Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

MIRARTH Real Estate Investment Corporation (3492.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$110,373.51 - $174,065.77$139,522.33
Multi-Stage$238,339.64 - $261,670.50$249,779.46
Blended Fair Value$194,650.89
Current Price$85,300.00
Upside128.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS24.60%0.00%4,721.374,515.444,243.383,697.214,343.621,571.990.000.000.000.00
YoY Growth--4.56%6.41%14.77%-14.88%176.31%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.02%4.69%3.96%3.28%5.12%1.32%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,504.09
(-) Cash Dividends Paid (M)7,493.51
(=) Cash Retained (M)1,010.58
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,700.821,063.01637.81
Cash Retained (M)1,010.581,010.581,010.58
(-) Cash Required (M)-1,700.82-1,063.01-637.81
(=) Excess Retained (M)-690.23-52.43372.78
(/) Shares Outstanding (M)0.770.770.77
(=) Excess Retained per Share-900.78-68.42486.49
LTM Dividend per Share9,779.299,779.299,779.29
(+) Excess Retained per Share-900.78-68.42486.49
(=) Adjusted Dividend8,878.519,710.8710,265.78
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate-1.33%-0.33%0.67%
Fair Value$110,373.51$139,522.33$174,065.77
Upside / Downside29.39%63.57%104.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,504.098,476.378,448.738,421.188,393.728,366.358,617.34
Payout Ratio88.12%88.49%88.87%89.25%89.62%90.00%92.50%
Projected Dividends (M)7,493.517,501.017,508.387,515.627,522.737,529.727,971.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate-1.33%-0.33%0.67%
Year 1 PV (M)6,965.267,035.847,106.43
Year 2 PV (M)6,474.126,606.016,739.23
Year 3 PV (M)6,017.516,202.336,390.88
Year 4 PV (M)5,593.015,823.206,060.44
Year 5 PV (M)5,198.365,467.165,746.97
PV of Terminal Value (M)152,382.65160,262.27168,464.54
Equity Value (M)182,630.91191,396.82200,508.49
Shares Outstanding (M)0.770.770.77
Fair Value$238,339.64$249,779.46$261,670.50
Upside / Downside179.41%192.82%206.76%

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