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Joint Stock Company "World Trade Center Moscow" (WTCM.ME)

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

Valuation Snapshot

Stable Growth$166.39 - $388.97$244.33
Multi-Stage$211.84 - $232.57$222.01
Blended Fair Value$233.17
Current Price$12.52
Upside1,762.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.08%7.70%0.800.650.650.650.670.650.560.380.380.38
YoY Growth--22.15%0.01%0.00%-2.21%2.26%16.67%46.94%0.39%-0.52%0.37%
Dividend Yield--5.73%5.35%8.59%6.77%7.00%7.90%7.82%5.25%4.19%4.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,463.98
(-) Cash Dividends Paid (M)1,815.88
(=) Cash Retained (M)5,648.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,492.80933.00559.80
Cash Retained (M)5,648.105,648.105,648.10
(-) Cash Required (M)-1,492.80-933.00-559.80
(=) Excess Retained (M)4,155.314,715.105,088.30
(/) Shares Outstanding (M)910.59910.59910.59
(=) Excess Retained per Share4.565.185.59
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share4.565.185.59
(=) Adjusted Dividend6.567.177.58
WACC / Discount Rate6.41%6.41%6.41%
Growth Rate2.37%3.37%4.37%
Fair Value$166.39$244.33$388.97
Upside / Downside1,229.00%1,851.49%3,006.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,463.987,715.737,975.988,244.998,523.098,810.569,074.88
Payout Ratio24.33%37.46%50.60%63.73%76.87%90.00%92.50%
Projected Dividends (M)1,815.882,890.534,035.625,254.656,551.337,929.508,394.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.41%6.41%6.41%
Growth Rate2.37%3.37%4.37%
Year 1 PV (M)2,690.202,716.482,742.76
Year 2 PV (M)3,495.613,564.233,633.53
Year 3 PV (M)4,236.074,361.434,489.23
Year 4 PV (M)4,915.365,110.255,310.88
Year 5 PV (M)5,537.055,812.826,099.47
PV of Terminal Value (M)172,025.01180,592.65189,498.31
Equity Value (M)192,899.31202,157.86211,774.17
Shares Outstanding (M)910.59910.59910.59
Fair Value$211.84$222.01$232.57
Upside / Downside1,592.01%1,673.22%1,757.57%

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