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AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT.BK)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$78.50 - $208.66$195.55
Multi-Stage$30.52 - $33.34$31.90
Blended Fair Value$113.73
Current Price$10.30
Upside1,004.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS30.33%0.00%0.740.670.670.520.450.200.110.000.030.33
YoY Growth--9.63%0.45%28.38%15.81%129.67%75.62%0.00%-100.00%-91.16%0.00%
Dividend Yield--7.01%6.21%5.52%4.03%3.82%1.77%1.05%0.00%0.31%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)830.45
(-) Cash Dividends Paid (M)672.75
(=) Cash Retained (M)157.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)166.09103.8162.28
Cash Retained (M)157.70157.70157.70
(-) Cash Required (M)-166.09-103.81-62.28
(=) Excess Retained (M)-8.3953.8995.41
(/) Shares Outstanding (M)791.50791.50791.50
(=) Excess Retained per Share-0.010.070.12
LTM Dividend per Share0.850.850.85
(+) Excess Retained per Share-0.010.070.12
(=) Adjusted Dividend0.840.920.97
WACC / Discount Rate6.63%6.63%6.63%
Growth Rate5.50%6.50%7.50%
Fair Value$78.50$195.55$208.66
Upside / Downside662.14%1,798.51%1,925.85%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)830.45884.43941.921,003.141,068.351,137.791,171.93
Payout Ratio81.01%82.81%84.61%86.40%88.20%90.00%92.50%
Projected Dividends (M)672.75732.38796.92866.76942.311,024.011,084.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.63%6.63%6.63%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)680.41686.86693.31
Year 2 PV (M)687.83700.93714.15
Year 3 PV (M)695.01714.96735.29
Year 4 PV (M)701.97728.96756.73
Year 5 PV (M)708.70742.93778.47
PV of Terminal Value (M)20,678.7121,677.5022,714.52
Equity Value (M)24,152.6325,252.1526,392.48
Shares Outstanding (M)791.50791.50791.50
Fair Value$30.52$31.90$33.34
Upside / Downside196.26%209.75%223.74%

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