Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

City Developments Limited (C09.SI)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$10.48 - $15.57$12.90
Multi-Stage$26.22 - $28.94$27.55
Blended Fair Value$20.23
Current Price$5.19
Upside289.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.02%-7.48%0.140.230.240.190.210.300.310.270.260.30
YoY Growth---38.78%-7.27%27.87%-8.55%-29.20%-5.83%17.01%2.70%-12.46%-1.31%
Dividend Yield--2.72%3.43%2.97%2.81%2.62%2.70%3.86%2.17%3.15%3.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,199.39
(-) Cash Dividends Paid (M)204.86
(=) Cash Retained (M)994.53
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)239.88149.9289.95
Cash Retained (M)994.53994.53994.53
(-) Cash Required (M)-239.88-149.92-89.95
(=) Excess Retained (M)754.65844.60904.57
(/) Shares Outstanding (M)909.57909.57909.57
(=) Excess Retained per Share0.830.930.99
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.830.930.99
(=) Adjusted Dividend1.051.151.22
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-3.39%-2.39%-1.39%
Fair Value$10.48$12.90$15.57
Upside / Downside101.87%148.64%199.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,199.391,170.691,142.671,115.321,088.631,062.571,094.45
Payout Ratio17.08%31.66%46.25%60.83%75.42%90.00%92.50%
Projected Dividends (M)204.86370.69528.46678.47821.00956.321,012.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-3.39%-2.39%-1.39%
Year 1 PV (M)345.04348.61352.18
Year 2 PV (M)457.85467.38477.01
Year 3 PV (M)547.14564.31581.83
Year 4 PV (M)616.26642.18668.90
Year 5 PV (M)668.16703.47740.25
PV of Terminal Value (M)21,216.1022,337.1323,505.06
Equity Value (M)23,850.5625,063.0826,325.23
Shares Outstanding (M)909.57909.57909.57
Fair Value$26.22$27.55$28.94
Upside / Downside405.24%430.92%457.66%

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