Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Essential Properties Realty Trust, Inc. (EPRT)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$63.55 - $247.38$177.79
Multi-Stage$31.29 - $34.18$32.70
Blended Fair Value$105.25
Current Price$29.76
Upside253.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS25.59%0.00%1.030.870.730.580.450.330.070.520.050.00
YoY Growth--18.68%18.73%26.13%29.90%35.32%354.24%-86.10%907.25%0.00%0.00%
Dividend Yield--3.17%3.32%2.95%2.30%1.96%2.53%0.37%3.84%0.38%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)240.32
(-) Cash Dividends Paid (M)169.61
(=) Cash Retained (M)70.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)48.0630.0418.02
Cash Retained (M)70.7070.7070.70
(-) Cash Required (M)-48.06-30.04-18.02
(=) Excess Retained (M)22.6440.6652.68
(/) Shares Outstanding (M)193.20193.20193.20
(=) Excess Retained per Share0.120.210.27
LTM Dividend per Share0.880.880.88
(+) Excess Retained per Share0.120.210.27
(=) Adjusted Dividend1.001.091.15
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate5.50%6.50%7.50%
Fair Value$63.55$177.79$247.38
Upside / Downside113.55%497.43%731.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)240.32255.94272.57290.29309.16329.25339.13
Payout Ratio70.58%74.46%78.35%82.23%86.12%90.00%92.50%
Projected Dividends (M)169.61190.58213.55238.71266.23296.33313.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)176.19177.86179.53
Year 2 PV (M)182.52186.00189.51
Year 3 PV (M)188.62194.03199.55
Year 4 PV (M)194.48201.96209.65
Year 5 PV (M)200.12209.78219.82
PV of Terminal Value (M)5,102.335,348.785,604.65
Equity Value (M)6,044.256,318.406,602.70
Shares Outstanding (M)193.20193.20193.20
Fair Value$31.29$32.70$34.18
Upside / Downside5.13%9.89%14.84%

High-Yield Dividend Screener

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