Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Alpha Real Estate S.a. (ASTAK.AT)

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

Valuation Snapshot

Stable Growth$10.81 - $17.35$13.76
Multi-Stage$12.63 - $13.79$13.20
Blended Fair Value$13.48
Current Price$7.34
Upside83.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%74.22%0.260.263.420.000.000.000.000.000.000.00
YoY Growth--0.00%-92.40%0.00%0.00%0.00%0.00%0.00%-100.00%-4.43%-11.50%
Dividend Yield--3.52%3.06%51.82%0.00%0.00%0.00%0.00%0.00%0.02%0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)13.90
(-) Cash Dividends Paid (M)7.28
(=) Cash Retained (M)6.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.781.741.04
Cash Retained (M)6.626.626.62
(-) Cash Required (M)-2.78-1.74-1.04
(=) Excess Retained (M)3.844.885.58
(/) Shares Outstanding (M)14.0014.0014.00
(=) Excess Retained per Share0.270.350.40
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share0.270.350.40
(=) Adjusted Dividend0.790.870.92
WACC / Discount Rate9.87%9.87%9.87%
Growth Rate2.35%3.35%4.35%
Fair Value$10.81$13.76$17.35
Upside / Downside47.22%87.53%136.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13.9014.3614.8515.3415.8616.3916.88
Payout Ratio52.38%59.90%67.43%74.95%82.48%90.00%92.50%
Projected Dividends (M)7.288.6010.0111.5013.0814.7515.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.87%9.87%9.87%
Growth Rate2.35%3.35%4.35%
Year 1 PV (M)7.767.837.91
Year 2 PV (M)8.138.298.45
Year 3 PV (M)8.428.678.92
Year 4 PV (M)8.638.979.33
Year 5 PV (M)8.779.219.67
PV of Terminal Value (M)135.12141.85148.85
Equity Value (M)176.84184.83193.13
Shares Outstanding (M)14.0014.0014.00
Fair Value$12.63$13.20$13.79
Upside / Downside72.09%79.87%87.94%

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