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Major Cineplex Lifestyle Leasehold Property Fund. (MJLF.BK)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$7.52 - $10.46$9.00
Multi-Stage$20.49 - $22.63$21.54
Blended Fair Value$15.27
Current Price$3.94
Upside287.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.13%-5.38%0.560.380.501.000.380.810.880.941.011.02
YoY Growth--46.08%-23.40%-49.85%165.87%-53.70%-7.43%-6.42%-7.43%-1.17%5.04%
Dividend Yield--12.83%10.76%11.06%12.16%5.28%10.95%6.94%7.42%6.92%7.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)441.20
(-) Cash Dividends Paid (M)204.60
(=) Cash Retained (M)236.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)88.2455.1533.09
Cash Retained (M)236.60236.60236.60
(-) Cash Required (M)-88.24-55.15-33.09
(=) Excess Retained (M)148.36181.45203.51
(/) Shares Outstanding (M)330.00330.00330.00
(=) Excess Retained per Share0.450.550.62
LTM Dividend per Share0.620.620.62
(+) Excess Retained per Share0.450.550.62
(=) Adjusted Dividend1.071.171.24
WACC / Discount Rate6.79%6.79%6.79%
Growth Rate-6.50%-5.50%-4.50%
Fair Value$7.52$9.00$10.46
Upside / Downside90.98%128.30%165.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)441.20416.94394.01372.34351.87332.52342.50
Payout Ratio46.37%55.10%63.82%72.55%81.27%90.00%92.50%
Projected Dividends (M)204.60229.73251.47270.13285.98299.27316.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.79%6.79%6.79%
Growth Rate-6.50%-5.50%-4.50%
Year 1 PV (M)212.84215.12217.40
Year 2 PV (M)215.86220.51225.20
Year 3 PV (M)214.84221.81228.92
Year 4 PV (M)210.72219.88229.34
Year 5 PV (M)204.31215.47227.11
PV of Terminal Value (M)5,704.756,016.416,341.54
Equity Value (M)6,763.337,109.197,469.51
Shares Outstanding (M)330.00330.00330.00
Fair Value$20.49$21.54$22.63
Upside / Downside420.18%446.78%474.49%

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