Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Immofinanz AG (IIA.VI)

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

Valuation Snapshot

Stable Growth$11.12 - $18.43$14.35
Multi-Stage$22.00 - $24.22$23.09
Blended Fair Value$18.72
Current Price$14.92
Upside25.47%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.140.000.670.000.640.560.460.630.00
YoY Growth---100.00%0.00%-100.00%0.00%-100.00%13.07%23.40%-27.36%0.00%0.00%
Dividend Yield--0.00%0.61%0.00%2.92%0.00%3.93%2.53%2.17%3.52%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)133.66
(-) Cash Dividends Paid (M)23.44
(=) Cash Retained (M)110.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.7316.7110.02
Cash Retained (M)110.22110.22110.22
(-) Cash Required (M)-26.73-16.71-10.02
(=) Excess Retained (M)83.4893.51100.19
(/) Shares Outstanding (M)137.97137.97137.97
(=) Excess Retained per Share0.610.680.73
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.610.680.73
(=) Adjusted Dividend0.770.850.90
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-0.58%0.42%1.42%
Fair Value$11.12$14.35$18.43
Upside / Downside-25.49%-3.80%23.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)133.66134.22134.79135.36135.93136.51140.60
Payout Ratio17.54%32.03%46.52%61.02%75.51%90.00%92.50%
Projected Dividends (M)23.4442.9962.7182.59102.64122.86130.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate-0.58%0.42%1.42%
Year 1 PV (M)40.0240.4240.83
Year 2 PV (M)54.3455.4456.55
Year 3 PV (M)66.6268.6670.73
Year 4 PV (M)77.0880.2283.47
Year 5 PV (M)85.8890.2994.88
PV of Terminal Value (M)2,711.292,850.422,995.19
Equity Value (M)3,035.243,185.453,341.64
Shares Outstanding (M)137.97137.97137.97
Fair Value$22.00$23.09$24.22
Upside / Downside47.44%54.74%62.33%

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