Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Spear Reit Limited (SEA.JO)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$69.39 - $160.99$101.63
Multi-Stage$67.87 - $74.27$71.01
Blended Fair Value$86.32
Current Price$9.68
Upside791.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020201920182017
DPS5.63%0.00%0.880.660.640.490.580.670.560.320.000.00
YoY Growth--34.31%2.61%31.97%-16.70%-13.22%20.88%75.05%0.00%0.00%0.00%
Dividend Yield--9.14%7.90%8.76%5.71%11.47%7.56%5.30%3.31%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)887.86
(-) Cash Dividends Paid (M)402.82
(=) Cash Retained (M)485.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)177.57110.9866.59
Cash Retained (M)485.04485.04485.04
(-) Cash Required (M)-177.57-110.98-66.59
(=) Excess Retained (M)307.47374.06418.45
(/) Shares Outstanding (M)260.96260.96260.96
(=) Excess Retained per Share1.181.431.60
LTM Dividend per Share1.541.541.54
(+) Excess Retained per Share1.181.431.60
(=) Adjusted Dividend2.722.983.15
WACC / Discount Rate7.69%7.69%7.69%
Growth Rate3.63%4.63%5.63%
Fair Value$69.39$101.63$160.99
Upside / Downside616.82%949.88%1,563.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)887.86928.92971.891,016.841,063.871,113.071,146.46
Payout Ratio45.37%54.30%63.22%72.15%81.07%90.00%92.50%
Projected Dividends (M)402.82504.36614.44733.62862.521,001.761,060.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.69%7.69%7.69%
Growth Rate3.63%4.63%5.63%
Year 1 PV (M)463.87468.35472.83
Year 2 PV (M)519.75529.83540.00
Year 3 PV (M)570.74587.42604.43
Year 4 PV (M)617.14641.31666.18
Year 5 PV (M)659.23691.66725.35
PV of Terminal Value (M)14,880.6615,612.6616,373.18
Equity Value (M)17,711.3918,531.2319,381.98
Shares Outstanding (M)260.96260.96260.96
Fair Value$67.87$71.01$74.27
Upside / Downside601.13%633.59%667.26%

High-Yield Dividend Screener

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