Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Land and Houses Freehold and Leasehold Property Fund (LHPF.BK)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$1.47 - $1.86$1.68
Multi-Stage$2.80 - $3.12$2.96
Blended Fair Value$2.32
Current Price$5.15
Upside-54.97%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.400.250.200.260.520.520.530.750.70
YoY Growth---100.00%60.00%25.00%-24.53%-49.22%-0.60%-0.94%-29.40%7.30%0.05%
Dividend Yield--0.00%6.96%3.82%3.33%5.05%9.00%6.36%6.06%8.34%7.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)251.41
(-) Cash Dividends Paid (M)72.77
(=) Cash Retained (M)178.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)50.2831.4318.86
Cash Retained (M)178.65178.65178.65
(-) Cash Required (M)-50.28-31.43-18.86
(=) Excess Retained (M)128.37147.22159.79
(/) Shares Outstanding (M)330.00330.00330.00
(=) Excess Retained per Share0.390.450.48
LTM Dividend per Share0.220.220.22
(+) Excess Retained per Share0.390.450.48
(=) Adjusted Dividend0.610.670.70
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate-22.48%-21.48%-20.48%
Fair Value$1.47$1.68$1.86
Upside / Downside-71.45%-67.36%-63.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)251.41197.40154.99121.6995.5475.0277.27
Payout Ratio28.94%41.15%53.37%65.58%77.79%90.00%92.50%
Projected Dividends (M)72.7781.2482.7179.8074.3267.5171.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate-22.48%-21.48%-20.48%
Year 1 PV (M)73.1574.0975.03
Year 2 PV (M)67.0568.7970.56
Year 3 PV (M)58.2560.5362.88
Year 4 PV (M)48.8551.4254.09
Year 5 PV (M)39.9542.6045.38
PV of Terminal Value (M)636.23678.34722.65
Equity Value (M)923.48975.781,030.59
Shares Outstanding (M)330.00330.00330.00
Fair Value$2.80$2.96$3.12
Upside / Downside-45.66%-42.58%-39.36%

High-Yield Dividend Screener

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