Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mapletree Industrial Trust (ME8U.SI)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$4.64 - $23.63$9.53
Multi-Stage$2.68 - $2.93$2.80
Blended Fair Value$6.17
Current Price$2.13
Upside189.45%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.74%14.12%0.130.130.080.110.100.080.070.070.070.04
YoY Growth---4.83%63.62%-24.55%12.69%25.80%7.50%-3.83%4.01%78.01%17.54%
Dividend Yield--6.28%6.38%3.73%4.20%3.42%2.69%3.23%3.88%3.87%2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)338.46
(-) Cash Dividends Paid (M)285.02
(=) Cash Retained (M)53.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)67.6942.3125.38
Cash Retained (M)53.4553.4553.45
(-) Cash Required (M)-67.69-42.31-25.38
(=) Excess Retained (M)-14.2511.1428.06
(/) Shares Outstanding (M)2,848.562,848.562,848.56
(=) Excess Retained per Share-0.010.000.01
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share-0.010.000.01
(=) Adjusted Dividend0.100.100.11
WACC / Discount Rate7.66%7.66%7.66%
Growth Rate5.50%6.50%7.50%
Fair Value$4.64$9.53$23.63
Upside / Downside117.74%347.25%1,009.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)338.46360.46383.89408.84435.42463.72477.63
Payout Ratio84.21%85.37%86.53%87.68%88.84%90.00%92.50%
Projected Dividends (M)285.02307.72332.16358.49386.83417.35441.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.66%7.66%7.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)283.13285.82288.50
Year 2 PV (M)281.21286.57291.97
Year 3 PV (M)279.25287.27295.44
Year 4 PV (M)277.26287.92298.89
Year 5 PV (M)275.23288.52302.33
PV of Terminal Value (M)6,249.346,551.196,864.58
Equity Value (M)7,645.427,987.288,341.70
Shares Outstanding (M)2,848.562,848.562,848.56
Fair Value$2.68$2.80$2.93
Upside / Downside26.01%31.64%37.48%

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