Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Covivio Hotels (COVH.PA)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$85.54 - $354.35$219.03
Multi-Stage$44.25 - $48.30$46.24
Blended Fair Value$132.64
Current Price$22.80
Upside481.74%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS60.12%34.48%12.951.240.650.230.021.231.110.800.770.77
YoY Growth--940.12%92.31%179.43%1,168.24%-98.52%11.11%38.83%3.28%0.00%15.39%
Dividend Yield--62.24%7.59%4.37%1.32%0.10%4.36%4.60%2.82%3.08%3.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)265.09
(-) Cash Dividends Paid (M)232.00
(=) Cash Retained (M)33.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)53.0233.1419.88
Cash Retained (M)33.0933.0933.09
(-) Cash Required (M)-53.02-33.14-19.88
(=) Excess Retained (M)-19.93-0.0513.20
(/) Shares Outstanding (M)148.78148.78148.78
(=) Excess Retained per Share-0.130.000.09
LTM Dividend per Share1.561.561.56
(+) Excess Retained per Share-0.130.000.09
(=) Adjusted Dividend1.431.561.65
WACC / Discount Rate7.26%7.26%7.26%
Growth Rate5.50%6.50%7.50%
Fair Value$85.54$219.03$354.35
Upside / Downside275.17%860.67%1,454.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)265.09282.32300.67320.21341.03363.19374.09
Payout Ratio87.52%88.02%88.51%89.01%89.50%90.00%92.50%
Projected Dividends (M)232.00248.48266.13285.01305.23326.87346.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.26%7.26%7.26%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)229.49231.67233.84
Year 2 PV (M)227.00231.33235.69
Year 3 PV (M)224.53230.98237.55
Year 4 PV (M)222.09230.63239.41
Year 5 PV (M)219.66230.27241.28
PV of Terminal Value (M)5,460.985,724.745,998.61
Equity Value (M)6,583.756,879.617,186.38
Shares Outstanding (M)148.78148.78148.78
Fair Value$44.25$46.24$48.30
Upside / Downside94.09%102.81%111.85%

High-Yield Dividend Screener

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