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FIBRA Macquarie México (FIBRAMQ12.MX)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$410.20 - $1,090.36$1,021.83
Multi-Stage$155.04 - $169.66$162.22
Blended Fair Value$592.02
Current Price$30.04
Upside1,870.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.96%6.51%2.702.801.861.811.781.231.541.591.811.55
YoY Growth---3.46%50.20%2.61%1.88%44.36%-19.96%-2.99%-12.28%16.99%7.72%
Dividend Yield--8.93%8.52%6.51%7.62%6.99%6.26%7.17%8.14%8.65%7.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,371.36
(-) Cash Dividends Paid (M)1,744.12
(=) Cash Retained (M)2,627.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)874.27546.42327.85
Cash Retained (M)2,627.242,627.242,627.24
(-) Cash Required (M)-874.27-546.42-327.85
(=) Excess Retained (M)1,752.972,080.822,299.39
(/) Shares Outstanding (M)797.31797.31797.31
(=) Excess Retained per Share2.202.612.88
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share2.202.612.88
(=) Adjusted Dividend4.394.805.07
WACC / Discount Rate6.63%6.63%6.63%
Growth Rate5.50%6.50%7.50%
Fair Value$410.20$1,021.83$1,090.36
Upside / Downside1,265.52%3,301.55%3,529.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,371.364,655.504,958.115,280.385,623.615,989.146,168.82
Payout Ratio39.90%49.92%59.94%69.96%79.98%90.00%92.50%
Projected Dividends (M)1,744.122,323.982,971.853,694.134,497.755,390.235,706.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.63%6.63%6.63%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,159.052,179.522,199.98
Year 2 PV (M)2,565.012,613.872,663.19
Year 3 PV (M)2,962.143,047.183,133.82
Year 4 PV (M)3,350.583,479.443,611.97
Year 5 PV (M)3,730.473,910.664,097.74
PV of Terminal Value (M)108,849.30114,106.76119,565.44
Equity Value (M)123,616.57129,337.42135,272.14
Shares Outstanding (M)797.31797.31797.31
Fair Value$155.04$162.22$169.66
Upside / Downside416.12%440.00%464.78%

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