Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Shurgard Self Storage S.A. (SHUR.BR)

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

Valuation Snapshot

Stable Growth$158.86 - $314.07$219.83
Multi-Stage$236.97 - $260.45$248.48
Blended Fair Value$234.16
Current Price$37.00
Upside532.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.47%0.00%0.731.081.111.030.910.612.640.000.000.00
YoY Growth---32.39%-2.46%7.45%13.28%47.74%-76.68%0.00%0.00%0.00%0.00%
Dividend Yield--2.03%2.40%2.58%1.79%2.56%1.81%10.87%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)937.94
(-) Cash Dividends Paid (M)129.49
(=) Cash Retained (M)808.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)187.59117.2470.35
Cash Retained (M)808.45808.45808.45
(-) Cash Required (M)-187.59-117.24-70.35
(=) Excess Retained (M)620.87691.21738.11
(/) Shares Outstanding (M)96.7296.7296.72
(=) Excess Retained per Share6.427.157.63
LTM Dividend per Share1.341.341.34
(+) Excess Retained per Share6.427.157.63
(=) Adjusted Dividend7.768.498.97
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate1.47%2.47%3.47%
Fair Value$158.86$219.83$314.07
Upside / Downside329.36%494.14%748.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)937.94961.11984.851,009.181,034.111,059.661,091.45
Payout Ratio13.81%29.04%44.28%59.52%74.76%90.00%92.50%
Projected Dividends (M)129.49279.15436.12600.69773.11953.691,009.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate1.47%2.47%3.47%
Year 1 PV (M)259.73262.29264.85
Year 2 PV (M)377.57385.05392.60
Year 3 PV (M)483.87498.32513.05
Year 4 PV (M)579.46602.64626.51
Year 5 PV (M)665.10698.52733.28
PV of Terminal Value (M)20,554.1121,587.0822,661.18
Equity Value (M)22,919.8524,033.9125,191.48
Shares Outstanding (M)96.7296.7296.72
Fair Value$236.97$248.48$260.45
Upside / Downside540.45%571.58%603.92%

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