Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Mack-Cali Realty Corporation (CLI)

Company Dividend Discount ModelIndustry: REIT - OfficeSector: Real Estate

Valuation Snapshot

Stable Growth$3.54 - $4.52$4.07
Multi-Stage$7.33 - $8.17$7.74
Blended Fair Value$5.90
Current Price$18.35
Upside-67.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202020192018201720162015201420132012
DPS-16.72%-18.16%0.240.591.010.920.760.590.590.881.471.76
YoY Growth---60.27%-40.99%9.10%20.80%29.62%0.09%-33.22%-39.89%-16.93%0.79%
Dividend Yield--1.29%3.84%6.61%4.18%4.57%2.19%2.50%4.57%7.05%6.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)154.48
(-) Cash Dividends Paid (M)33.54
(=) Cash Retained (M)120.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.9019.3111.59
Cash Retained (M)120.94120.94120.94
(-) Cash Required (M)-30.90-19.31-11.59
(=) Excess Retained (M)90.05101.63109.35
(/) Shares Outstanding (M)101.96101.96101.96
(=) Excess Retained per Share0.881.001.07
LTM Dividend per Share0.330.330.33
(+) Excess Retained per Share0.881.001.07
(=) Adjusted Dividend1.211.331.40
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-18.72%-17.72%-16.72%
Fair Value$3.54$4.07$4.52
Upside / Downside-80.69%-77.82%-75.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)154.48127.10104.5886.0570.8058.2560.00
Payout Ratio21.71%35.37%49.03%62.68%76.34%90.00%92.50%
Projected Dividends (M)33.5444.9551.2753.9454.0552.4355.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-18.72%-17.72%-16.72%
Year 1 PV (M)40.7141.2141.71
Year 2 PV (M)42.0543.0944.14
Year 3 PV (M)40.0641.5643.09
Year 4 PV (M)36.3638.1840.07
Year 5 PV (M)31.9433.9536.06
PV of Terminal Value (M)556.07591.12627.93
Equity Value (M)747.18789.11833.01
Shares Outstanding (M)101.96101.96101.96
Fair Value$7.33$7.74$8.17
Upside / Downside-60.06%-57.82%-55.48%

High-Yield Dividend Screener

« Prev Page 2 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
GHYPGIM Global High Yield Fund, Inc15.29%$1.8962.38%
BGRBlackRock Energy and Resources Trust15.26%$2.1298.26%
BOEBlackRock Enhanced Global Dividend Trust15.09%$1.7867.28%
FENFirst Trust Energy Income and Growth Fund15.00%$2.4049.79%
SOJESouthern Company (The) Series 214.95%$2.6967.01%
PSFCohen & Steers Select Preferred and Income Fund, Inc.14.84%$3.0256.28%
EVGEaton Vance Short Duration Diversified Income Fund14.82%$1.6271.62%
LDPCohen & Steers Limited Duration Preferred and Income Fund, Inc.14.73%$3.1554.69%
DNPDNP Select Income Fund Inc.14.64%$1.4553.01%
JRSNuveen Real Estate Income Fund14.56%$1.1189.79%
DPGDuff & Phelps Utility and Infrastructure Fund Inc.14.47%$1.8654.60%
BSTBlackRock Science and Technology Trust14.42%$5.8646.91%
MPAIXMorgan Stanley Insti Fd Advantage Portfolio Cl I14.33%$4.0043.20%
JCAPJefferson Capital, Inc. Common Stock14.11%$3.1245.65%
PHTPioneer High Income Fund, Inc.13.99%$1.1961.96%
RZC7.125% Fixed-Rate Reset Subordinated Debentures due 205213.93%$3.5527.34%
RNPCohen & Steers REIT and Preferred Income Fund, Inc.13.88%$2.7761.92%
DOMHDominari Holdings Inc.13.87%$0.7010.86%
STT-PDState Street Corporation13.86%$3.4633.48%
FCTFirst Trust Senior Floating Rate Income Fund II13.80%$1.3867.42%
VIRTVirtu Financial, Inc.13.57%$4.4389.50%
DHFBNY Mellon High Yield Strategies Fund13.55%$0.3461.16%
JHIJohn Hancock Investors Trust13.15%$1.7974.97%
AIOVirtus Artificial Intelligence & Technology Opportunities Fund12.91%$2.8238.01%
UTFCohen & Steers Infrastructure Fund, Inc12.84%$3.1453.56%
DFPFlaherty & Crumrine Dynamic Preferred and Income Fund Inc.12.81%$2.6848.05%
WEAWestern Asset Premier Bond Fund12.81%$1.4380.16%
TPZTortoise Essential Energy Fund12.76%$2.6467.76%
FTFranklin Universal Trust12.72%$1.0256.42%
CSQCalamos Strategic Total Return Fund12.70%$2.4351.10%
HYBThe New America High Income Fund Inc.12.68%$1.0463.42%
NBBNuveen Taxable Municipal Income Fund12.66%$2.0085.04%
RWAYRunway Growth Finance Corp.12.66%$1.1475.51%
ELVTElevate Credit, Inc.12.61%$0.2475.91%
NDPTortoise Energy Independence Fund, Inc.12.60%$5.0986.32%
BCEICivitas Resources, Inc.12.58%$7.0698.41%
GENVRGen Digital Inc. Contingent Value Rights12.54%$0.5054.91%
SOJCThe Southern Company JR 2017B NT 7712.31%$2.6967.01%
BTOJohn Hancock Financial Opportunities Fund12.25%$4.3229.72%
FEIFirst Trust MLP and Energy Income Fund12.21%$1.2058.56%
PCNPIMCO Corporate & Income Strategy Fund12.19%$1.5568.95%
HTDJohn Hancock Tax-Advantaged Dividend Income Fund12.17%$2.9051.08%
NIEVirtus Equity & Convertible Income Fund12.17%$3.0445.26%
PFDFlaherty & Crumrine Preferred Income Fund Inc.11.99%$1.4348.51%
TYGTortoise Energy Infrastructure Corporation11.98%$4.9643.95%
FPLFirst Trust New Opportunities MLP & Energy Fund11.82%$0.9254.20%
BTZBlackRock Credit Allocation Income Trust11.69%$1.2692.75%
BHBFXMadison Dividend Income Fd Cl Y11.61%$2.8540.22%
CGABLThe Carlyle Group Inc. 4.625% Subordinated Notes due 206111.57%$2.0197.92%
DBLDoubleLine Opportunistic Credit Fund11.57%$1.7652.03%