Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Derayah Financial - Derayah Reit Fund (4339.SR)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$4.51 - $6.60$5.52
Multi-Stage$8.33 - $9.12$8.72
Blended Fair Value$7.12
Current Price$5.57
Upside27.79%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS-18.04%0.00%0.280.350.700.740.670.750.620.000.000.00
YoY Growth---21.38%-49.73%-5.91%11.39%-10.70%20.83%0.00%0.00%0.00%0.00%
Dividend Yield--4.68%4.27%6.86%5.86%5.96%7.12%7.39%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)64.33
(-) Cash Dividends Paid (M)53.15
(=) Cash Retained (M)11.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.878.044.82
Cash Retained (M)11.1711.1711.17
(-) Cash Required (M)-12.87-8.04-4.82
(=) Excess Retained (M)-1.693.136.35
(/) Shares Outstanding (M)107.51107.51107.51
(=) Excess Retained per Share-0.020.030.06
LTM Dividend per Share0.490.490.49
(+) Excess Retained per Share-0.020.030.06
(=) Adjusted Dividend0.480.520.55
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.51$5.52$6.60
Upside / Downside-18.95%-0.91%18.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)64.3363.6863.0562.4261.7961.1863.01
Payout Ratio82.63%84.10%85.58%87.05%88.53%90.00%92.50%
Projected Dividends (M)53.1553.5653.9654.3454.7055.0658.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)48.9249.4249.91
Year 2 PV (M)45.0045.9246.86
Year 3 PV (M)41.3942.6743.97
Year 4 PV (M)38.0539.6341.26
Year 5 PV (M)34.9836.8038.70
PV of Terminal Value (M)686.89722.66759.90
Equity Value (M)895.23937.10980.60
Shares Outstanding (M)107.51107.51107.51
Fair Value$8.33$8.72$9.12
Upside / Downside49.50%56.49%63.76%

High-Yield Dividend Screener

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