Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shurgard Self Storage S.A. (SHUR.BR)

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

Valuation Snapshot

Stable Growth$158.90 - $314.18$219.89
Multi-Stage$237.04 - $260.54$248.56
Blended Fair Value$234.23
Current Price$37.00
Upside533.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.47%0.00%0.731.081.111.030.910.612.640.000.000.00
YoY Growth---32.39%-2.46%7.45%13.28%47.74%-76.68%0.00%0.00%0.00%0.00%
Dividend Yield--2.03%2.40%2.58%1.79%2.56%1.81%10.87%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)937.94
(-) Cash Dividends Paid (M)129.49
(=) Cash Retained (M)808.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)187.59117.2470.35
Cash Retained (M)808.45808.45808.45
(-) Cash Required (M)-187.59-117.24-70.35
(=) Excess Retained (M)620.87691.21738.11
(/) Shares Outstanding (M)96.7296.7296.72
(=) Excess Retained per Share6.427.157.63
LTM Dividend per Share1.341.341.34
(+) Excess Retained per Share6.427.157.63
(=) Adjusted Dividend7.768.498.97
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate1.47%2.47%3.47%
Fair Value$158.90$219.89$314.18
Upside / Downside329.45%494.30%749.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)937.94961.11984.851,009.181,034.111,059.661,091.45
Payout Ratio13.81%29.04%44.28%59.52%74.76%90.00%92.50%
Projected Dividends (M)129.49279.15436.12600.69773.11953.691,009.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate1.47%2.47%3.47%
Year 1 PV (M)259.74262.30264.86
Year 2 PV (M)377.58385.06392.61
Year 3 PV (M)483.89498.34513.07
Year 4 PV (M)579.48602.67626.54
Year 5 PV (M)665.13698.56733.31
PV of Terminal Value (M)20,561.3921,594.7322,669.20
Equity Value (M)22,927.2124,041.6425,199.59
Shares Outstanding (M)96.7296.7296.72
Fair Value$237.04$248.56$260.54
Upside / Downside540.65%571.80%604.15%

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