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Klépierre (LI.PA)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$110.90 - $261.07$163.22
Multi-Stage$128.34 - $140.70$134.41
Blended Fair Value$148.81
Current Price$33.44
Upside345.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.77%4.80%1.690.900.000.002.192.162.061.961.851.37
YoY Growth--87.70%0.00%0.00%-100.00%1.39%5.11%4.88%6.04%34.79%29.56%
Dividend Yield--6.09%3.65%0.00%0.00%11.92%6.39%7.63%5.40%4.95%3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,547.90
(-) Cash Dividends Paid (M)627.70
(=) Cash Retained (M)920.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)309.58193.49116.09
Cash Retained (M)920.20920.20920.20
(-) Cash Required (M)-309.58-193.49-116.09
(=) Excess Retained (M)610.62726.71804.11
(/) Shares Outstanding (M)286.58286.58286.58
(=) Excess Retained per Share2.132.542.81
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share2.132.542.81
(=) Adjusted Dividend4.324.735.00
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate2.80%3.80%4.80%
Fair Value$110.90$163.22$261.07
Upside / Downside231.63%388.10%680.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,547.901,606.781,667.891,731.331,797.181,865.541,921.51
Payout Ratio40.55%50.44%60.33%70.22%80.11%90.00%92.50%
Projected Dividends (M)627.70810.481,006.261,215.751,439.731,678.991,777.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate2.80%3.80%4.80%
Year 1 PV (M)751.50758.81766.12
Year 2 PV (M)865.13882.05899.12
Year 3 PV (M)969.18997.741,026.86
Year 4 PV (M)1,064.221,106.231,149.48
Year 5 PV (M)1,150.761,207.821,267.13
PV of Terminal Value (M)31,980.2233,566.1835,214.44
Equity Value (M)36,781.0138,518.8340,323.16
Shares Outstanding (M)286.58286.58286.58
Fair Value$128.34$134.41$140.70
Upside / Downside283.80%301.93%320.76%

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