Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Japan Metropolitan Fund Investment Corporation (8953.T)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$170,980.29 - $356,401.47$241,241.94
Multi-Stage$222,992.00 - $244,088.43$233,343.23
Blended Fair Value$237,292.59
Current Price$92,400.00
Upside156.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202320222021202020192018201720162015
DPS6.43%5.23%4,506.174,549.032,271.173,332.333,326.753,300.223,272.483,086.942,979.652,813.60
YoY Growth---0.94%100.29%-31.84%0.17%0.80%0.85%6.01%3.60%5.90%3.95%
Dividend Yield--4.88%4.65%2.05%3.12%4.16%3.10%3.26%3.05%2.57%2.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67,564.63
(-) Cash Dividends Paid (M)55,847.22
(=) Cash Retained (M)11,717.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13,512.938,445.585,067.35
Cash Retained (M)11,717.4011,717.4011,717.40
(-) Cash Required (M)-13,512.93-8,445.58-5,067.35
(=) Excess Retained (M)-1,795.523,271.826,650.06
(/) Shares Outstanding (M)7.037.037.03
(=) Excess Retained per Share-255.48465.54946.21
LTM Dividend per Share7,946.297,946.297,946.29
(+) Excess Retained per Share-255.48465.54946.21
(=) Adjusted Dividend7,690.818,411.838,892.50
WACC / Discount Rate6.95%6.95%6.95%
Growth Rate2.34%3.34%4.34%
Fair Value$170,980.29$241,241.94$356,401.47
Upside / Downside85.04%161.08%285.72%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67,564.6369,822.7072,156.2574,567.7877,059.9179,635.3382,024.39
Payout Ratio82.66%84.13%85.59%87.06%88.53%90.00%92.50%
Projected Dividends (M)55,847.2258,739.0461,761.7764,920.9468,222.2971,671.8075,872.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.95%6.95%6.95%
Growth Rate2.34%3.34%4.34%
Year 1 PV (M)54,392.7854,924.2655,455.74
Year 2 PV (M)52,960.0854,000.1055,050.23
Year 3 PV (M)51,549.9453,075.8654,631.60
Year 4 PV (M)50,163.0752,152.6054,200.73
Year 5 PV (M)48,800.0851,231.3053,758.46
PV of Terminal Value (M)1,309,341.241,374,572.461,442,378.00
Equity Value (M)1,567,207.201,639,956.581,715,474.76
Shares Outstanding (M)7.037.037.03
Fair Value$222,992.00$233,343.23$244,088.43
Upside / Downside141.33%152.54%164.16%

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