Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

IGB Real Estate Investment Trust (5227.KL)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$2.17 - $3.73$2.84
Multi-Stage$2.86 - $3.13$2.99
Blended Fair Value$2.92
Current Price$2.78
Upside4.93%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.72%4.33%0.110.100.090.060.070.090.120.080.080.08
YoY Growth--6.98%7.33%61.75%-13.13%-25.60%-21.25%36.90%7.38%-2.21%12.40%
Dividend Yield--4.84%5.88%5.45%3.83%3.88%5.70%6.19%5.42%4.63%5.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)613.73
(-) Cash Dividends Paid (M)302.88
(=) Cash Retained (M)310.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.7576.7246.03
Cash Retained (M)310.85310.85310.85
(-) Cash Required (M)-122.75-76.72-46.03
(=) Excess Retained (M)188.11234.14264.82
(/) Shares Outstanding (M)3,616.933,616.933,616.93
(=) Excess Retained per Share0.050.060.07
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.050.060.07
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate1.72%2.72%3.72%
Fair Value$2.17$2.84$3.73
Upside / Downside-22.02%2.16%34.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)613.73630.43647.58665.20683.29701.88722.94
Payout Ratio49.35%57.48%65.61%73.74%81.87%90.00%92.50%
Projected Dividends (M)302.88362.37424.88490.52559.41631.69668.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate1.72%2.72%3.72%
Year 1 PV (M)331.99335.25338.52
Year 2 PV (M)356.61363.66370.77
Year 3 PV (M)377.18388.41399.87
Year 4 PV (M)394.09409.81426.01
Year 5 PV (M)407.69428.13449.38
PV of Terminal Value (M)8,478.858,903.909,345.83
Equity Value (M)10,346.4110,829.1711,330.37
Shares Outstanding (M)3,616.933,616.933,616.93
Fair Value$2.86$2.99$3.13
Upside / Downside2.90%7.70%12.68%

High-Yield Dividend Screener

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