Definitive Analysis
Definitive Analysis

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Starts Proceed Investment Corporation (8979.T)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$257,080.98 - $489,273.89$350,663.24
Multi-Stage$354,838.59 - $388,767.13$371,483.87
Blended Fair Value$361,073.56
Current Price$169,400.00
Upside113.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.11%0.00%9,988.9310,331.688,336.258,369.248,617.328,168.608,432.967,965.655,034.295,133.42
YoY Growth---3.32%23.94%-0.39%-2.88%5.49%-3.13%5.87%58.23%-1.93%0.00%
Dividend Yield--5.72%4.97%3.52%3.49%4.33%3.89%5.17%5.06%3.18%3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,683.54
(-) Cash Dividends Paid (M)2,961.16
(=) Cash Retained (M)1,722.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)936.71585.44351.27
Cash Retained (M)1,722.381,722.381,722.38
(-) Cash Required (M)-936.71-585.44-351.27
(=) Excess Retained (M)785.681,136.941,371.12
(/) Shares Outstanding (M)0.280.280.28
(=) Excess Retained per Share2,781.524,025.104,854.15
LTM Dividend per Share10,483.3510,483.3510,483.35
(+) Excess Retained per Share2,781.524,025.104,854.15
(=) Adjusted Dividend13,264.8614,508.4415,337.50
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate1.86%2.86%3.86%
Fair Value$257,080.98$350,663.24$489,273.89
Upside / Downside51.76%107.00%188.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,683.544,817.444,955.165,096.825,242.535,392.405,554.17
Payout Ratio63.22%68.58%73.93%79.29%84.64%90.00%92.50%
Projected Dividends (M)2,961.163,303.793,663.594,041.264,437.534,853.165,137.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate1.86%2.86%3.86%
Year 1 PV (M)3,054.363,084.353,114.34
Year 2 PV (M)3,131.303,193.083,255.47
Year 3 PV (M)3,193.323,288.303,385.14
Year 4 PV (M)3,241.733,370.923,503.93
Year 5 PV (M)3,277.693,441.783,612.37
PV of Terminal Value (M)84,330.3788,552.0292,941.08
Equity Value (M)100,228.77104,930.45109,812.33
Shares Outstanding (M)0.280.280.28
Fair Value$354,838.59$371,483.87$388,767.13
Upside / Downside109.47%119.29%129.50%

High-Yield Dividend Screener

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