Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dexus Industria REIT (DXI.AX)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$70.93 - $232.15$217.56
Multi-Stage$30.19 - $33.06$31.60
Blended Fair Value$124.58
Current Price$2.72
Upside4,480.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS9.60%8.81%0.160.160.170.140.110.100.090.100.070.06
YoY Growth--0.00%-1.35%19.83%26.71%5.57%19.22%-16.59%44.55%21.07%-15.50%
Dividend Yield--6.03%5.77%6.44%5.14%3.37%3.19%2.68%3.21%2.22%1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)370.36
(-) Cash Dividends Paid (M)65.04
(=) Cash Retained (M)305.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)74.0746.2927.78
Cash Retained (M)305.32305.32305.32
(-) Cash Required (M)-74.07-46.29-27.78
(=) Excess Retained (M)231.25259.02277.54
(/) Shares Outstanding (M)317.27317.27317.27
(=) Excess Retained per Share0.730.820.87
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.730.820.87
(=) Adjusted Dividend0.931.021.08
WACC / Discount Rate6.89%6.89%6.89%
Growth Rate5.50%6.50%7.50%
Fair Value$70.93$217.56$232.15
Upside / Downside2,507.60%7,898.57%8,435.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)370.36394.43420.07447.37476.45507.42522.65
Payout Ratio17.56%32.05%46.54%61.02%75.51%90.00%92.50%
Projected Dividends (M)65.04126.41195.49273.01359.78456.68483.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.89%6.89%6.89%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)117.15118.26119.38
Year 2 PV (M)167.90171.10174.33
Year 3 PV (M)217.31223.55229.91
Year 4 PV (M)265.41275.62286.12
Year 5 PV (M)312.22327.30342.96
PV of Terminal Value (M)8,498.678,909.169,335.36
Equity Value (M)9,578.6710,024.9910,488.04
Shares Outstanding (M)317.27317.27317.27
Fair Value$30.19$31.60$33.06
Upside / Downside1,009.96%1,061.68%1,115.34%

High-Yield Dividend Screener

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