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Retail Estates N.V. (RET.BR)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$838.18 - $2,585.79$2,423.26
Multi-Stage$351.16 - $384.10$367.33
Blended Fair Value$1,395.29
Current Price$63.50
Upside2,097.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS23.05%12.63%4.914.724.163.903.651.742.802.031.941.60
YoY Growth--4.14%13.44%6.75%6.74%109.54%-37.84%37.90%4.78%21.07%7.15%
Dividend Yield--8.15%7.23%6.39%5.27%6.25%3.68%3.42%2.84%2.56%2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)190.17
(-) Cash Dividends Paid (M)88.78
(=) Cash Retained (M)101.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.0323.7714.26
Cash Retained (M)101.40101.40101.40
(-) Cash Required (M)-38.03-23.77-14.26
(=) Excess Retained (M)63.3677.6387.14
(/) Shares Outstanding (M)14.6314.6314.63
(=) Excess Retained per Share4.335.315.96
LTM Dividend per Share6.076.076.07
(+) Excess Retained per Share4.335.315.96
(=) Adjusted Dividend10.4011.3812.03
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Fair Value$838.18$2,423.26$2,585.79
Upside / Downside1,219.97%3,716.16%3,972.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)190.17202.54215.70229.72244.65260.55268.37
Payout Ratio46.68%55.34%64.01%72.67%81.34%90.00%92.50%
Projected Dividends (M)88.78112.09138.07166.94198.99234.50248.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)103.96104.95105.93
Year 2 PV (M)118.76121.02123.31
Year 3 PV (M)133.18137.01140.90
Year 4 PV (M)147.23152.90158.72
Year 5 PV (M)160.92168.69176.76
PV of Terminal Value (M)4,472.094,688.094,912.36
Equity Value (M)5,136.155,372.665,617.99
Shares Outstanding (M)14.6314.6314.63
Fair Value$351.16$367.33$384.10
Upside / Downside453.00%478.47%504.88%

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