Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tricon Residential Inc. (TCN)

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

Valuation Snapshot

Stable Growth$65.28 - $76.91$72.07
Multi-Stage$18.52 - $20.29$19.39
Blended Fair Value$45.73
Current Price$9.10
Upside402.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS37.42%23.92%0.330.200.140.120.110.070.060.060.050.06
YoY Growth--61.43%48.53%12.30%12.33%61.99%7.65%7.35%9.03%-4.88%45.36%
Dividend Yield--3.60%2.62%0.86%0.93%0.83%0.51%0.48%0.44%0.41%0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)113.13
(-) Cash Dividends Paid (M)60.90
(=) Cash Retained (M)52.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.6314.148.48
Cash Retained (M)52.2452.2452.24
(-) Cash Required (M)-22.63-14.14-8.48
(=) Excess Retained (M)29.6138.0943.75
(/) Shares Outstanding (M)292.56292.56292.56
(=) Excess Retained per Share0.100.130.15
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.100.130.15
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate5.19%5.19%5.19%
Growth Rate5.50%6.50%7.50%
Fair Value$65.28$72.07$76.91
Upside / Downside617.31%692.00%745.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)113.13120.49128.32136.66145.54155.00159.65
Payout Ratio53.83%61.06%68.30%75.53%82.77%90.00%92.50%
Projected Dividends (M)60.9073.5787.64103.22120.46139.50147.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.19%5.19%5.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)69.2869.9470.60
Year 2 PV (M)77.7279.2080.69
Year 3 PV (M)86.2088.6891.20
Year 4 PV (M)94.7398.38102.12
Year 5 PV (M)103.31108.30113.49
PV of Terminal Value (M)4,987.365,228.255,478.36
Equity Value (M)5,418.615,672.755,936.46
Shares Outstanding (M)292.56292.56292.56
Fair Value$18.52$19.39$20.29
Upside / Downside103.53%113.08%122.99%

High-Yield Dividend Screener

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