Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Retal Urban Development Company (4322.SR)

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

Valuation Snapshot

Stable Growth$6.29 - $10.37$8.10
Multi-Stage$20.44 - $22.54$21.47
Blended Fair Value$14.78
Current Price$11.99
Upside23.29%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.320.400.160.300.100.000.000.000.000.00
YoY Growth---20.00%150.00%-45.85%195.50%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.80%4.21%1.69%3.05%1.03%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)281.39
(-) Cash Dividends Paid (M)135.00
(=) Cash Retained (M)146.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)56.2835.1721.10
Cash Retained (M)146.39146.39146.39
(-) Cash Required (M)-56.28-35.17-21.10
(=) Excess Retained (M)90.11111.22125.29
(/) Shares Outstanding (M)500.00500.00500.00
(=) Excess Retained per Share0.180.220.25
LTM Dividend per Share0.270.270.27
(+) Excess Retained per Share0.180.220.25
(=) Adjusted Dividend0.450.490.52
WACC / Discount Rate5.02%5.02%5.02%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.29$8.10$10.37
Upside / Downside-47.58%-32.46%-13.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)281.39278.58275.79273.03270.30267.60275.63
Payout Ratio47.98%56.38%64.79%73.19%81.60%90.00%92.50%
Projected Dividends (M)135.00157.06178.67199.83220.55240.84254.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.02%5.02%5.02%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)148.05149.56151.07
Year 2 PV (M)158.74162.00165.29
Year 3 PV (M)167.35172.53177.81
Year 4 PV (M)174.10181.31188.75
Year 5 PV (M)179.19188.52198.24
PV of Terminal Value (M)9,390.389,879.3610,388.50
Equity Value (M)10,217.8110,733.2811,269.65
Shares Outstanding (M)500.00500.00500.00
Fair Value$20.44$21.47$22.54
Upside / Downside70.44%79.04%87.98%

High-Yield Dividend Screener

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