Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Starts Corporation Inc. (8850.T)

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

Valuation Snapshot

Stable Growth$12,917.56 - $42,761.77$21,037.63
Multi-Stage$8,369.49 - $9,147.61$8,751.48
Blended Fair Value$14,894.55
Current Price$5,080.00
Upside193.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.61%10.46%112.35101.9584.7068.2364.9577.8667.0564.8954.0647.60
YoY Growth--10.20%20.37%24.14%5.04%-16.58%16.12%3.33%20.03%13.58%14.53%
Dividend Yield--2.47%3.04%2.88%2.45%2.28%3.53%2.56%2.40%2.02%2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)23,084.00
(-) Cash Dividends Paid (M)5,854.00
(=) Cash Retained (M)17,230.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,616.802,885.501,731.30
Cash Retained (M)17,230.0017,230.0017,230.00
(-) Cash Required (M)-4,616.80-2,885.50-1,731.30
(=) Excess Retained (M)12,613.2014,344.5015,498.70
(/) Shares Outstanding (M)48.5748.5748.57
(=) Excess Retained per Share259.68295.32319.08
LTM Dividend per Share120.52120.52120.52
(+) Excess Retained per Share259.68295.32319.08
(=) Adjusted Dividend380.20415.84439.60
WACC / Discount Rate8.61%8.61%8.61%
Growth Rate5.50%6.50%7.50%
Fair Value$12,917.56$21,037.63$42,761.77
Upside / Downside154.28%314.13%741.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)23,084.0024,584.4626,182.4527,884.3129,696.7931,627.0832,575.89
Payout Ratio25.36%38.29%51.22%64.14%77.07%90.00%92.50%
Projected Dividends (M)5,854.009,412.8113,409.5317,886.0622,887.8828,464.3730,132.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.61%8.61%8.61%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)8,585.628,667.008,748.38
Year 2 PV (M)11,156.2611,368.7611,583.26
Year 3 PV (M)13,572.8913,962.5214,359.53
Year 4 PV (M)15,842.2116,451.4617,078.11
Year 5 PV (M)17,970.6718,838.6619,739.87
PV of Terminal Value (M)339,402.72355,795.99372,816.68
Equity Value (M)406,530.37425,084.39444,325.83
Shares Outstanding (M)48.5748.5748.57
Fair Value$8,369.49$8,751.48$9,147.61
Upside / Downside64.75%72.27%80.07%

High-Yield Dividend Screener

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