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Alwaha REIT Fund (9300.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$15.25 - $23.56$19.11
Multi-Stage$35.22 - $38.73$36.94
Blended Fair Value$28.02
Current Price$11.98
Upside133.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023
DPS0.00%0.00%0.750.430.000.000.000.000.000.000.000.00
YoY Growth--74.42%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.26%3.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)24.70
(-) Cash Dividends Paid (M)17.70
(=) Cash Retained (M)7.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.943.091.85
Cash Retained (M)7.007.007.00
(-) Cash Required (M)-4.94-3.09-1.85
(=) Excess Retained (M)2.063.915.14
(/) Shares Outstanding (M)15.0015.0015.00
(=) Excess Retained per Share0.140.260.34
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share0.140.260.34
(=) Adjusted Dividend1.321.441.52
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate-2.00%-1.00%0.00%
Fair Value$15.25$19.11$23.56
Upside / Downside27.29%59.48%96.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)24.7024.4524.2123.9623.7223.4924.19
Payout Ratio71.67%75.34%79.00%82.67%86.33%90.00%92.50%
Projected Dividends (M)17.7018.4219.1219.8120.4821.1422.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.1317.3017.48
Year 2 PV (M)16.5316.8717.21
Year 3 PV (M)15.9216.4216.92
Year 4 PV (M)15.3115.9416.60
Year 5 PV (M)14.6915.4516.25
PV of Terminal Value (M)448.77472.14496.47
Equity Value (M)528.35554.12580.93
Shares Outstanding (M)15.0015.0015.00
Fair Value$35.22$36.94$38.73
Upside / Downside194.02%208.36%223.28%

High-Yield Dividend Screener

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