Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Singapore Land Group Limited (U06.SI)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$3.51 - $5.56$4.44
Multi-Stage$7.59 - $8.36$7.97
Blended Fair Value$6.21
Current Price$2.21
Upside180.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.71%32.72%0.040.030.030.030.040.030.030.000.000.00
YoY Growth--14.29%0.00%0.00%-12.50%14.29%16.68%727.70%46.92%4.87%-0.30%
Dividend Yield--2.27%1.78%1.55%1.30%1.72%1.22%1.10%0.11%0.09%0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)498.03
(-) Cash Dividends Paid (M)121.78
(=) Cash Retained (M)376.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)99.6162.2537.35
Cash Retained (M)376.26376.26376.26
(-) Cash Required (M)-99.61-62.25-37.35
(=) Excess Retained (M)276.65314.00338.90
(/) Shares Outstanding (M)1,435.271,435.271,435.27
(=) Excess Retained per Share0.190.220.24
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.190.220.24
(=) Adjusted Dividend0.280.300.32
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-1.45%-0.45%0.55%
Fair Value$3.51$4.44$5.56
Upside / Downside58.65%101.06%151.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)498.03495.80493.58491.36489.16486.96501.57
Payout Ratio24.45%37.56%50.67%63.78%76.89%90.00%92.50%
Projected Dividends (M)121.78186.23250.10313.39376.11438.27463.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-1.45%-0.45%0.55%
Year 1 PV (M)173.34175.10176.86
Year 2 PV (M)216.69221.11225.57
Year 3 PV (M)252.74260.51268.44
Year 4 PV (M)282.34293.97305.96
Year 5 PV (M)306.23322.08338.59
PV of Terminal Value (M)9,665.5010,165.9310,686.88
Equity Value (M)10,896.8411,438.7112,002.31
Shares Outstanding (M)1,435.271,435.271,435.27
Fair Value$7.59$7.97$8.36
Upside / Downside243.54%260.62%278.39%

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