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CT Real Estate Investment Trust (CRT-UN.TO)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$24.27 - $52.50$34.70
Multi-Stage$30.52 - $33.46$31.97
Blended Fair Value$33.33
Current Price$15.88
Upside109.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.41%5.42%0.790.760.720.690.660.630.250.580.240.23
YoY Growth--3.64%4.75%5.21%3.91%4.58%150.73%-56.63%144.20%2.50%-49.80%
Dividend Yield--5.41%5.45%4.51%3.89%4.05%5.41%1.77%4.43%1.58%1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)324.88
(-) Cash Dividends Paid (M)150.85
(=) Cash Retained (M)174.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)64.9840.6124.37
Cash Retained (M)174.03174.03174.03
(-) Cash Required (M)-64.98-40.61-24.37
(=) Excess Retained (M)109.05133.42149.66
(/) Shares Outstanding (M)249.55249.55249.55
(=) Excess Retained per Share0.440.530.60
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share0.440.530.60
(=) Adjusted Dividend1.041.141.20
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate2.41%3.41%4.41%
Fair Value$24.27$34.70$52.50
Upside / Downside52.84%118.52%230.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)324.88335.97347.45359.31371.58384.26395.79
Payout Ratio46.43%55.15%63.86%72.57%81.29%90.00%92.50%
Projected Dividends (M)150.85185.28221.88260.76302.04345.84366.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate2.41%3.41%4.41%
Year 1 PV (M)171.79173.47175.14
Year 2 PV (M)190.75194.49198.27
Year 3 PV (M)207.85214.00220.27
Year 4 PV (M)223.23232.08241.19
Year 5 PV (M)236.99248.79261.05
PV of Terminal Value (M)6,586.096,913.977,254.78
Equity Value (M)7,616.707,976.798,350.70
Shares Outstanding (M)249.55249.55249.55
Fair Value$30.52$31.97$33.46
Upside / Downside92.20%101.29%110.73%

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