Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CT Real Estate Investment Trust (CRT-UN.TO)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$24.52 - $53.52$35.17
Multi-Stage$30.90 - $33.88$32.37
Blended Fair Value$33.77
Current Price$15.88
Upside112.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.41%5.42%0.790.760.720.690.660.630.250.580.240.23
YoY Growth--3.64%4.75%5.21%3.91%4.58%150.73%-56.63%144.20%2.50%-49.80%
Dividend Yield--5.41%5.45%4.51%3.89%4.05%5.41%1.77%4.43%1.58%1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)324.88
(-) Cash Dividends Paid (M)150.85
(=) Cash Retained (M)174.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)64.9840.6124.37
Cash Retained (M)174.03174.03174.03
(-) Cash Required (M)-64.98-40.61-24.37
(=) Excess Retained (M)109.05133.42149.66
(/) Shares Outstanding (M)249.55249.55249.55
(=) Excess Retained per Share0.440.530.60
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share0.440.530.60
(=) Adjusted Dividend1.041.141.20
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate2.41%3.41%4.41%
Fair Value$24.52$35.17$53.52
Upside / Downside54.44%121.49%237.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)324.88335.97347.45359.31371.58384.26395.79
Payout Ratio46.43%55.15%63.86%72.57%81.29%90.00%92.50%
Projected Dividends (M)150.85185.28221.88260.76302.04345.84366.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate2.41%3.41%4.41%
Year 1 PV (M)171.86173.54175.22
Year 2 PV (M)190.91194.66198.44
Year 3 PV (M)208.12214.28220.55
Year 4 PV (M)223.61232.47241.60
Year 5 PV (M)237.50249.32261.61
PV of Terminal Value (M)6,680.027,012.587,358.26
Equity Value (M)7,712.028,076.858,455.67
Shares Outstanding (M)249.55249.55249.55
Fair Value$30.90$32.37$33.88
Upside / Downside94.61%103.82%113.38%

High-Yield Dividend Screener

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