Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT.BK)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$15.50 - $83.66$30.36
Multi-Stage$9.36 - $10.20$9.77
Blended Fair Value$20.07
Current Price$4.90
Upside309.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.57%-0.51%0.400.600.390.330.200.240.180.000.260.39
YoY Growth---32.99%54.71%18.11%60.71%-16.02%39.01%0.00%-100.00%-31.34%-8.97%
Dividend Yield--7.89%12.35%6.52%5.87%4.52%6.69%3.12%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)299.29
(-) Cash Dividends Paid (M)295.27
(=) Cash Retained (M)4.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)59.8637.4122.45
Cash Retained (M)4.024.024.02
(-) Cash Required (M)-59.86-37.41-22.45
(=) Excess Retained (M)-55.84-33.39-18.43
(/) Shares Outstanding (M)711.50711.50711.50
(=) Excess Retained per Share-0.08-0.05-0.03
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share-0.08-0.05-0.03
(=) Adjusted Dividend0.340.370.39
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Fair Value$15.50$30.36$83.66
Upside / Downside216.25%519.64%1,607.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)299.29318.74339.46361.53385.02410.05422.35
Payout Ratio98.66%96.93%95.19%93.46%91.73%90.00%92.50%
Projected Dividends (M)295.27308.95323.15337.89353.19369.05390.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)283.92286.62289.31
Year 2 PV (M)272.92278.12283.37
Year 3 PV (M)262.26269.79277.46
Year 4 PV (M)251.93261.62271.59
Year 5 PV (M)241.93253.61265.74
PV of Terminal Value (M)5,345.515,603.705,871.77
Equity Value (M)6,658.486,953.467,259.24
Shares Outstanding (M)711.50711.50711.50
Fair Value$9.36$9.77$10.20
Upside / Downside90.99%99.45%108.22%

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