Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Klépierre (LI.PA)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$74.83 - $133.02$99.38
Multi-Stage$83.53 - $91.39$87.39
Blended Fair Value$93.39
Current Price$33.44
Upside179.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.77%4.80%1.690.900.000.002.192.162.061.961.851.37
YoY Growth--87.70%0.00%0.00%-100.00%1.39%5.11%4.88%6.04%34.79%29.56%
Dividend Yield--6.09%3.65%0.00%0.00%11.92%6.39%7.63%5.40%4.95%3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,547.90
(-) Cash Dividends Paid (M)627.70
(=) Cash Retained (M)920.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)309.58193.49116.09
Cash Retained (M)920.20920.20920.20
(-) Cash Required (M)-309.58-193.49-116.09
(=) Excess Retained (M)610.62726.71804.11
(/) Shares Outstanding (M)286.58286.58286.58
(=) Excess Retained per Share2.132.542.81
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share2.132.542.81
(=) Adjusted Dividend4.324.735.00
WACC / Discount Rate8.74%8.74%8.74%
Growth Rate2.80%3.80%4.80%
Fair Value$74.83$99.38$133.02
Upside / Downside123.78%197.20%297.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,547.901,606.781,667.891,731.331,797.181,865.541,921.51
Payout Ratio40.55%50.44%60.33%70.22%80.11%90.00%92.50%
Projected Dividends (M)627.70810.481,006.261,215.751,439.731,678.991,777.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.74%8.74%8.74%
Growth Rate2.80%3.80%4.80%
Year 1 PV (M)738.16745.34752.52
Year 2 PV (M)834.69851.00867.48
Year 3 PV (M)918.47945.54973.13
Year 4 PV (M)990.631,029.741,070.00
Year 5 PV (M)1,052.171,104.341,158.57
PV of Terminal Value (M)19,405.4020,367.7521,367.90
Equity Value (M)23,939.5125,043.7126,189.60
Shares Outstanding (M)286.58286.58286.58
Fair Value$83.53$87.39$91.39
Upside / Downside149.80%161.32%173.28%

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