Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CRE Logistics REIT, Inc. (3487.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$432,635.80 - $2,095,989.41$930,018.08
Multi-Stage$241,014.07 - $263,145.34$251,879.22
Blended Fair Value$590,948.65
Current Price$151,000.00
Upside291.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS26.37%0.00%7,496.979,296.996,406.855,009.512,960.262,326.531,236.95538.840.000.00
YoY Growth---19.36%45.11%27.89%69.23%27.24%88.09%129.56%0.00%0.00%0.00%
Dividend Yield--5.45%5.99%3.49%2.21%1.88%1.74%1.24%0.49%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,595.14
(-) Cash Dividends Paid (M)4,673.83
(=) Cash Retained (M)1,921.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,319.03824.39494.64
Cash Retained (M)1,921.321,921.321,921.32
(-) Cash Required (M)-1,319.03-824.39-494.64
(=) Excess Retained (M)602.291,096.921,426.68
(/) Shares Outstanding (M)0.630.630.63
(=) Excess Retained per Share962.471,752.912,279.88
LTM Dividend per Share7,468.917,468.917,468.91
(+) Excess Retained per Share962.471,752.912,279.88
(=) Adjusted Dividend8,431.389,221.839,748.79
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate5.50%6.50%7.50%
Fair Value$432,635.80$930,018.08$2,095,989.41
Upside / Downside186.51%515.91%1,288.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,595.147,023.837,480.377,966.608,484.439,035.929,306.99
Payout Ratio70.87%74.69%78.52%82.35%86.17%90.00%92.50%
Projected Dividends (M)4,673.835,246.395,873.646,560.267,311.338,132.328,608.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4,832.024,877.824,923.62
Year 2 PV (M)4,982.455,077.365,173.15
Year 3 PV (M)5,125.375,272.505,422.42
Year 4 PV (M)5,261.015,463.335,671.43
Year 5 PV (M)5,389.585,649.905,920.18
PV of Terminal Value (M)125,229.12131,277.73137,557.84
Equity Value (M)150,819.56157,618.65164,668.66
Shares Outstanding (M)0.630.630.63
Fair Value$241,014.07$251,879.22$263,145.34
Upside / Downside59.61%66.81%74.27%

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