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CapitaLand Integrated Commercial Trust (C38U.SI)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$17.01 - $52.49$49.19
Multi-Stage$7.27 - $7.95$7.60
Blended Fair Value$28.40
Current Price$2.17
Upside1,208.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.57%7.44%0.110.100.100.070.050.060.070.060.060.06
YoY Growth--7.11%3.41%52.85%20.71%-3.42%-15.64%15.37%0.17%1.36%5.04%
Dividend Yield--5.74%5.07%4.92%3.22%2.52%2.29%2.96%2.68%3.06%2.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,808.08
(-) Cash Dividends Paid (M)1,351.18
(=) Cash Retained (M)456.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)361.62226.01135.61
Cash Retained (M)456.90456.90456.90
(-) Cash Required (M)-361.62-226.01-135.61
(=) Excess Retained (M)95.28230.89321.29
(/) Shares Outstanding (M)6,850.336,850.336,850.33
(=) Excess Retained per Share0.010.030.05
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.010.030.05
(=) Adjusted Dividend0.210.230.24
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Fair Value$17.01$49.19$52.49
Upside / Downside684.10%2,166.91%2,318.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,808.081,925.602,050.772,184.072,326.032,477.222,551.54
Payout Ratio74.73%77.78%80.84%83.89%86.95%90.00%92.50%
Projected Dividends (M)1,351.181,497.821,657.801,832.262,022.392,229.502,360.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,389.161,402.331,415.50
Year 2 PV (M)1,426.011,453.171,480.58
Year 3 PV (M)1,461.741,503.701,546.46
Year 4 PV (M)1,496.381,553.931,613.12
Year 5 PV (M)1,529.951,603.851,680.58
PV of Terminal Value (M)42,518.3744,572.0246,704.27
Equity Value (M)49,821.6152,088.9954,440.50
Shares Outstanding (M)6,850.336,850.336,850.33
Fair Value$7.27$7.60$7.95
Upside / Downside235.16%250.41%266.23%

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