Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pavilion Real Estate Investment Trust (5212.KL)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$3.84 - $19.92$6.91
Multi-Stage$2.69 - $2.95$2.82
Blended Fair Value$4.86
Current Price$1.82
Upside167.14%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.44%3.91%0.090.070.050.040.050.070.070.060.070.07
YoY Growth--23.37%33.07%53.38%-23.70%-35.32%2.74%7.50%-2.95%1.23%8.89%
Dividend Yield--6.05%5.63%4.04%2.68%3.31%4.53%3.85%4.73%3.84%3.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)444.36
(-) Cash Dividends Paid (M)176.08
(=) Cash Retained (M)268.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)88.8755.5533.33
Cash Retained (M)268.28268.28268.28
(-) Cash Required (M)-88.87-55.55-33.33
(=) Excess Retained (M)179.41212.74234.96
(/) Shares Outstanding (M)3,750.623,750.623,750.62
(=) Excess Retained per Share0.050.060.06
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.050.060.06
(=) Adjusted Dividend0.090.100.11
WACC / Discount Rate7.32%7.32%7.32%
Growth Rate4.73%5.73%6.73%
Fair Value$3.84$6.91$19.92
Upside / Downside110.81%279.43%994.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)444.36469.85496.79525.28555.41587.26604.88
Payout Ratio39.63%49.70%59.78%69.85%79.93%90.00%92.50%
Projected Dividends (M)176.08233.51296.96366.91443.91528.53559.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.32%7.32%7.32%
Growth Rate4.73%5.73%6.73%
Year 1 PV (M)215.52217.58219.64
Year 2 PV (M)252.97257.82262.72
Year 3 PV (M)288.48296.82305.32
Year 4 PV (M)322.13334.61347.45
Year 5 PV (M)353.99371.21389.10
PV of Terminal Value (M)8,669.929,091.799,529.94
Equity Value (M)10,103.0010,569.8311,054.16
Shares Outstanding (M)3,750.623,750.623,750.62
Fair Value$2.69$2.82$2.95
Upside / Downside48.00%54.84%61.94%

High-Yield Dividend Screener

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