)56.5758.3260.10
Year 4 PV (M)60.1762.6665.24
Year 5 PV (M)62.4665.7169.10
PV of Terminal Value (M)1,087.461,144.091,203.05
Equity Value (M)1,362.351,427.981,496.20
Shares Outstanding (M)78.1878.1878.18
Fair Value$17.43$18.27$19.14
Upside / Downside-39.11%-36.18%-33.13%

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