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CapitaLand Integrated Commercial Trust (C38U.SI)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$17.25 - $52.49$49.19
Multi-Stage$7.31 - $7.99$7.64
Blended Fair Value$28.42
Current Price$2.17
Upside1,209.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.57%7.44%0.110.100.100.070.050.060.070.060.060.06
YoY Growth--7.11%3.41%52.85%20.71%-3.42%-15.64%15.37%0.17%1.36%5.04%
Dividend Yield--5.74%5.07%4.92%3.22%2.52%2.29%2.96%2.68%3.06%2.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,808.08
(-) Cash Dividends Paid (M)1,351.18
(=) Cash Retained (M)456.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)361.62226.01135.61
Cash Retained (M)456.90456.90456.90
(-) Cash Required (M)-361.62-226.01-135.61
(=) Excess Retained (M)95.28230.89321.29
(/) Shares Outstanding (M)6,850.336,850.336,850.33
(=) Excess Retained per Share0.010.030.05
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.010.030.05
(=) Adjusted Dividend0.210.230.24
WACC / Discount Rate6.79%6.79%6.79%
Growth Rate5.50%6.50%7.50%
Fair Value$17.25$49.19$52.49
Upside / Downside695.03%2,166.91%2,318.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,808.081,925.602,050.772,184.072,326.032,477.222,551.54
Payout Ratio74.73%77.78%80.84%83.89%86.95%90.00%92.50%
Projected Dividends (M)1,351.181,497.821,657.801,832.262,022.392,229.502,360.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.79%6.79%6.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,389.401,402.571,415.73
Year 2 PV (M)1,426.491,453.661,481.08
Year 3 PV (M)1,462.481,504.461,547.24
Year 4 PV (M)1,497.391,554.971,614.21
Year 5 PV (M)1,531.241,605.201,681.99
PV of Terminal Value (M)42,756.2544,821.3946,965.57
Equity Value (M)50,063.2452,342.2554,705.83
Shares Outstanding (M)6,850.336,850.336,850.33
Fair Value$7.31$7.64$7.99
Upside / Downside236.78%252.11%268.01%

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