DDM Analysis: 2989.T

Valuation Snapshot

Stable Growth	$111,107.01 - $166,582.36	$137,401.10
Multi-Stage	$228,650.98 - $250,792.05	$239,507.88
Blended Fair Value	$188,454.49
Current Price	$103,300.00
Upside	82.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022
DPS	0.00%	0.00%	6,226.19	4,329.92	1,657.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	43.79%	161.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.00%	3.60%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,464.69
(-) Cash Dividends Paid (M)	3,102.35
(=) Cash Retained (M)	362.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	692.94	433.09	259.85
Cash Retained (M)	362.35	362.35	362.35
(-) Cash Required (M)	-692.94	-433.09	-259.85
(=) Excess Retained (M)	-330.59	-70.74	102.50
(/) Shares Outstanding (M)	0.26	0.26	0.26
(=) Excess Retained per Share	-1,269.30	-271.60	393.54
LTM Dividend per Share	11,911.48	11,911.48	11,911.48
(+) Excess Retained per Share	-1,269.30	-271.60	393.54
(=) Adjusted Dividend	10,642.18	11,639.88	12,305.02
WACC / Discount Rate	7.39%	7.39%	7.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$111,107.01	$137,401.10	$166,582.36
Upside / Downside	7.56%	33.01%	61.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,464.69	3,430.05	3,395.75	3,361.79	3,328.17	3,294.89	3,393.74
Payout Ratio	89.54%	89.63%	89.73%	89.82%	89.91%	90.00%	92.50%
Projected Dividends (M)	3,102.35	3,074.47	3,046.83	3,019.45	2,992.30	2,965.40	3,139.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.39%	7.39%	7.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,834.07	2,862.98	2,891.90
Year 2 PV (M)	2,588.98	2,642.09	2,695.73
Year 3 PV (M)	2,365.09	2,438.23	2,512.87
Year 4 PV (M)	2,160.56	2,250.11	2,342.41
Year 5 PV (M)	1,973.71	2,076.49	2,183.50
PV of Terminal Value (M)	47,629.73	50,109.92	52,692.38
Equity Value (M)	59,552.15	62,379.83	65,318.79
Shares Outstanding (M)	0.26	0.26	0.26
Fair Value	$228,650.98	$239,507.88	$250,792.05
Upside / Downside	121.35%	131.86%	142.78%

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Tokaido REIT, Inc. (2989.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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