Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

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Sector

Starts Proceed Investment Corporation (8979.T)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$182,350.21 - $294,464.00$232,825.74
Multi-Stage$230,405.25 - $251,719.09$240,865.28
Blended Fair Value$236,845.51
Current Price$169,400.00
Upside39.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.11%0.00%9,988.9310,331.688,336.258,369.248,617.328,168.608,432.967,965.655,034.295,133.42
YoY Growth---3.32%23.94%-0.39%-2.88%5.49%-3.13%5.87%58.23%-1.93%0.00%
Dividend Yield--5.72%4.97%3.52%3.49%4.33%3.89%5.17%5.06%3.18%3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,683.54
(-) Cash Dividends Paid (M)2,961.16
(=) Cash Retained (M)1,722.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)936.71585.44351.27
Cash Retained (M)1,722.381,722.381,722.38
(-) Cash Required (M)-936.71-585.44-351.27
(=) Excess Retained (M)785.681,136.941,371.12
(/) Shares Outstanding (M)0.280.280.28
(=) Excess Retained per Share2,781.524,025.104,854.15
LTM Dividend per Share10,483.3510,483.3510,483.35
(+) Excess Retained per Share2,781.524,025.104,854.15
(=) Adjusted Dividend13,264.8614,508.4415,337.50
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate1.86%2.86%3.86%
Fair Value$182,350.21$232,825.74$294,464.00
Upside / Downside7.64%37.44%73.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,683.544,817.444,955.165,096.825,242.535,392.405,554.17
Payout Ratio63.22%68.58%73.93%79.29%84.64%90.00%92.50%
Projected Dividends (M)2,961.163,303.793,663.594,041.264,437.534,853.165,137.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate1.86%2.86%3.86%
Year 1 PV (M)2,994.163,023.553,052.95
Year 2 PV (M)3,009.063,068.443,128.39
Year 3 PV (M)3,008.183,097.653,188.88
Year 4 PV (M)2,993.583,112.883,235.71
Year 5 PV (M)2,967.133,115.673,270.09
PV of Terminal Value (M)50,108.8452,617.3455,225.30
Equity Value (M)65,080.9668,035.5371,101.33
Shares Outstanding (M)0.280.280.28
Fair Value$230,405.25$240,865.28$251,719.09
Upside / Downside36.01%42.19%48.59%

High-Yield Dividend Screener

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