Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Retail Estates N.V. (RET.BR)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$638.57 - $2,585.79$1,686.37
Multi-Stage$315.71 - $345.18$330.17
Blended Fair Value$1,008.27
Current Price$63.50
Upside1,487.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS23.05%12.63%4.914.724.163.903.651.742.802.031.941.60
YoY Growth--4.14%13.44%6.75%6.74%109.54%-37.84%37.90%4.78%21.07%7.15%
Dividend Yield--8.15%7.23%6.39%5.27%6.25%3.68%3.42%2.84%2.56%2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)190.17
(-) Cash Dividends Paid (M)88.78
(=) Cash Retained (M)101.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.0323.7714.26
Cash Retained (M)101.40101.40101.40
(-) Cash Required (M)-38.03-23.77-14.26
(=) Excess Retained (M)63.3677.6387.14
(/) Shares Outstanding (M)14.6314.6314.63
(=) Excess Retained per Share4.335.315.96
LTM Dividend per Share6.076.076.07
(+) Excess Retained per Share4.335.315.96
(=) Adjusted Dividend10.4011.3812.03
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate5.50%6.50%7.50%
Fair Value$638.57$1,686.37$2,585.79
Upside / Downside905.62%2,555.70%3,972.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)190.17202.54215.70229.72244.65260.55268.37
Payout Ratio46.68%55.34%64.01%72.67%81.34%90.00%92.50%
Projected Dividends (M)88.78112.09138.07166.94198.99234.50248.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)103.56104.55105.53
Year 2 PV (M)117.86120.10122.37
Year 3 PV (M)131.66135.44139.30
Year 4 PV (M)145.00150.58156.31
Year 5 PV (M)157.87165.50173.42
PV of Terminal Value (M)3,961.754,153.114,351.78
Equity Value (M)4,617.714,829.275,048.70
Shares Outstanding (M)14.6314.6314.63
Fair Value$315.71$330.17$345.18
Upside / Downside397.18%419.96%443.59%

High-Yield Dividend Screener

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