Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dexus Industria REIT (DXI.AX)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$86.33 - $232.15$217.56
Multi-Stage$32.38 - $35.46$33.89
Blended Fair Value$125.72
Current Price$2.72
Upside4,522.22%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS9.60%8.81%0.160.160.170.140.110.100.090.100.070.06
YoY Growth--0.00%-1.35%19.83%26.71%5.57%19.22%-16.59%44.55%21.07%-15.50%
Dividend Yield--6.03%5.77%6.44%5.14%3.37%3.19%2.68%3.21%2.22%1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)370.36
(-) Cash Dividends Paid (M)65.04
(=) Cash Retained (M)305.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)74.0746.2927.78
Cash Retained (M)305.32305.32305.32
(-) Cash Required (M)-74.07-46.29-27.78
(=) Excess Retained (M)231.25259.02277.54
(/) Shares Outstanding (M)317.27317.27317.27
(=) Excess Retained per Share0.730.820.87
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.730.820.87
(=) Adjusted Dividend0.931.021.08
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate5.50%6.50%7.50%
Fair Value$86.33$217.56$232.15
Upside / Downside3,073.95%7,898.57%8,435.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)370.36394.43420.07447.37476.45507.42522.65
Payout Ratio17.56%32.05%46.54%61.02%75.51%90.00%92.50%
Projected Dividends (M)65.04126.41195.49273.01359.78456.68483.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)117.43118.54119.65
Year 2 PV (M)168.68171.90175.14
Year 3 PV (M)218.83225.11231.51
Year 4 PV (M)267.89278.19288.78
Year 5 PV (M)315.87331.12346.96
PV of Terminal Value (M)9,183.169,626.7110,087.24
Equity Value (M)10,271.8510,751.5711,249.29
Shares Outstanding (M)317.27317.27317.27
Fair Value$32.38$33.89$35.46
Upside / Downside1,090.29%1,145.87%1,203.55%

High-Yield Dividend Screener

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