Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Equites Property Fund Limited (EQU.JO)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$466.91 - $610.20$571.85
Multi-Stage$107.26 - $117.24$112.16
Blended Fair Value$342.00
Current Price$16.69
Upside1,949.14%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.78%48.82%1.551.721.861.501.130.930.700.560.370.13
YoY Growth---9.65%-7.40%23.49%33.53%20.97%32.75%26.00%48.95%189.51%342.54%
Dividend Yield--11.16%12.90%12.00%7.14%6.17%5.39%3.49%2.78%2.32%1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,507.49
(-) Cash Dividends Paid (M)2,438.30
(=) Cash Retained (M)69.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)501.50313.44188.06
Cash Retained (M)69.2069.2069.20
(-) Cash Required (M)-501.50-313.44-188.06
(=) Excess Retained (M)-432.30-244.24-118.87
(/) Shares Outstanding (M)817.24817.24817.24
(=) Excess Retained per Share-0.53-0.30-0.15
LTM Dividend per Share2.982.982.98
(+) Excess Retained per Share-0.53-0.30-0.15
(=) Adjusted Dividend2.452.682.84
WACC / Discount Rate6.05%6.05%6.05%
Growth Rate5.50%6.50%7.50%
Fair Value$466.91$571.85$610.20
Upside / Downside2,697.53%3,326.27%3,556.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,507.492,670.482,844.063,028.923,225.803,435.483,538.54
Payout Ratio97.24%95.79%94.34%92.90%91.45%90.00%92.50%
Projected Dividends (M)2,438.302,558.112,683.212,813.752,949.943,091.933,273.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.05%6.05%6.05%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,389.422,412.072,434.72
Year 2 PV (M)2,341.002,385.592,430.60
Year 3 PV (M)2,293.012,358.832,425.90
Year 4 PV (M)2,245.462,331.812,420.64
Year 5 PV (M)2,198.352,304.532,414.77
PV of Terminal Value (M)76,185.8279,865.6283,686.26
Equity Value (M)87,653.0591,658.4695,812.89
Shares Outstanding (M)817.24817.24817.24
Fair Value$107.26$112.16$117.24
Upside / Downside542.63%572.00%602.46%

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