Section 1: Company Overview and Fundamentals

1.1 Company Overview:

Realty Income Corporation (NYSE: O) is a REIT that invests in people and places to deliver dependable monthly dividends. The dividends are supported with cash flow from long-term net lease agreements with over 12,200 real estate properties.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders: The top 10 shareholders have been highlighted in the chart below, which together forms ~45.31% of the total shareholding.

1.4 Key Metrics:

The business’s operating fundamentals stayed healthy as reflected from the occupancy of 99.0% in FY22. Below mentioned are the other key metrics:

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates:

2.2 Insights of FY22 (Un-audited):

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

The stock has witnessed a fall of ~2.67% in 3 months and over the last 6 months, it has decreased by ~4.08%. The stock has a 52-week low and 52-week high of USD 75.400 and USD 55.500, respectively and is currently trading below the average of 52-week high-low average.

4.2 Fundamental Valuation

Valuation Methodology: Price/Earnings Per Share Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 14, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.