Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Custodian REIT Plc (CREI.L)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$2.16 - $3.92$2.89
Multi-Stage$2.78 - $3.04$2.91
Blended Fair Value$2.90
Current Price$0.76
Upside283.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.16%17.25%0.060.050.050.050.050.060.060.050.040.03
YoY Growth--12.27%-0.01%0.24%17.23%-23.58%5.96%10.77%24.41%51.33%120.34%
Dividend Yield--8.10%6.75%6.12%5.34%5.06%6.14%5.07%4.58%3.72%2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)66.96
(-) Cash Dividends Paid (M)26.12
(=) Cash Retained (M)40.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.398.375.02
Cash Retained (M)40.8340.8340.83
(-) Cash Required (M)-13.39-8.37-5.02
(=) Excess Retained (M)27.4432.4635.81
(/) Shares Outstanding (M)444.43444.43444.43
(=) Excess Retained per Share0.060.070.08
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.060.070.08
(=) Adjusted Dividend0.120.130.14
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate1.99%2.99%3.99%
Fair Value$2.16$2.89$3.92
Upside / Downside185.47%282.45%418.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)66.9668.9671.0273.1475.3277.5779.90
Payout Ratio39.01%49.21%59.41%69.61%79.80%90.00%92.50%
Projected Dividends (M)26.1233.9342.1950.9160.1169.8273.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate1.99%2.99%3.99%
Year 1 PV (M)31.2131.5131.82
Year 2 PV (M)35.6836.3837.09
Year 3 PV (M)39.5940.7741.97
Year 4 PV (M)42.9944.7046.47
Year 5 PV (M)45.9248.2250.61
PV of Terminal Value (M)1,037.981,089.881,143.83
Equity Value (M)1,233.381,291.461,351.78
Shares Outstanding (M)444.43444.43444.43
Fair Value$2.78$2.91$3.04
Upside / Downside267.09%284.38%302.33%

High-Yield Dividend Screener

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