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Taleem REIT Fund (4333.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$12.67 - $19.57$15.87
Multi-Stage$29.23 - $32.14$30.65
Blended Fair Value$23.26
Current Price$9.58
Upside142.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.640.640.660.520.640.640.350.140.000.00
YoY Growth--0.00%-3.02%26.97%-18.75%-0.06%85.47%140.14%0.00%0.00%0.00%
Dividend Yield--6.25%5.65%5.53%4.23%4.97%5.13%3.37%1.19%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)69.76
(-) Cash Dividends Paid (M)48.96
(=) Cash Retained (M)20.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.958.725.23
Cash Retained (M)20.8020.8020.80
(-) Cash Required (M)-13.95-8.72-5.23
(=) Excess Retained (M)6.8512.0815.57
(/) Shares Outstanding (M)51.0051.0051.00
(=) Excess Retained per Share0.130.240.31
LTM Dividend per Share0.960.960.96
(+) Excess Retained per Share0.130.240.31
(=) Adjusted Dividend1.091.201.27
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.67$15.87$19.57
Upside / Downside32.24%65.68%104.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)69.7669.0668.3767.6967.0166.3468.33
Payout Ratio70.19%74.15%78.11%82.07%86.04%90.00%92.50%
Projected Dividends (M)48.9651.2153.4055.5557.6559.7163.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)47.6148.1048.58
Year 2 PV (M)46.1747.1248.07
Year 3 PV (M)44.6546.0347.44
Year 4 PV (M)43.0944.8746.71
Year 5 PV (M)41.4943.6545.90
PV of Terminal Value (M)1,267.591,333.591,402.32
Equity Value (M)1,490.601,563.361,639.03
Shares Outstanding (M)51.0051.0051.00
Fair Value$29.23$30.65$32.14
Upside / Downside205.09%219.98%235.47%

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