Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mapletree Industrial Trust (ME8U.SI)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$11.78 - $23.63$22.14
Multi-Stage$3.75 - $4.10$3.93
Blended Fair Value$13.03
Current Price$2.13
Upside511.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.74%14.12%0.130.130.080.110.100.080.070.070.070.04
YoY Growth---4.83%63.62%-24.55%12.69%25.80%7.50%-3.83%4.01%78.01%17.54%
Dividend Yield--6.28%6.38%3.73%4.20%3.42%2.69%3.23%3.88%3.87%2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)338.46
(-) Cash Dividends Paid (M)285.02
(=) Cash Retained (M)53.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)67.6942.3125.38
Cash Retained (M)53.4553.4553.45
(-) Cash Required (M)-67.69-42.31-25.38
(=) Excess Retained (M)-14.2511.1428.06
(/) Shares Outstanding (M)2,848.562,848.562,848.56
(=) Excess Retained per Share-0.010.000.01
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share-0.010.000.01
(=) Adjusted Dividend0.100.100.11
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Fair Value$11.78$22.14$23.63
Upside / Downside453.20%939.66%1,009.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)338.46360.46383.89408.84435.42463.72477.63
Payout Ratio84.21%85.37%86.53%87.68%88.84%90.00%92.50%
Projected Dividends (M)285.02307.72332.16358.49386.83417.35441.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)286.62289.34292.06
Year 2 PV (M)288.19293.68299.22
Year 3 PV (M)289.71298.02306.50
Year 4 PV (M)291.18302.38313.90
Year 5 PV (M)292.62306.75321.43
PV of Terminal Value (M)9,243.969,690.4510,154.02
Equity Value (M)10,692.2811,180.6211,687.12
Shares Outstanding (M)2,848.562,848.562,848.56
Fair Value$3.75$3.93$4.10
Upside / Downside76.22%84.27%92.62%

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