Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

IGIS RESIDENCE REIT Co., Ltd. (350520.KS)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$2,702.03 - $3,875.90$3,276.25
Multi-Stage$4,322.33 - $4,745.91$4,530.02
Blended Fair Value$3,903.14
Current Price$3,875.00
Upside0.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420242023202220212020
DPS0.00%0.00%115.38204.61176.6273.7672.640.000.000.000.000.00
YoY Growth---43.61%15.85%139.46%1.54%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.83%5.06%4.98%1.76%1.42%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,318.01
(-) Cash Dividends Paid (M)4,253.79
(=) Cash Retained (M)10,064.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,863.601,789.751,073.85
Cash Retained (M)10,064.2110,064.2110,064.21
(-) Cash Required (M)-2,863.60-1,789.75-1,073.85
(=) Excess Retained (M)7,200.618,274.468,990.36
(/) Shares Outstanding (M)36.8736.8736.87
(=) Excess Retained per Share195.31224.44243.86
LTM Dividend per Share115.38115.38115.38
(+) Excess Retained per Share195.31224.44243.86
(=) Adjusted Dividend310.69339.82359.24
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,702.03$3,276.25$3,875.90
Upside / Downside-30.27%-15.45%0.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,318.0114,174.8314,033.0813,892.7513,753.8213,616.2814,024.77
Payout Ratio29.71%41.77%53.83%65.88%77.94%90.00%92.50%
Projected Dividends (M)4,253.795,920.477,553.399,153.0610,719.9912,254.6512,972.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)5,363.555,418.285,473.01
Year 2 PV (M)6,199.186,326.346,454.79
Year 3 PV (M)6,805.427,015.887,230.64
Year 4 PV (M)7,220.697,519.967,828.43
Year 5 PV (M)7,477.947,867.338,272.78
PV of Terminal Value (M)126,287.31132,863.38139,710.59
Equity Value (M)159,354.10167,011.19174,970.25
Shares Outstanding (M)36.8736.8736.87
Fair Value$4,322.33$4,530.02$4,745.91
Upside / Downside11.54%16.90%22.47%

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