Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Quality Houses Hotel and Residence Freehold and Leasehold Property Fund (QHHR.BK)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$14.73 - $20.96$17.80
Multi-Stage$31.81 - $35.06$33.40
Blended Fair Value$25.60
Current Price$6.70
Upside282.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-0.73%-2.22%0.560.050.000.300.600.580.600.780.740.74
YoY Growth--1,019.97%0.00%-100.00%-50.57%3.77%-3.33%-22.93%5.40%-0.01%5.62%
Dividend Yield--8.48%0.77%0.00%5.52%8.74%6.68%6.83%7.84%8.41%8.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)757.51
(-) Cash Dividends Paid (M)225.45
(=) Cash Retained (M)532.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)151.5094.6956.81
Cash Retained (M)532.06532.06532.06
(-) Cash Required (M)-151.50-94.69-56.81
(=) Excess Retained (M)380.56437.37475.24
(/) Shares Outstanding (M)336.00336.00336.00
(=) Excess Retained per Share1.131.301.41
LTM Dividend per Share0.670.670.67
(+) Excess Retained per Share1.131.301.41
(=) Adjusted Dividend1.801.972.09
WACC / Discount Rate7.51%7.51%7.51%
Growth Rate-4.22%-3.22%-2.22%
Fair Value$14.73$17.80$20.96
Upside / Downside119.84%165.61%212.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)757.51733.15709.58686.77664.68643.31662.61
Payout Ratio29.76%41.81%53.86%65.90%77.95%90.00%92.50%
Projected Dividends (M)225.45306.53382.16452.61518.14578.98612.92

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.51%7.51%7.51%
Growth Rate-4.22%-3.22%-2.22%
Year 1 PV (M)282.16285.11288.05
Year 2 PV (M)323.82330.61337.48
Year 3 PV (M)353.02364.20375.60
Year 4 PV (M)372.01387.79404.06
Year 5 PV (M)382.64403.04424.30
PV of Terminal Value (M)8,974.479,452.839,951.36
Equity Value (M)10,688.1211,223.5711,780.86
Shares Outstanding (M)336.00336.00336.00
Fair Value$31.81$33.40$35.06
Upside / Downside374.77%398.56%423.31%

High-Yield Dividend Screener

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