Definitive Analysis
Definitive Analysis

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Shurgard Self Storage Ltd (SHURB.XD)

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

Valuation Snapshot

Stable Growth$60.49 - $93.59$75.84
Multi-Stage$135.17 - $148.96$141.93
Blended Fair Value$108.88
Current Price$37.00
Upside194.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.47%0.00%0.731.081.111.030.910.622.640.000.000.00
YoY Growth---32.39%-2.46%7.45%13.28%47.74%-76.68%0.00%0.00%0.00%0.00%
Dividend Yield--2.02%2.40%2.90%2.70%2.38%1.61%6.91%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)628.06
(-) Cash Dividends Paid (M)136.75
(=) Cash Retained (M)491.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)125.6178.5147.10
Cash Retained (M)491.31491.31491.31
(-) Cash Required (M)-125.61-78.51-47.10
(=) Excess Retained (M)365.70412.80444.21
(/) Shares Outstanding (M)96.6196.6196.61
(=) Excess Retained per Share3.794.274.60
LTM Dividend per Share1.421.421.42
(+) Excess Retained per Share3.794.274.60
(=) Adjusted Dividend5.205.696.01
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate-2.00%-1.00%0.00%
Fair Value$60.49$75.84$93.59
Upside / Downside63.50%104.98%152.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)628.06621.78615.56609.41603.31597.28615.20
Payout Ratio21.77%35.42%49.06%62.71%76.35%90.00%92.50%
Projected Dividends (M)136.75220.23302.02382.16460.66537.55569.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)204.84206.93209.02
Year 2 PV (M)261.29266.65272.07
Year 3 PV (M)307.52317.03326.74
Year 4 PV (M)344.79359.08373.81
Year 5 PV (M)374.24393.72414.02
PV of Terminal Value (M)11,565.4112,167.6512,794.72
Equity Value (M)13,058.1013,711.0814,390.38
Shares Outstanding (M)96.6196.6196.61
Fair Value$135.17$141.93$148.96
Upside / Downside265.32%283.59%302.59%

High-Yield Dividend Screener

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