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Sri panwa Hospitality Real Estate Investment Trust (SRIPANWA.BK)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$5.94 - $8.57$7.22
Multi-Stage$12.72 - $14.00$13.35
Blended Fair Value$10.28
Current Price$4.98
Upside106.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.39%-0.95%0.500.180.000.000.110.730.740.420.000.50
YoY Growth--178.12%0.00%0.00%-100.00%-84.54%-0.87%75.11%0.00%-100.00%-9.31%
Dividend Yield--9.23%3.83%0.00%0.00%1.41%10.16%6.47%3.73%0.00%4.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)235.77
(-) Cash Dividends Paid (M)124.71
(=) Cash Retained (M)111.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)47.1529.4717.68
Cash Retained (M)111.06111.06111.06
(-) Cash Required (M)-47.15-29.47-17.68
(=) Excess Retained (M)63.9081.5993.38
(/) Shares Outstanding (M)279.06279.06279.06
(=) Excess Retained per Share0.230.290.33
LTM Dividend per Share0.450.450.45
(+) Excess Retained per Share0.230.290.33
(=) Adjusted Dividend0.680.740.78
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate-3.49%-2.49%-1.49%
Fair Value$5.94$7.22$8.57
Upside / Downside19.21%44.93%72.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)235.77229.89224.16218.57213.12207.80214.04
Payout Ratio52.90%60.32%67.74%75.16%82.58%90.00%92.50%
Projected Dividends (M)124.71138.66151.84164.27175.99187.02197.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate-3.49%-2.49%-1.49%
Year 1 PV (M)127.67129.00130.32
Year 2 PV (M)128.73131.41134.12
Year 3 PV (M)128.23132.26136.37
Year 4 PV (M)126.49131.81137.31
Year 5 PV (M)123.77130.31137.13
PV of Terminal Value (M)2,915.693,069.913,230.59
Equity Value (M)3,550.573,724.703,905.84
Shares Outstanding (M)279.06279.06279.06
Fair Value$12.72$13.35$14.00
Upside / Downside155.48%168.01%181.05%

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