Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Pro Real Estate Investment Trust (PRV-UN.TO)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$33.78 - $108.94$102.09
Multi-Stage$14.89 - $16.27$15.57
Blended Fair Value$58.83
Current Price$5.67
Upside937.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.03%29.49%0.420.420.420.340.280.280.210.140.100.07
YoY Growth--0.39%0.17%23.54%19.45%-0.86%32.76%47.97%45.37%37.31%129.71%
Dividend Yield--8.30%7.54%6.99%4.50%4.43%7.77%3.08%2.16%1.51%1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35.07
(-) Cash Dividends Paid (M)27.31
(=) Cash Retained (M)7.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.014.382.63
Cash Retained (M)7.757.757.75
(-) Cash Required (M)-7.01-4.38-2.63
(=) Excess Retained (M)0.743.375.12
(/) Shares Outstanding (M)64.0164.0164.01
(=) Excess Retained per Share0.010.050.08
LTM Dividend per Share0.430.430.43
(+) Excess Retained per Share0.010.050.08
(=) Adjusted Dividend0.440.480.51
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate5.50%6.50%7.50%
Fair Value$33.78$102.09$108.94
Upside / Downside495.83%1,700.52%1,821.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35.0737.3439.7742.3645.1148.0449.48
Payout Ratio77.89%80.31%82.74%85.16%87.58%90.00%92.50%
Projected Dividends (M)27.3129.9932.9136.0739.5143.2445.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.87%6.87%6.87%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)27.8028.0728.33
Year 2 PV (M)28.2728.8129.36
Year 3 PV (M)28.7329.5530.39
Year 4 PV (M)29.1730.2931.44
Year 5 PV (M)29.5931.0232.50
PV of Terminal Value (M)809.71848.82889.42
Equity Value (M)953.27996.551,041.44
Shares Outstanding (M)64.0164.0164.01
Fair Value$14.89$15.57$16.27
Upside / Downside162.63%174.56%186.93%

High-Yield Dividend Screener

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