Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dexus Industria REIT (DXI.AX)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$58.83 - $232.15$161.21
Multi-Stage$28.00 - $30.65$29.30
Blended Fair Value$95.25
Current Price$2.72
Upside3,401.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS9.60%8.81%0.160.160.170.140.110.100.090.100.070.06
YoY Growth--0.00%-1.35%19.83%26.71%5.57%19.22%-16.59%44.55%21.07%-15.50%
Dividend Yield--6.03%5.77%6.44%5.14%3.37%3.19%2.68%3.21%2.22%1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)370.36
(-) Cash Dividends Paid (M)65.04
(=) Cash Retained (M)305.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)74.0746.2927.78
Cash Retained (M)305.32305.32305.32
(-) Cash Required (M)-74.07-46.29-27.78
(=) Excess Retained (M)231.25259.02277.54
(/) Shares Outstanding (M)317.27317.27317.27
(=) Excess Retained per Share0.730.820.87
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.730.820.87
(=) Adjusted Dividend0.931.021.08
WACC / Discount Rate7.17%7.17%7.17%
Growth Rate5.50%6.50%7.50%
Fair Value$58.83$161.21$232.15
Upside / Downside2,062.78%5,826.87%8,435.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)370.36394.43420.07447.37476.45507.42522.65
Payout Ratio17.56%32.05%46.54%61.02%75.51%90.00%92.50%
Projected Dividends (M)65.04126.41195.49273.01359.78456.68483.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.17%7.17%7.17%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)116.84117.95119.06
Year 2 PV (M)167.01170.19173.40
Year 3 PV (M)215.58221.77228.07
Year 4 PV (M)262.59272.69283.08
Year 5 PV (M)308.08322.96338.41
PV of Terminal Value (M)7,812.118,189.448,581.21
Equity Value (M)8,882.219,295.009,723.23
Shares Outstanding (M)317.27317.27317.27
Fair Value$28.00$29.30$30.65
Upside / Downside929.26%977.09%1,026.71%

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