DDM Analysis: 5227.KL

Valuation Snapshot

Stable Growth	$1.81 - $2.90	$2.31
Multi-Stage	$2.28 - $2.49	$2.38
Blended Fair Value	$2.34
Current Price	$2.78
Upside	-15.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.72%	4.33%	0.11	0.10	0.09	0.06	0.07	0.09	0.12	0.08	0.08	0.08
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.75	76.72	46.03
Cash Retained (M)	310.85	310.85	310.85
(-) Cash Required (M)	-122.75	-76.72	-46.03
(=) Excess Retained (M)	188.11	234.14	264.82
(/) Shares Outstanding (M)	3,616.93	3,616.93	3,616.93
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	1.72%	2.72%	3.72%
Fair Value	$1.81	$2.31	$2.90
Upside / Downside	-34.76%	-17.04%	4.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	613.73	630.43	647.58	665.20	683.29	701.88	722.94
Payout Ratio	49.35%	57.48%	65.61%	73.74%	81.87%	90.00%	92.50%
Projected Dividends (M)	302.88	362.37	424.88	490.52	559.41	631.69	668.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	1.72%	2.72%	3.72%
Year 1 PV (M)	328.21	331.44	334.67
Year 2 PV (M)	348.55	355.44	362.39
Year 3 PV (M)	364.46	375.32	386.38
Year 4 PV (M)	376.47	391.49	406.96
Year 5 PV (M)	385.04	404.34	424.41
PV of Terminal Value (M)	6,435.96	6,758.60	7,094.05
Equity Value (M)	8,238.69	8,616.62	9,008.86
Shares Outstanding (M)	3,616.93	3,616.93	3,616.93
Fair Value	$2.28	$2.38	$2.49
Upside / Downside	-18.06%	-14.31%	-10.40%

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Financial Statements

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IGB Real Estate Investment Trust (5227.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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