Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Sector

Boardwalk Real Estate Investment Trust (BEI-UN.TO)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$152.76 - $452.23$241.31
Multi-Stage$137.72 - $150.96$144.22
Blended Fair Value$192.76
Current Price$69.13
Upside178.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.68%-2.71%1.441.020.950.910.910.911.002.032.923.18
YoY Growth--40.52%7.89%4.39%0.05%0.23%-9.29%-50.83%-30.35%-8.46%68.39%
Dividend Yield--2.14%1.33%1.72%1.54%2.50%3.95%2.45%4.59%6.18%6.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)313.58
(-) Cash Dividends Paid (M)55.26
(=) Cash Retained (M)258.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)62.7239.2023.52
Cash Retained (M)258.32258.32258.32
(-) Cash Required (M)-62.72-39.20-23.52
(=) Excess Retained (M)195.60219.12234.80
(/) Shares Outstanding (M)51.3051.3051.30
(=) Excess Retained per Share3.814.274.58
LTM Dividend per Share1.081.081.08
(+) Excess Retained per Share3.814.274.58
(=) Adjusted Dividend4.895.355.65
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate3.79%4.79%5.79%
Fair Value$152.76$241.31$452.23
Upside / Downside120.97%249.07%554.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)313.58328.60344.34360.84378.12396.23408.12
Payout Ratio17.62%32.10%46.57%61.05%75.52%90.00%92.50%
Projected Dividends (M)55.26105.48160.37220.29285.57356.61377.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate3.79%4.79%5.79%
Year 1 PV (M)97.5398.4799.41
Year 2 PV (M)137.13139.78142.46
Year 3 PV (M)174.17179.25184.44
Year 4 PV (M)208.79216.95225.35
Year 5 PV (M)241.08252.92265.22
PV of Terminal Value (M)6,205.756,510.536,827.16
Equity Value (M)7,064.457,397.917,744.04
Shares Outstanding (M)51.3051.3051.30
Fair Value$137.72$144.22$150.96
Upside / Downside99.21%108.62%118.38%

High-Yield Dividend Screener

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