Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Crombie Real Estate Investment Trust (CRR-UN.TO)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$9.53 - $15.33$12.15
Multi-Stage$13.96 - $15.27$14.60
Blended Fair Value$13.38
Current Price$14.87
Upside-10.04%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.670.660.670.740.760.000.000.000.000.00
YoY Growth--1.08%-1.29%-8.80%-3.32%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.71%4.85%4.41%4.02%4.82%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)163.14
(-) Cash Dividends Paid (M)124.03
(=) Cash Retained (M)39.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)32.6320.3912.24
Cash Retained (M)39.1139.1139.11
(-) Cash Required (M)-32.63-20.39-12.24
(=) Excess Retained (M)6.4818.7126.87
(/) Shares Outstanding (M)184.07184.07184.07
(=) Excess Retained per Share0.040.100.15
LTM Dividend per Share0.670.670.67
(+) Excess Retained per Share0.040.100.15
(=) Adjusted Dividend0.710.780.82
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate0.89%1.89%2.89%
Fair Value$9.53$12.15$15.33
Upside / Downside-35.88%-18.28%3.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)163.14166.22169.36172.56175.82179.14184.51
Payout Ratio76.03%78.82%81.62%84.41%87.21%90.00%92.50%
Projected Dividends (M)124.03131.02138.23145.66153.32161.22170.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate0.89%1.89%2.89%
Year 1 PV (M)119.69120.88122.06
Year 2 PV (M)115.36117.65119.98
Year 3 PV (M)111.05114.38117.78
Year 4 PV (M)106.78111.08115.51
Year 5 PV (M)102.58107.76113.15
PV of Terminal Value (M)2,014.292,116.122,222.02
Equity Value (M)2,569.742,687.872,810.50
Shares Outstanding (M)184.07184.07184.07
Fair Value$13.96$14.60$15.27
Upside / Downside-6.12%-1.80%2.68%

High-Yield Dividend Screener

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