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Definitive Analysis

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Killam Apartment REIT (KMP-UN.TO)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$231.38 - $879.18$672.55
Multi-Stage$106.96 - $117.14$111.96
Blended Fair Value$392.26
Current Price$19.61
Upside1,900.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.07%7.05%0.490.470.480.420.410.370.340.300.260.25
YoY Growth--5.75%-3.21%14.85%3.67%10.20%8.22%13.37%16.49%3.62%-0.59%
Dividend Yield--2.83%2.57%2.82%1.97%2.19%2.34%1.74%2.16%2.03%2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)540.33
(-) Cash Dividends Paid (M)46.33
(=) Cash Retained (M)494.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)108.0767.5440.52
Cash Retained (M)494.00494.00494.00
(-) Cash Required (M)-108.07-67.54-40.52
(=) Excess Retained (M)385.93426.46453.47
(/) Shares Outstanding (M)122.22122.22122.22
(=) Excess Retained per Share3.163.493.71
LTM Dividend per Share0.380.380.38
(+) Excess Retained per Share3.163.493.71
(=) Adjusted Dividend3.543.874.09
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Fair Value$231.38$672.55$879.18
Upside / Downside1,079.93%3,329.64%4,383.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)540.33575.45612.85652.69695.11740.29762.50
Payout Ratio8.57%24.86%41.14%57.43%73.71%90.00%92.50%
Projected Dividends (M)46.33143.05252.15374.83512.40666.26705.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)132.30133.55134.81
Year 2 PV (M)215.67219.78223.93
Year 3 PV (M)296.50305.01313.69
Year 4 PV (M)374.85389.27404.09
Year 5 PV (M)450.77472.55495.15
PV of Terminal Value (M)11,603.4012,163.8512,745.75
Equity Value (M)13,073.4913,684.0014,317.41
Shares Outstanding (M)122.22122.22122.22
Fair Value$106.96$111.96$117.14
Upside / Downside445.45%470.93%497.35%

High-Yield Dividend Screener

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