Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fukuoka REIT Corporation (8968.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$229,513.35 - $403,335.18$303,429.59
Multi-Stage$314,881.92 - $344,741.08$329,531.74
Blended Fair Value$316,480.67
Current Price$184,400.00
Upside71.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.59%3.66%7,970.977,228.516,790.676,764.786,320.367,012.896,960.386,223.276,168.596,403.17
YoY Growth--10.27%6.45%0.38%7.03%-9.88%0.75%11.84%0.89%-3.66%15.10%
Dividend Yield--4.32%4.87%4.19%3.97%3.60%5.14%3.90%3.65%3.75%3.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,275.18
(-) Cash Dividends Paid (M)9,080.62
(=) Cash Retained (M)5,194.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,855.041,784.401,070.64
Cash Retained (M)5,194.575,194.575,194.57
(-) Cash Required (M)-2,855.04-1,784.40-1,070.64
(=) Excess Retained (M)2,339.533,410.174,123.93
(/) Shares Outstanding (M)0.830.830.83
(=) Excess Retained per Share2,810.614,096.834,954.31
LTM Dividend per Share10,909.0710,909.0710,909.07
(+) Excess Retained per Share2,810.614,096.834,954.31
(=) Adjusted Dividend13,719.6815,005.9015,863.38
WACC / Discount Rate7.74%7.74%7.74%
Growth Rate1.66%2.66%3.66%
Fair Value$229,513.35$303,429.59$403,335.18
Upside / Downside24.46%64.55%118.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,275.1814,655.2115,045.3615,445.8915,857.0916,279.2416,767.61
Payout Ratio63.61%68.89%74.17%79.44%84.72%90.00%92.50%
Projected Dividends (M)9,080.6210,095.8211,158.6512,270.9113,434.4814,651.3115,510.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.74%7.74%7.74%
Growth Rate1.66%2.66%3.66%
Year 1 PV (M)9,279.339,370.619,461.88
Year 2 PV (M)9,426.749,613.109,801.29
Year 3 PV (M)9,528.009,811.9410,101.46
Year 4 PV (M)9,587.849,970.6810,364.88
Year 5 PV (M)9,610.6110,092.6810,593.90
PV of Terminal Value (M)214,672.52225,440.41236,636.13
Equity Value (M)262,105.04274,299.42286,959.54
Shares Outstanding (M)0.830.830.83
Fair Value$314,881.92$329,531.74$344,741.08
Upside / Downside70.76%78.70%86.95%

High-Yield Dividend Screener

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