Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Covivio Hotels (COVH.PA)

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

Valuation Snapshot

Stable Growth$125.17 - $354.35$332.07
Multi-Stage$51.00 - $55.71$53.32
Blended Fair Value$192.69
Current Price$22.80
Upside745.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS60.12%34.48%12.951.240.650.230.021.231.110.800.770.77
YoY Growth--940.12%92.31%179.43%1,168.24%-98.52%11.11%38.83%3.28%0.00%15.39%
Dividend Yield--62.24%7.59%4.37%1.32%0.10%4.36%4.60%2.82%3.08%3.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)265.09
(-) Cash Dividends Paid (M)232.00
(=) Cash Retained (M)33.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)53.0233.1419.88
Cash Retained (M)33.0933.0933.09
(-) Cash Required (M)-53.02-33.14-19.88
(=) Excess Retained (M)-19.93-0.0513.20
(/) Shares Outstanding (M)148.78148.78148.78
(=) Excess Retained per Share-0.130.000.09
LTM Dividend per Share1.561.561.56
(+) Excess Retained per Share-0.130.000.09
(=) Adjusted Dividend1.431.561.65
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate5.50%6.50%7.50%
Fair Value$125.17$332.07$354.35
Upside / Downside449.00%1,356.46%1,454.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)265.09282.32300.67320.21341.03363.19374.09
Payout Ratio87.52%88.02%88.51%89.01%89.50%90.00%92.50%
Projected Dividends (M)232.00248.48266.13285.01305.23326.87346.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)230.69232.88235.06
Year 2 PV (M)229.38233.75238.16
Year 3 PV (M)228.07234.61241.28
Year 4 PV (M)226.76235.48244.45
Year 5 PV (M)225.45236.34247.64
PV of Terminal Value (M)6,447.846,759.277,082.62
Equity Value (M)7,588.177,932.328,289.21
Shares Outstanding (M)148.78148.78148.78
Fair Value$51.00$53.32$55.71
Upside / Downside123.70%133.84%144.36%

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