Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

City Developments Limited (C09.SI)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$11.83 - $18.18$14.79
Multi-Stage$39.87 - $44.06$41.92
Blended Fair Value$28.36
Current Price$5.19
Upside446.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.02%-7.48%0.140.230.240.190.210.300.310.270.260.30
YoY Growth---38.78%-7.27%27.87%-8.55%-29.20%-5.83%17.01%2.70%-12.46%-1.31%
Dividend Yield--2.72%3.43%2.97%2.81%2.62%2.70%3.86%2.17%3.15%3.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,199.39
(-) Cash Dividends Paid (M)204.86
(=) Cash Retained (M)994.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)239.88149.9289.95
Cash Retained (M)994.53994.53994.53
(-) Cash Required (M)-239.88-149.92-89.95
(=) Excess Retained (M)754.65844.60904.57
(/) Shares Outstanding (M)909.57909.57909.57
(=) Excess Retained per Share0.830.930.99
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.830.930.99
(=) Adjusted Dividend1.051.151.22
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate-3.39%-2.39%-1.39%
Fair Value$11.83$14.79$18.18
Upside / Downside127.90%184.91%250.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,199.391,170.691,142.671,115.321,088.631,062.571,094.45
Payout Ratio17.08%31.66%46.25%60.83%75.42%90.00%92.50%
Projected Dividends (M)204.86370.69528.46678.47821.00956.321,012.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate-3.39%-2.39%-1.39%
Year 1 PV (M)348.68352.29355.90
Year 2 PV (M)467.58477.31487.14
Year 3 PV (M)564.66582.38600.46
Year 4 PV (M)642.71669.74697.61
Year 5 PV (M)704.19741.40780.16
PV of Terminal Value (M)33,537.5135,309.6037,155.81
Equity Value (M)36,265.3338,132.7140,077.08
Shares Outstanding (M)909.57909.57909.57
Fair Value$39.87$41.92$44.06
Upside / Downside668.22%707.78%748.97%

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