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Major Cineplex Lifestyle Leasehold Property Fund. (MJLF.BK)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$7.51 - $10.44$8.98
Multi-Stage$20.40 - $22.53$21.44
Blended Fair Value$15.21
Current Price$3.94
Upside286.06%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.13%-5.38%0.560.380.501.000.380.810.880.941.011.02
YoY Growth--46.08%-23.40%-49.85%165.87%-53.70%-7.43%-6.42%-7.43%-1.17%5.04%
Dividend Yield--12.83%10.76%11.06%12.16%5.28%10.95%6.94%7.42%6.92%7.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)441.20
(-) Cash Dividends Paid (M)204.60
(=) Cash Retained (M)236.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)88.2455.1533.09
Cash Retained (M)236.60236.60236.60
(-) Cash Required (M)-88.24-55.15-33.09
(=) Excess Retained (M)148.36181.45203.51
(/) Shares Outstanding (M)330.00330.00330.00
(=) Excess Retained per Share0.450.550.62
LTM Dividend per Share0.620.620.62
(+) Excess Retained per Share0.450.550.62
(=) Adjusted Dividend1.071.171.24
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-6.50%-5.50%-4.50%
Fair Value$7.51$8.98$10.44
Upside / Downside90.73%127.97%165.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)441.20416.94394.01372.34351.87332.52342.50
Payout Ratio46.37%55.10%63.82%72.55%81.27%90.00%92.50%
Projected Dividends (M)204.60229.73251.47270.13285.98299.27316.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-6.50%-5.50%-4.50%
Year 1 PV (M)212.81215.08217.36
Year 2 PV (M)215.79220.43225.12
Year 3 PV (M)214.73221.69228.81
Year 4 PV (M)210.58219.74229.19
Year 5 PV (M)204.13215.29226.92
PV of Terminal Value (M)5,673.015,982.946,306.26
Equity Value (M)6,731.057,075.177,433.65
Shares Outstanding (M)330.00330.00330.00
Fair Value$20.40$21.44$22.53
Upside / Downside417.69%444.16%471.73%

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