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Impact Growth Real Estate Investment Trust (IMPACT.BK)

Company Dividend Discount ModelIndustry: REIT - SpecialtySector: Real Estate

Valuation Snapshot

Stable Growth$5.15 - $7.42$6.26
Multi-Stage$11.72 - $12.87$12.29
Blended Fair Value$9.27
Current Price$10.20
Upside-9.10%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-7.58%2.69%0.600.580.510.050.370.890.840.750.730.73
YoY Growth--3.47%13.75%919.48%-86.49%-58.43%5.95%12.00%2.74%-0.69%59.78%
Dividend Yield--6.28%6.14%3.98%0.32%1.88%5.09%3.11%4.39%5.25%5.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,095.64
(-) Cash Dividends Paid (M)993.06
(=) Cash Retained (M)102.58
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)219.13136.9682.17
Cash Retained (M)102.58102.58102.58
(-) Cash Required (M)-219.13-136.96-82.17
(=) Excess Retained (M)-116.55-34.3720.41
(/) Shares Outstanding (M)1,482.501,482.501,482.50
(=) Excess Retained per Share-0.08-0.020.01
LTM Dividend per Share0.670.670.67
(+) Excess Retained per Share-0.08-0.020.01
(=) Adjusted Dividend0.590.650.68
WACC / Discount Rate7.40%7.40%7.40%
Growth Rate-3.66%-2.66%-1.66%
Fair Value$5.15$6.26$7.42
Upside / Downside-49.52%-38.67%-27.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,095.641,066.491,038.111,010.48983.60957.42986.15
Payout Ratio90.64%90.51%90.38%90.25%90.13%90.00%92.50%
Projected Dividends (M)993.06965.27938.27912.01886.49861.68912.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.40%7.40%7.40%
Growth Rate-3.66%-2.66%-1.66%
Year 1 PV (M)889.52898.75907.98
Year 2 PV (M)796.77813.39830.19
Year 3 PV (M)713.69736.14759.07
Year 4 PV (M)639.27666.23694.03
Year 5 PV (M)572.61602.95634.57
PV of Terminal Value (M)13,770.1614,499.8215,260.10
Equity Value (M)17,382.0118,217.2919,085.93
Shares Outstanding (M)1,482.501,482.501,482.50
Fair Value$11.72$12.29$12.87
Upside / Downside14.95%20.47%26.22%

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