Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Alwaha REIT Fund (9300.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$11.51 - $16.53$13.96
Multi-Stage$19.61 - $21.47$20.52
Blended Fair Value$17.24
Current Price$11.98
Upside43.93%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023
DPS0.00%0.00%0.750.430.000.000.000.000.000.000.000.00
YoY Growth--74.42%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.26%3.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)24.70
(-) Cash Dividends Paid (M)17.70
(=) Cash Retained (M)7.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.943.091.85
Cash Retained (M)7.007.007.00
(-) Cash Required (M)-4.94-3.09-1.85
(=) Excess Retained (M)2.063.915.14
(/) Shares Outstanding (M)15.0015.0015.00
(=) Excess Retained per Share0.140.260.34
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share0.140.260.34
(=) Adjusted Dividend1.321.441.52
WACC / Discount Rate9.21%9.21%9.21%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.51$13.96$16.53
Upside / Downside-3.92%16.55%37.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)24.7024.4524.2123.9623.7223.4924.19
Payout Ratio71.67%75.34%79.00%82.67%86.33%90.00%92.50%
Projected Dividends (M)17.7018.4219.1219.8120.4821.1422.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.21%9.21%9.21%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)16.6916.8717.04
Year 2 PV (M)15.7116.0316.36
Year 3 PV (M)14.7515.2115.67
Year 4 PV (M)13.8214.4014.99
Year 5 PV (M)12.9313.6014.30
PV of Terminal Value (M)220.27231.74243.69
Equity Value (M)294.18307.85322.04
Shares Outstanding (M)15.0015.0015.00
Fair Value$19.61$20.52$21.47
Upside / Downside63.71%71.31%79.21%

High-Yield Dividend Screener

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