Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT.BK)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$12.47 - $49.33$21.21
Multi-Stage$8.38 - $9.13$8.74
Blended Fair Value$14.98
Current Price$4.90
Upside205.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.57%-0.51%0.400.600.390.330.200.240.180.000.260.39
YoY Growth---32.99%54.71%18.11%60.71%-16.02%39.01%0.00%-100.00%-31.34%-8.97%
Dividend Yield--7.89%12.35%6.52%5.87%4.52%6.69%3.12%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)299.29
(-) Cash Dividends Paid (M)295.27
(=) Cash Retained (M)4.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)59.8637.4122.45
Cash Retained (M)4.024.024.02
(-) Cash Required (M)-59.86-37.41-22.45
(=) Excess Retained (M)-55.84-33.39-18.43
(/) Shares Outstanding (M)711.50711.50711.50
(=) Excess Retained per Share-0.08-0.05-0.03
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share-0.08-0.05-0.03
(=) Adjusted Dividend0.340.370.39
WACC / Discount Rate8.35%8.35%8.35%
Growth Rate5.50%6.50%7.50%
Fair Value$12.47$21.21$49.33
Upside / Downside154.41%332.89%906.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)299.29318.74339.46361.53385.02410.05422.35
Payout Ratio98.66%96.93%95.19%93.46%91.73%90.00%92.50%
Projected Dividends (M)295.27308.95323.15337.89353.19369.05390.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.35%8.35%8.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)282.46285.14287.82
Year 2 PV (M)270.13275.27280.46
Year 3 PV (M)258.24265.65273.21
Year 4 PV (M)246.79256.29266.05
Year 5 PV (M)235.77247.16258.98
PV of Terminal Value (M)4,667.004,892.425,126.47
Equity Value (M)5,960.406,221.936,492.99
Shares Outstanding (M)711.50711.50711.50
Fair Value$8.38$8.74$9.13
Upside / Downside70.96%78.47%86.24%

High-Yield Dividend Screener

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