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Alkhabeer REIT Fund (4348.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$6.25 - $9.66$7.84
Multi-Stage$14.75 - $16.20$15.46
Blended Fair Value$11.65
Current Price$5.77
Upside101.87%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS13.52%0.00%0.380.280.450.380.260.200.000.000.000.00
YoY Growth--33.33%-37.00%17.60%45.45%31.22%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.64%4.61%5.92%4.42%2.80%1.84%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)95.22
(-) Cash Dividends Paid (M)93.39
(=) Cash Retained (M)1.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19.0411.907.14
Cash Retained (M)1.831.831.83
(-) Cash Required (M)-19.04-11.90-7.14
(=) Excess Retained (M)-17.22-10.07-5.31
(/) Shares Outstanding (M)141.01141.01141.01
(=) Excess Retained per Share-0.12-0.07-0.04
LTM Dividend per Share0.660.660.66
(+) Excess Retained per Share-0.12-0.07-0.04
(=) Adjusted Dividend0.540.590.62
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.25$7.84$9.66
Upside / Downside8.39%35.80%67.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)95.2294.2693.3292.3991.4690.5593.27
Payout Ratio98.08%96.46%94.85%93.23%91.62%90.00%92.50%
Projected Dividends (M)93.3990.9388.5186.1483.8081.4986.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)84.5585.4186.27
Year 2 PV (M)76.5278.0979.68
Year 3 PV (M)69.2471.3873.56
Year 4 PV (M)62.6365.2267.90
Year 5 PV (M)56.6359.5862.65
PV of Terminal Value (M)1,730.191,820.281,914.09
Equity Value (M)2,079.752,179.962,284.15
Shares Outstanding (M)141.01141.01141.01
Fair Value$14.75$15.46$16.20
Upside / Downside155.62%167.93%180.74%

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