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Newmark Property REIT (NPR.AX)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$2.00 - $3.08$2.50
Multi-Stage$4.58 - $5.03$4.80
Blended Fair Value$3.65
Current Price$1.05
Upside247.80%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202320222021
DPS0.00%0.00%0.090.070.030.000.000.000.000.000.000.00
YoY Growth--42.75%101.18%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--7.17%4.66%1.69%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)39.49
(-) Cash Dividends Paid (M)25.97
(=) Cash Retained (M)13.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.904.942.96
Cash Retained (M)13.5313.5313.53
(-) Cash Required (M)-7.90-4.94-2.96
(=) Excess Retained (M)5.638.5910.56
(/) Shares Outstanding (M)182.74182.74182.74
(=) Excess Retained per Share0.030.050.06
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.030.050.06
(=) Adjusted Dividend0.170.190.20
WACC / Discount Rate6.48%6.48%6.48%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.00$2.50$3.08
Upside / Downside90.23%138.28%193.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)39.4939.1038.7138.3237.9437.5638.69
Payout Ratio65.75%70.60%75.45%80.30%85.15%90.00%92.50%
Projected Dividends (M)25.9727.6129.2130.7732.3033.8035.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.48%6.48%6.48%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)25.6625.9226.19
Year 2 PV (M)25.2425.7626.28
Year 3 PV (M)24.7225.4926.27
Year 4 PV (M)24.1325.1326.16
Year 5 PV (M)23.4724.6925.96
PV of Terminal Value (M)713.34750.49789.17
Equity Value (M)836.57877.48920.02
Shares Outstanding (M)182.74182.74182.74
Fair Value$4.58$4.80$5.03
Upside / Downside335.99%357.32%379.49%

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