Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

SF Urban Properties AG (0QN6.L)

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

Valuation Snapshot

Stable Growth$81.74 - $118.71$99.67
Multi-Stage$198.83 - $218.87$208.65
Blended Fair Value$154.16
Current Price$98.00
Upside57.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-27.93%-10.95%0.700.813.750.450.003.603.602.880.000.00
YoY Growth---13.85%-78.34%733.75%0.00%-100.00%0.00%24.99%0.00%0.00%-100.00%
Dividend Yield--0.71%0.87%4.21%0.45%0.00%3.65%4.19%3.03%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)38.03
(-) Cash Dividends Paid (M)24.30
(=) Cash Retained (M)13.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.614.752.85
Cash Retained (M)13.7313.7313.73
(-) Cash Required (M)-7.61-4.75-2.85
(=) Excess Retained (M)6.138.9810.88
(/) Shares Outstanding (M)3.353.353.35
(=) Excess Retained per Share1.832.683.25
LTM Dividend per Share7.257.257.25
(+) Excess Retained per Share1.832.683.25
(=) Adjusted Dividend9.089.9310.50
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate-3.83%-2.83%-1.83%
Fair Value$81.74$99.67$118.71
Upside / Downside-16.59%1.70%21.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)38.0336.9635.9134.8933.9032.9433.93
Payout Ratio63.89%69.11%74.34%79.56%84.78%90.00%92.50%
Projected Dividends (M)24.3025.5426.6927.7628.7429.6531.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate-3.83%-2.83%-1.83%
Year 1 PV (M)23.6623.9124.15
Year 2 PV (M)22.9023.3823.87
Year 3 PV (M)22.0622.7623.47
Year 4 PV (M)21.1622.0522.98
Year 5 PV (M)20.2221.2922.41
PV of Terminal Value (M)556.46585.99616.78
Equity Value (M)666.46699.39733.65
Shares Outstanding (M)3.353.353.35
Fair Value$198.83$208.65$218.87
Upside / Downside102.88%112.91%123.34%

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