Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Warehouses De Pauw (WDP.BR)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$64.07 - $327.63$131.20
Multi-Stage$35.86 - $39.20$37.50
Blended Fair Value$84.35
Current Price$21.28
Upside296.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.21%17.10%0.630.560.720.380.340.300.230.220.180.16
YoY Growth--12.36%-22.08%88.46%10.93%15.81%29.31%4.13%21.23%14.69%22.19%
Dividend Yield--2.86%2.16%2.63%0.97%1.22%1.13%1.13%1.52%1.46%1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)375.86
(-) Cash Dividends Paid (M)163.47
(=) Cash Retained (M)212.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)75.1746.9828.19
Cash Retained (M)212.39212.39212.39
(-) Cash Required (M)-75.17-46.98-28.19
(=) Excess Retained (M)137.22165.41184.20
(/) Shares Outstanding (M)228.15228.15228.15
(=) Excess Retained per Share0.600.730.81
LTM Dividend per Share0.720.720.72
(+) Excess Retained per Share0.600.730.81
(=) Adjusted Dividend1.321.441.52
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate5.50%6.50%7.50%
Fair Value$64.07$131.20$327.63
Upside / Downside201.09%516.53%1,439.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)375.86400.29426.31454.02483.53514.96530.41
Payout Ratio43.49%52.79%62.09%71.40%80.70%90.00%92.50%
Projected Dividends (M)163.47211.33264.72324.15390.20463.46490.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)194.43196.27198.11
Year 2 PV (M)224.08228.34232.65
Year 3 PV (M)252.45259.70267.08
Year 4 PV (M)279.59290.34301.40
Year 5 PV (M)305.53320.29335.61
PV of Terminal Value (M)6,925.667,260.177,607.48
Equity Value (M)8,181.738,555.118,942.34
Shares Outstanding (M)228.15228.15228.15
Fair Value$35.86$37.50$39.20
Upside / Downside68.52%76.21%84.19%

High-Yield Dividend Screener

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