Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mack-Cali Realty Corporation (CLI)

Company Dividend Discount ModelIndustry: REIT - OfficeSector: Real Estate

Valuation Snapshot

Stable Growth$3.59 - $4.59$4.12
Multi-Stage$7.77 - $8.67$8.21
Blended Fair Value$6.17
Current Price$18.35
Upside-66.40%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202020192018201720162015201420132012
DPS-16.72%-18.16%0.240.591.010.920.760.590.590.881.471.76
YoY Growth---60.27%-40.99%9.10%20.80%29.62%0.09%-33.22%-39.89%-16.93%0.79%
Dividend Yield--1.29%3.84%6.61%4.18%4.57%2.19%2.50%4.57%7.05%6.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)154.48
(-) Cash Dividends Paid (M)33.54
(=) Cash Retained (M)120.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.9019.3111.59
Cash Retained (M)120.94120.94120.94
(-) Cash Required (M)-30.90-19.31-11.59
(=) Excess Retained (M)90.05101.63109.35
(/) Shares Outstanding (M)101.96101.96101.96
(=) Excess Retained per Share0.881.001.07
LTM Dividend per Share0.330.330.33
(+) Excess Retained per Share0.881.001.07
(=) Adjusted Dividend1.211.331.40
WACC / Discount Rate8.73%8.73%8.73%
Growth Rate-18.72%-17.72%-16.72%
Fair Value$3.59$4.12$4.59
Upside / Downside-80.44%-77.53%-75.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)154.48127.10104.5886.0570.8058.2560.00
Payout Ratio21.71%35.37%49.03%62.68%76.34%90.00%92.50%
Projected Dividends (M)33.5444.9551.2753.9454.0552.4355.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.73%8.73%8.73%
Growth Rate-18.72%-17.72%-16.72%
Year 1 PV (M)40.8441.3441.84
Year 2 PV (M)42.3243.3744.43
Year 3 PV (M)40.4541.9643.51
Year 4 PV (M)36.8238.6740.58
Year 5 PV (M)32.4534.5036.64
PV of Terminal Value (M)599.14636.91676.57
Equity Value (M)792.01836.74883.57
Shares Outstanding (M)101.96101.96101.96
Fair Value$7.77$8.21$8.67
Upside / Downside-57.67%-55.28%-52.77%

High-Yield Dividend Screener

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