Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Al Maather Reit Fund (4334.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$12.99 - $20.55$16.44
Multi-Stage$28.78 - $31.60$30.16
Blended Fair Value$23.30
Current Price$9.01
Upside158.62%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.62%0.00%0.660.491.010.390.620.640.260.000.000.00
YoY Growth--34.69%-51.49%158.97%-37.10%-3.13%146.15%0.00%0.00%0.00%0.00%
Dividend Yield--6.96%5.25%12.11%4.35%6.97%7.30%3.42%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)79.44
(-) Cash Dividends Paid (M)70.88
(=) Cash Retained (M)8.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.899.935.96
Cash Retained (M)8.568.568.56
(-) Cash Required (M)-15.89-9.93-5.96
(=) Excess Retained (M)-7.33-1.372.60
(/) Shares Outstanding (M)61.3761.3761.37
(=) Excess Retained per Share-0.12-0.020.04
LTM Dividend per Share1.161.161.16
(+) Excess Retained per Share-0.12-0.020.04
(=) Adjusted Dividend1.041.131.20
WACC / Discount Rate6.48%6.48%6.48%
Growth Rate-1.38%-0.38%0.62%
Fair Value$12.99$16.44$20.55
Upside / Downside44.14%82.46%128.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)79.4479.1478.8478.5478.2377.9480.27
Payout Ratio89.22%89.38%89.53%89.69%89.84%90.00%92.50%
Projected Dividends (M)70.8870.7370.5970.4470.2970.1474.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.48%6.48%6.48%
Growth Rate-1.38%-0.38%0.62%
Year 1 PV (M)65.7666.4367.10
Year 2 PV (M)61.0162.2563.51
Year 3 PV (M)56.6058.3460.12
Year 4 PV (M)52.5154.6856.91
Year 5 PV (M)48.7251.2453.86
PV of Terminal Value (M)1,481.601,558.251,638.05
Equity Value (M)1,766.211,851.201,939.55
Shares Outstanding (M)61.3761.3761.37
Fair Value$28.78$30.16$31.60
Upside / Downside219.42%234.79%250.77%

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