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United Urban Investment Corporation (8960.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$154,830.56 - $247,553.28$196,868.47
Multi-Stage$330,304.61 - $362,962.78$346,316.80
Blended Fair Value$271,592.64
Current Price$151,200.00
Upside79.62%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.10%5.08%7,032.476,401.646,280.406,370.816,980.987,066.156,822.236,100.935,310.394,845.46
YoY Growth--9.85%1.93%-1.42%-8.74%-1.21%3.58%11.82%14.89%9.60%13.05%
Dividend Yield--5.15%4.41%4.07%4.41%5.92%3.32%3.78%3.83%3.04%2.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)46,055.88
(-) Cash Dividends Paid (M)31,691.72
(=) Cash Retained (M)14,364.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9,211.185,756.983,454.19
Cash Retained (M)14,364.1614,364.1614,364.16
(-) Cash Required (M)-9,211.18-5,756.98-3,454.19
(=) Excess Retained (M)5,152.988,607.1710,909.97
(/) Shares Outstanding (M)3.083.083.08
(=) Excess Retained per Share1,670.852,790.873,537.55
LTM Dividend per Share10,276.0210,276.0210,276.02
(+) Excess Retained per Share1,670.852,790.873,537.55
(=) Adjusted Dividend11,946.8713,066.8913,813.57
WACC / Discount Rate6.48%6.48%6.48%
Growth Rate-1.14%-0.14%0.86%
Fair Value$154,830.56$196,868.47$247,553.28
Upside / Downside2.40%30.20%63.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)46,055.8845,989.1745,922.5545,856.0445,789.6245,723.3047,095.00
Payout Ratio68.81%73.05%77.29%81.52%85.76%90.00%92.50%
Projected Dividends (M)31,691.7233,594.7035,492.1137,383.9439,270.2341,150.9743,562.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.48%6.48%6.48%
Growth Rate-1.14%-0.14%0.86%
Year 1 PV (M)31,233.4331,549.3831,865.33
Year 2 PV (M)30,678.1831,301.9931,932.07
Year 3 PV (M)30,042.2130,963.1631,902.75
Year 4 PV (M)29,339.9330,545.2531,787.34
Year 5 PV (M)28,584.1030,059.4131,595.01
PV of Terminal Value (M)868,796.59913,637.57960,311.23
Equity Value (M)1,018,674.431,068,056.761,119,393.73
Shares Outstanding (M)3.083.083.08
Fair Value$330,304.61$346,316.80$362,962.78
Upside / Downside118.46%129.05%140.05%

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