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Brixmor Property Group Inc. (BRX)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$9.93 - $15.19$12.39
Multi-Stage$15.63 - $17.10$16.35
Blended Fair Value$14.37
Current Price$27.68
Upside-48.09%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.22%6.70%1.081.030.940.840.561.091.091.030.960.87
YoY Growth--5.05%8.86%12.60%50.96%-49.12%0.45%5.05%7.51%10.04%54.94%
Dividend Yield--4.07%4.53%4.39%3.25%2.75%11.49%5.93%6.78%4.48%3.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)332.51
(-) Cash Dividends Paid (M)260.34
(=) Cash Retained (M)72.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.5041.5624.94
Cash Retained (M)72.1772.1772.17
(-) Cash Required (M)-66.50-41.56-24.94
(=) Excess Retained (M)5.6730.6147.23
(/) Shares Outstanding (M)306.75306.75306.75
(=) Excess Retained per Share0.020.100.15
LTM Dividend per Share0.850.850.85
(+) Excess Retained per Share0.020.100.15
(=) Adjusted Dividend0.870.951.00
WACC / Discount Rate8.65%8.65%8.65%
Growth Rate-0.08%0.92%1.92%
Fair Value$9.93$12.39$15.19
Upside / Downside-64.13%-55.24%-45.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)332.51335.58338.68341.81344.97348.16358.60
Payout Ratio78.30%80.64%82.98%85.32%87.66%90.00%92.50%
Projected Dividends (M)260.34270.60281.03291.63302.40313.34331.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.65%8.65%8.65%
Growth Rate-0.08%0.92%1.92%
Year 1 PV (M)246.59249.05251.52
Year 2 PV (M)233.36238.06242.80
Year 3 PV (M)220.67227.36234.19
Year 4 PV (M)208.52216.99225.72
Year 5 PV (M)196.89206.94217.40
PV of Terminal Value (M)3,688.293,876.574,072.47
Equity Value (M)4,794.325,014.985,244.10
Shares Outstanding (M)306.75306.75306.75
Fair Value$15.63$16.35$17.10
Upside / Downside-43.53%-40.94%-38.24%

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