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DigitalBridge Group, Inc. (DBRG)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$9.20 - $22.77$13.77
Multi-Stage$6.52 - $7.13$6.82
Blended Fair Value$10.30
Current Price$11.70
Upside-12.00%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-49.88%-25.69%0.040.040.010.000.621.251.812.801.050.96
YoY Growth--4.54%295.90%0.00%-100.00%-50.26%-31.04%-35.60%166.13%9.43%25.60%
Dividend Yield--0.45%0.19%0.08%0.00%2.39%17.79%8.19%12.47%2.04%2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)71.77
(-) Cash Dividends Paid (M)7.06
(=) Cash Retained (M)64.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.358.975.38
Cash Retained (M)64.7164.7164.71
(-) Cash Required (M)-14.35-8.97-5.38
(=) Excess Retained (M)50.3555.7459.33
(/) Shares Outstanding (M)171.95171.95171.95
(=) Excess Retained per Share0.290.320.35
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share0.290.320.35
(=) Adjusted Dividend0.330.370.39
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.28%6.28%7.28%
Fair Value$9.20$13.77$22.77
Upside / Downside-21.33%17.68%94.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)71.7776.2781.0686.1591.5697.31100.23
Payout Ratio9.84%25.87%41.90%57.93%73.97%90.00%92.50%
Projected Dividends (M)7.0619.7333.9749.9167.7387.5892.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.28%6.28%7.28%
Year 1 PV (M)17.9218.0918.26
Year 2 PV (M)28.0028.5429.08
Year 3 PV (M)37.3638.4439.53
Year 4 PV (M)46.0347.8149.63
Year 5 PV (M)54.0556.6759.38
PV of Terminal Value (M)938.30983.721,030.88
Equity Value (M)1,121.661,173.251,226.76
Shares Outstanding (M)171.95171.95171.95
Fair Value$6.52$6.82$7.13
Upside / Downside-44.25%-41.68%-39.02%

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