DDM Analysis: VNO

Valuation Snapshot

Stable Growth	$14.80 - $19.35	$17.20
Multi-Stage	$49.69 - $55.48	$52.52
Blended Fair Value	$34.86
Current Price	$40.53
Upside	-13.99%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.47%	-12.68%	0.71	0.65	2.05	2.05	4.17	2.54	2.69	2.50	2.40	2.39
YoY Growth	-	-	9.33%	-68.25%	0.11%	-50.91%	64.22%	-5.74%	7.65%	4.31%	0.25%	-13.34%
Dividend Yield	-	-	1.92%	2.32%	13.33%	4.51%	9.18%	7.01%	3.98%	3.72%	2.96%	3.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	905.56
(-) Cash Dividends Paid (M)	141.10
(=) Cash Retained (M)	764.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	181.11	113.19	67.92
Cash Retained (M)	764.45	764.45	764.45
(-) Cash Required (M)	-181.11	-113.19	-67.92
(=) Excess Retained (M)	583.34	651.26	696.54
(/) Shares Outstanding (M)	198.48	198.48	198.48
(=) Excess Retained per Share	2.94	3.28	3.51
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	2.94	3.28	3.51
(=) Adjusted Dividend	3.65	3.99	4.22
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-14.68%	-13.68%	-12.68%
Fair Value	$14.80	$17.20	$19.35
Upside / Downside	-63.48%	-57.57%	-52.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	905.56	781.63	674.67	582.34	502.64	433.86	446.87
Payout Ratio	15.58%	30.47%	45.35%	60.23%	75.12%	90.00%	92.50%
Projected Dividends (M)	141.10	238.13	305.96	350.76	377.57	390.47	413.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-14.68%	-13.68%	-12.68%
Year 1 PV (M)	221.31	223.90	226.50
Year 2 PV (M)	264.26	270.49	276.79
Year 3 PV (M)	281.55	291.57	301.82
Year 4 PV (M)	281.67	295.11	309.02
Year 5 PV (M)	270.72	286.96	303.97
PV of Terminal Value (M)	8,544.01	9,056.62	9,593.54
Equity Value (M)	9,863.51	10,424.64	11,011.64
Shares Outstanding (M)	198.48	198.48	198.48
Fair Value	$49.69	$52.52	$55.48
Upside / Downside	22.61%	29.59%	36.88%

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Vornado Realty Trust (VNO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener