Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Frasers Property Limited (TQ5.SI)

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

Valuation Snapshot

Stable Growth$0.74 - $1.17$0.94
Multi-Stage$3.08 - $3.40$3.24
Blended Fair Value$2.09
Current Price$1.02
Upside104.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.90%-3.37%0.050.050.030.020.010.030.060.060.060.06
YoY Growth--0.00%50.00%50.00%78.46%-58.23%-58.05%0.26%0.23%0.18%0.17%
Dividend Yield--4.41%4.84%3.33%2.15%0.99%2.31%3.78%3.87%3.03%4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)291.10
(-) Cash Dividends Paid (M)176.67
(=) Cash Retained (M)114.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.2236.3921.83
Cash Retained (M)114.42114.42114.42
(-) Cash Required (M)-58.22-36.39-21.83
(=) Excess Retained (M)56.2078.0492.59
(/) Shares Outstanding (M)3,926.043,926.043,926.04
(=) Excess Retained per Share0.010.020.02
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.010.020.02
(=) Adjusted Dividend0.060.060.07
WACC / Discount Rate4.68%4.68%4.68%
Growth Rate-3.10%-2.10%-1.10%
Fair Value$0.74$0.94$1.17
Upside / Downside-27.61%-8.22%14.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)291.10284.98279.00273.14267.41261.79269.65
Payout Ratio60.69%66.55%72.42%78.28%84.14%90.00%92.50%
Projected Dividends (M)176.67189.67202.04213.81224.99235.61249.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.68%4.68%4.68%
Growth Rate-3.10%-2.10%-1.10%
Year 1 PV (M)179.33181.18183.03
Year 2 PV (M)180.61184.36188.15
Year 3 PV (M)180.72186.37192.14
Year 4 PV (M)179.80187.34195.11
Year 5 PV (M)178.03187.41197.18
PV of Terminal Value (M)11,187.7411,777.0612,390.96
Equity Value (M)12,086.2412,703.7213,346.57
Shares Outstanding (M)3,926.043,926.043,926.04
Fair Value$3.08$3.24$3.40
Upside / Downside201.81%217.23%233.28%

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