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Plymouth Industrial REIT, Inc. (PLYM)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$48.57 - $128.85$74.27
Multi-Stage$34.24 - $37.36$35.77
Blended Fair Value$55.02
Current Price$22.33
Upside146.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.93%0.00%0.970.940.890.700.570.440.250.040.000.00
YoY Growth--3.90%4.91%26.98%22.44%29.00%79.82%531.51%0.00%0.00%0.00%
Dividend Yield--5.96%4.34%4.24%2.59%3.40%3.98%1.47%0.23%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)92.81
(-) Cash Dividends Paid (M)46.35
(=) Cash Retained (M)46.46
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.5611.606.96
Cash Retained (M)46.4646.4646.46
(-) Cash Required (M)-18.56-11.60-6.96
(=) Excess Retained (M)27.8934.8539.49
(/) Shares Outstanding (M)44.8244.8244.82
(=) Excess Retained per Share0.620.780.88
LTM Dividend per Share1.031.031.03
(+) Excess Retained per Share0.620.780.88
(=) Adjusted Dividend1.661.811.92
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$48.57$74.27$128.85
Upside / Downside117.53%232.62%477.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)92.8198.84105.26112.10119.39127.15130.97
Payout Ratio49.94%57.95%65.97%73.98%81.99%90.00%92.50%
Projected Dividends (M)46.3557.2869.4482.9397.89114.44121.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)52.0152.5053.00
Year 2 PV (M)57.2558.3459.44
Year 3 PV (M)62.0863.8765.68
Year 4 PV (M)66.5469.1071.73
Year 5 PV (M)70.6374.0477.58
PV of Terminal Value (M)1,226.141,285.371,346.86
Equity Value (M)1,534.651,603.211,674.29
Shares Outstanding (M)44.8244.8244.82
Fair Value$34.24$35.77$37.36
Upside / Downside53.35%60.20%67.30%

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