Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fastighets AB Trianon (publ) (TRIAN-B.ST)

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

Valuation Snapshot

Stable Growth$16.16 - $24.05$19.92
Multi-Stage$80.14 - $88.81$84.38
Blended Fair Value$52.15
Current Price$19.48
Upside167.72%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-28.05%-5.59%0.040.300.610.360.000.220.180.110.100.08
YoY Growth---86.15%-50.55%72.95%9,671.43%-98.33%22.09%63.03%9.33%20.63%11.11%
Dividend Yield--0.22%1.65%3.49%0.69%0.01%0.95%1.01%0.80%0.78%0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)396.40
(-) Cash Dividends Paid (M)4.10
(=) Cash Retained (M)392.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)79.2849.5529.73
Cash Retained (M)392.30392.30392.30
(-) Cash Required (M)-79.28-49.55-29.73
(=) Excess Retained (M)313.02342.75362.57
(/) Shares Outstanding (M)192.42192.42192.42
(=) Excess Retained per Share1.631.781.88
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share1.631.781.88
(=) Adjusted Dividend1.651.801.91
WACC / Discount Rate4.59%4.59%4.59%
Growth Rate-5.09%-4.09%-3.09%
Fair Value$16.16$19.92$24.05
Upside / Downside-17.03%2.27%23.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)396.40380.18364.62349.70335.39321.66331.31
Payout Ratio1.03%18.83%36.62%54.41%72.21%90.00%92.50%
Projected Dividends (M)4.1071.58133.53190.28242.17289.50306.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.59%4.59%4.59%
Growth Rate-5.09%-4.09%-3.09%
Year 1 PV (M)67.7368.4469.15
Year 2 PV (M)119.54122.07124.63
Year 3 PV (M)161.19166.34171.59
Year 4 PV (M)194.10202.41210.99
Year 5 PV (M)219.54231.36243.67
PV of Terminal Value (M)14,657.4215,446.0616,268.29
Equity Value (M)15,419.5316,236.6817,088.33
Shares Outstanding (M)192.42192.42192.42
Fair Value$80.14$84.38$88.81
Upside / Downside311.37%333.17%355.89%

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