Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SF Urban Properties AG (0QN6.L)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$103.19 - $159.50$129.32
Multi-Stage$470.79 - $520.25$495.02
Blended Fair Value$312.17
Current Price$98.00
Upside218.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-27.93%-10.95%0.700.813.750.450.003.603.602.880.000.00
YoY Growth---13.85%-78.34%733.75%0.00%-100.00%0.00%24.99%0.00%0.00%-100.00%
Dividend Yield--0.71%0.87%4.21%0.45%0.00%3.65%4.19%3.03%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)38.03
(-) Cash Dividends Paid (M)24.30
(=) Cash Retained (M)13.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.614.752.85
Cash Retained (M)13.7313.7313.73
(-) Cash Required (M)-7.61-4.75-2.85
(=) Excess Retained (M)6.138.9810.88
(/) Shares Outstanding (M)3.353.353.35
(=) Excess Retained per Share1.832.683.25
LTM Dividend per Share7.257.257.25
(+) Excess Retained per Share1.832.683.25
(=) Adjusted Dividend9.089.9310.50
WACC / Discount Rate4.63%4.63%4.63%
Growth Rate-3.83%-2.83%-1.83%
Fair Value$103.19$129.32$159.50
Upside / Downside5.29%31.96%62.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)38.0336.9635.9134.8933.9032.9433.93
Payout Ratio63.89%69.11%74.34%79.56%84.78%90.00%92.50%
Projected Dividends (M)24.3025.5426.6927.7628.7429.6531.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.63%4.63%4.63%
Growth Rate-3.83%-2.83%-1.83%
Year 1 PV (M)24.1624.4124.66
Year 2 PV (M)23.8924.3824.89
Year 3 PV (M)23.5024.2424.99
Year 4 PV (M)23.0123.9924.99
Year 5 PV (M)22.4623.6524.89
PV of Terminal Value (M)1,461.061,538.621,619.44
Equity Value (M)1,578.081,659.291,743.87
Shares Outstanding (M)3.353.353.35
Fair Value$470.79$495.02$520.25
Upside / Downside380.40%405.12%430.87%

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