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Centuria Industrial REIT (CIP.AX)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$21.69 - $56.75$53.18
Multi-Stage$8.36 - $9.13$8.74
Blended Fair Value$30.96
Current Price$3.12
Upside892.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS13.76%16.41%0.160.160.160.150.130.090.070.070.070.07
YoY Growth--1.41%-1.99%12.16%16.24%47.05%20.99%-1.16%1.21%5.43%88.03%
Dividend Yield--5.20%5.30%5.26%5.18%3.37%2.71%2.31%2.80%2.88%2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)181.21
(-) Cash Dividends Paid (M)152.86
(=) Cash Retained (M)28.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.2422.6513.59
Cash Retained (M)28.3528.3528.35
(-) Cash Required (M)-36.24-22.65-13.59
(=) Excess Retained (M)-7.895.7014.76
(/) Shares Outstanding (M)635.08635.08635.08
(=) Excess Retained per Share-0.010.010.02
LTM Dividend per Share0.240.240.24
(+) Excess Retained per Share-0.010.010.02
(=) Adjusted Dividend0.230.250.26
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate5.50%6.50%7.50%
Fair Value$21.69$53.18$56.75
Upside / Downside595.33%1,604.45%1,718.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)181.21192.99205.53218.89233.12248.27255.72
Payout Ratio84.35%85.48%86.61%87.74%88.87%90.00%92.50%
Projected Dividends (M)152.86164.97178.02192.06207.18223.45236.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)153.29154.74156.20
Year 2 PV (M)153.70156.63159.58
Year 3 PV (M)154.08158.50163.01
Year 4 PV (M)154.44160.38166.49
Year 5 PV (M)154.77162.25170.01
PV of Terminal Value (M)4,538.564,757.774,985.37
Equity Value (M)5,308.845,550.275,800.66
Shares Outstanding (M)635.08635.08635.08
Fair Value$8.36$8.74$9.13
Upside / Downside167.93%180.11%192.75%

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