Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

IGB Real Estate Investment Trust (5227.KL)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$2.08 - $3.52$2.71
Multi-Stage$2.72 - $2.98$2.84
Blended Fair Value$2.78
Current Price$2.78
Upside-0.09%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.72%4.33%0.110.100.090.060.070.090.120.080.080.08
YoY Growth--6.98%7.33%61.75%-13.13%-25.60%-21.25%36.90%7.38%-2.21%12.40%
Dividend Yield--4.84%5.88%5.45%3.83%3.88%5.70%6.19%5.42%4.63%5.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)613.73
(-) Cash Dividends Paid (M)302.88
(=) Cash Retained (M)310.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.7576.7246.03
Cash Retained (M)310.85310.85310.85
(-) Cash Required (M)-122.75-76.72-46.03
(=) Excess Retained (M)188.11234.14264.82
(/) Shares Outstanding (M)3,616.933,616.933,616.93
(=) Excess Retained per Share0.050.060.07
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.050.060.07
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate8.35%8.35%8.35%
Growth Rate1.72%2.72%3.72%
Fair Value$2.08$2.71$3.52
Upside / Downside-25.04%-2.50%26.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)613.73630.43647.58665.20683.29701.88722.94
Payout Ratio49.35%57.48%65.61%73.74%81.87%90.00%92.50%
Projected Dividends (M)302.88362.37424.88490.52559.41631.69668.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.35%8.35%8.35%
Growth Rate1.72%2.72%3.72%
Year 1 PV (M)331.20334.46337.71
Year 2 PV (M)354.92361.94369.02
Year 3 PV (M)374.51385.66397.03
Year 4 PV (M)390.37405.94421.98
Year 5 PV (M)402.88423.08444.08
PV of Terminal Value (M)7,976.598,376.468,792.20
Equity Value (M)9,830.4710,287.5310,762.03
Shares Outstanding (M)3,616.933,616.933,616.93
Fair Value$2.72$2.84$2.98
Upside / Downside-2.23%2.31%7.03%

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