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IGB Real Estate Investment Trust (5227.KL)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$2.71 - $5.27$3.73
Multi-Stage$3.86 - $4.24$4.05
Blended Fair Value$3.89
Current Price$2.78
Upside39.91%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.72%4.33%0.110.100.090.060.070.090.120.080.080.08
YoY Growth--6.98%7.33%61.75%-13.13%-25.60%-21.25%36.90%7.38%-2.21%12.40%
Dividend Yield--4.84%5.88%5.45%3.83%3.88%5.70%6.19%5.42%4.63%5.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)613.73
(-) Cash Dividends Paid (M)302.88
(=) Cash Retained (M)310.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.7576.7246.03
Cash Retained (M)310.85310.85310.85
(-) Cash Required (M)-122.75-76.72-46.03
(=) Excess Retained (M)188.11234.14264.82
(/) Shares Outstanding (M)3,616.933,616.933,616.93
(=) Excess Retained per Share0.050.060.07
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.050.060.07
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate1.72%2.72%3.72%
Fair Value$2.71$3.73$5.27
Upside / Downside-2.35%34.25%89.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)613.73630.43647.58665.20683.29701.88722.94
Payout Ratio49.35%57.48%65.61%73.74%81.87%90.00%92.50%
Projected Dividends (M)302.88362.37424.88490.52559.41631.69668.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate1.72%2.72%3.72%
Year 1 PV (M)335.98339.28342.58
Year 2 PV (M)365.23372.45379.74
Year 3 PV (M)390.94402.59414.46
Year 4 PV (M)413.37429.87446.86
Year 5 PV (M)432.78454.48477.04
PV of Terminal Value (M)12,035.4812,638.8313,266.13
Equity Value (M)13,973.7914,637.4915,326.80
Shares Outstanding (M)3,616.933,616.933,616.93
Fair Value$3.86$4.05$4.24
Upside / Downside38.97%45.57%52.43%

High-Yield Dividend Screener

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