Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Spear Reit Limited (SEA.JO)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$60.36 - $124.36$84.80
Multi-Stage$59.73 - $65.32$62.47
Blended Fair Value$73.64
Current Price$9.68
Upside660.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020201920182017
DPS5.63%0.00%0.880.660.640.490.580.670.560.320.000.00
YoY Growth--34.31%2.61%31.97%-16.70%-13.22%20.88%75.05%0.00%0.00%0.00%
Dividend Yield--9.14%7.90%8.76%5.71%11.47%7.56%5.30%3.31%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)887.86
(-) Cash Dividends Paid (M)402.82
(=) Cash Retained (M)485.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)177.57110.9866.59
Cash Retained (M)485.04485.04485.04
(-) Cash Required (M)-177.57-110.98-66.59
(=) Excess Retained (M)307.47374.06418.45
(/) Shares Outstanding (M)260.96260.96260.96
(=) Excess Retained per Share1.181.431.60
LTM Dividend per Share1.541.541.54
(+) Excess Retained per Share1.181.431.60
(=) Adjusted Dividend2.722.983.15
WACC / Discount Rate8.30%8.30%8.30%
Growth Rate3.63%4.63%5.63%
Fair Value$60.36$84.80$124.36
Upside / Downside523.52%776.02%1,184.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)887.86928.92971.891,016.841,063.871,113.071,146.46
Payout Ratio45.37%54.30%63.22%72.15%81.07%90.00%92.50%
Projected Dividends (M)402.82504.36614.44733.62862.521,001.761,060.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.30%8.30%8.30%
Growth Rate3.63%4.63%5.63%
Year 1 PV (M)461.27465.72470.17
Year 2 PV (M)513.92523.89533.95
Year 3 PV (M)561.18577.58594.30
Year 4 PV (M)603.39627.03651.34
Year 5 PV (M)640.92672.45705.21
PV of Terminal Value (M)12,806.4613,436.4214,090.94
Equity Value (M)15,587.1416,303.0917,045.91
Shares Outstanding (M)260.96260.96260.96
Fair Value$59.73$62.47$65.32
Upside / Downside517.04%545.38%574.79%

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