Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

S.A. Corporate Real Estate Limited (SAC.JO)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$16.02 - $41.06$24.24
Multi-Stage$17.36 - $19.00$18.16
Blended Fair Value$21.20
Current Price$3.12
Upside579.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.30%-1.17%0.240.220.250.280.180.410.440.430.380.30
YoY Growth--5.93%-11.77%-9.30%59.69%-57.09%-7.54%2.87%14.62%25.25%12.11%
Dividend Yield--8.16%9.70%10.62%11.96%10.17%13.40%13.20%8.97%6.69%6.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,813.89
(-) Cash Dividends Paid (M)1,202.70
(=) Cash Retained (M)611.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)362.78226.74136.04
Cash Retained (M)611.19611.19611.19
(-) Cash Required (M)-362.78-226.74-136.04
(=) Excess Retained (M)248.41384.45475.15
(/) Shares Outstanding (M)2,523.162,523.162,523.16
(=) Excess Retained per Share0.100.150.19
LTM Dividend per Share0.480.480.48
(+) Excess Retained per Share0.100.150.19
(=) Adjusted Dividend0.580.630.66
WACC / Discount Rate6.89%6.89%6.89%
Growth Rate3.19%4.19%5.19%
Fair Value$16.02$24.24$41.06
Upside / Downside413.59%676.99%1,216.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,813.891,889.831,968.952,051.392,137.272,226.752,293.56
Payout Ratio66.31%71.04%75.78%80.52%85.26%90.00%92.50%
Projected Dividends (M)1,202.701,342.611,492.131,651.821,822.262,004.082,121.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.89%6.89%6.89%
Growth Rate3.19%4.19%5.19%
Year 1 PV (M)1,244.011,256.071,268.13
Year 2 PV (M)1,281.021,305.971,331.16
Year 3 PV (M)1,313.971,352.541,391.86
Year 4 PV (M)1,343.091,395.921,450.29
Year 5 PV (M)1,368.621,436.241,506.50
PV of Terminal Value (M)37,244.0839,084.0940,996.12
Equity Value (M)43,794.7945,830.8247,944.05
Shares Outstanding (M)2,523.162,523.162,523.16
Fair Value$17.36$18.16$19.00
Upside / Downside456.32%482.18%509.03%

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