Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

INET Freehold and Leasehold Real Estate Investment Trust (INETREIT.BK)

Company Dividend Discount ModelIndustry: REIT - SpecialtySector: Real Estate

Valuation Snapshot

Stable Growth$13.04 - $18.94$15.90
Multi-Stage$22.42 - $24.61$23.50
Blended Fair Value$19.70
Current Price$11.00
Upside79.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021201920182017
DPS0.00%0.00%0.730.510.590.080.000.000.000.000.000.00
YoY Growth--42.37%-12.57%607.75%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--8.36%5.87%5.32%0.69%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)894.68
(-) Cash Dividends Paid (M)403.32
(=) Cash Retained (M)491.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)178.94111.8367.10
Cash Retained (M)491.36491.36491.36
(-) Cash Required (M)-178.94-111.83-67.10
(=) Excess Retained (M)312.43379.53424.26
(/) Shares Outstanding (M)504.48504.48504.48
(=) Excess Retained per Share0.620.750.84
LTM Dividend per Share0.800.800.80
(+) Excess Retained per Share0.620.750.84
(=) Adjusted Dividend1.421.551.64
WACC / Discount Rate8.66%8.66%8.66%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.04$15.90$18.94
Upside / Downside18.56%44.56%72.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)894.68885.73876.87868.10859.42850.83876.35
Payout Ratio45.08%54.06%63.05%72.03%81.02%90.00%92.50%
Projected Dividends (M)403.32478.86552.85625.31696.27765.75810.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.66%8.66%8.66%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)436.24440.69445.14
Year 2 PV (M)458.82468.23477.73
Year 3 PV (M)472.77487.39502.30
Year 4 PV (M)479.56499.44519.92
Year 5 PV (M)480.47505.49531.54
PV of Terminal Value (M)8,984.599,452.449,939.57
Equity Value (M)11,312.4411,853.6612,416.22
Shares Outstanding (M)504.48504.48504.48
Fair Value$22.42$23.50$24.61
Upside / Downside103.86%113.61%123.75%

High-Yield Dividend Screener

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