Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Al Maather Reit Fund (4334.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$11.49 - $17.49$14.30
Multi-Stage$22.29 - $24.43$23.34
Blended Fair Value$18.82
Current Price$9.01
Upside108.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.62%0.00%0.660.491.010.390.620.640.260.000.000.00
YoY Growth--34.69%-51.49%158.97%-37.10%-3.13%146.15%0.00%0.00%0.00%0.00%
Dividend Yield--6.96%5.25%12.11%4.35%6.97%7.30%3.42%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)79.44
(-) Cash Dividends Paid (M)70.88
(=) Cash Retained (M)8.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.899.935.96
Cash Retained (M)8.568.568.56
(-) Cash Required (M)-15.89-9.93-5.96
(=) Excess Retained (M)-7.33-1.372.60
(/) Shares Outstanding (M)61.3761.3761.37
(=) Excess Retained per Share-0.12-0.020.04
LTM Dividend per Share1.161.161.16
(+) Excess Retained per Share-0.12-0.020.04
(=) Adjusted Dividend1.041.131.20
WACC / Discount Rate7.51%7.51%7.51%
Growth Rate-1.38%-0.38%0.62%
Fair Value$11.49$14.30$17.49
Upside / Downside27.52%58.75%94.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)79.4479.1478.8478.5478.2377.9480.27
Payout Ratio89.22%89.38%89.53%89.69%89.84%90.00%92.50%
Projected Dividends (M)70.8870.7370.5970.4470.2970.1474.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.51%7.51%7.51%
Growth Rate-1.38%-0.38%0.62%
Year 1 PV (M)65.1365.8066.46
Year 2 PV (M)59.8561.0762.31
Year 3 PV (M)55.0056.6958.41
Year 4 PV (M)50.5452.6254.77
Year 5 PV (M)46.4448.8451.35
PV of Terminal Value (M)1,091.061,147.521,206.28
Equity Value (M)1,368.031,432.541,499.57
Shares Outstanding (M)61.3761.3761.37
Fair Value$22.29$23.34$24.43
Upside / Downside147.41%159.08%171.20%

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