Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shurgard Self Storage S.A. (SHUR.BR)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$116.03 - $194.00$150.32
Multi-Stage$150.30 - $164.93$157.48
Blended Fair Value$153.90
Current Price$37.00
Upside315.94%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.47%0.00%0.731.081.111.030.910.612.640.000.000.00
YoY Growth---32.39%-2.46%7.45%13.28%47.74%-76.68%0.00%0.00%0.00%0.00%
Dividend Yield--2.03%2.40%2.58%1.79%2.56%1.81%10.87%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)937.94
(-) Cash Dividends Paid (M)129.49
(=) Cash Retained (M)808.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)187.59117.2470.35
Cash Retained (M)808.45808.45808.45
(-) Cash Required (M)-187.59-117.24-70.35
(=) Excess Retained (M)620.87691.21738.11
(/) Shares Outstanding (M)96.7296.7296.72
(=) Excess Retained per Share6.427.157.63
LTM Dividend per Share1.341.341.34
(+) Excess Retained per Share6.427.157.63
(=) Adjusted Dividend7.768.498.97
WACC / Discount Rate8.25%8.25%8.25%
Growth Rate1.47%2.47%3.47%
Fair Value$116.03$150.32$194.00
Upside / Downside213.60%306.27%424.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)937.94961.11984.851,009.181,034.111,059.661,091.45
Payout Ratio13.81%29.04%44.28%59.52%74.76%90.00%92.50%
Projected Dividends (M)129.49279.15436.12600.69773.11953.691,009.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.25%8.25%8.25%
Growth Rate1.47%2.47%3.47%
Year 1 PV (M)255.34257.86260.38
Year 2 PV (M)364.92372.15379.45
Year 3 PV (M)459.76473.49487.49
Year 4 PV (M)541.28562.94585.23
Year 5 PV (M)610.78641.47673.39
PV of Terminal Value (M)12,305.2412,923.6513,566.69
Equity Value (M)14,537.3215,231.5615,952.62
Shares Outstanding (M)96.7296.7296.72
Fair Value$150.30$157.48$164.93
Upside / Downside306.22%325.62%345.76%

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