Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fibra Shop (FSHOP13.MX)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$32.38 - $49.42$40.36
Multi-Stage$67.31 - $74.17$70.67
Blended Fair Value$55.51
Current Price$8.86
Upside526.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.420.120.080.450.300.000.000.000.000.00
YoY Growth--250.00%60.00%-83.33%49.91%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.85%1.93%1.26%0.00%0.00%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)2,414.26
(-) Cash Dividends Paid (M)360.00
(=) Cash Retained (M)2,054.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)482.85301.78181.07
Cash Retained (M)2,054.262,054.262,054.26
(-) Cash Required (M)-482.85-301.78-181.07
(=) Excess Retained (M)1,571.411,752.481,873.19
(/) Shares Outstanding (M)663.73663.73663.73
(=) Excess Retained per Share2.372.642.82
LTM Dividend per Share0.540.540.54
(+) Excess Retained per Share2.372.642.82
(=) Adjusted Dividend2.913.183.36
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-2.00%-1.00%0.00%
Fair Value$32.38$40.36$49.42
Upside / Downside265.44%355.49%457.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,414.262,390.122,366.222,342.562,319.132,295.942,364.82
Payout Ratio14.91%29.93%44.95%59.96%74.98%90.00%92.50%
Projected Dividends (M)360.00715.341,063.541,404.701,738.942,066.352,187.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)662.98669.75676.51
Year 2 PV (M)913.55932.29951.21
Year 3 PV (M)1,118.281,152.861,188.15
Year 4 PV (M)1,283.031,336.211,391.02
Year 5 PV (M)1,413.011,486.591,563.20
PV of Terminal Value (M)39,284.3241,329.9443,459.91
Equity Value (M)44,675.1646,907.6349,230.00
Shares Outstanding (M)663.73663.73663.73
Fair Value$67.31$70.67$74.17
Upside / Downside659.70%697.66%737.16%

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