Definitive Analysis
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Samty Residential Investment Corporation (3459.T)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$169,065.40 - $401,838.90$249,626.20
Multi-Stage$187,728.06 - $205,304.18$196,353.48
Blended Fair Value$222,989.84
Current Price$93,300.00
Upside139.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS5.15%0.00%5,464.345,525.185,482.654,601.543,987.174,251.483,682.841,795.061,764.15696.62
YoY Growth---1.10%0.78%19.15%15.41%-6.22%15.44%105.17%1.75%153.24%0.00%
Dividend Yield--5.86%5.39%4.71%3.71%3.13%4.54%3.14%1.97%2.11%0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,837.83
(-) Cash Dividends Paid (M)5,784.41
(=) Cash Retained (M)1,053.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,367.57854.73512.84
Cash Retained (M)1,053.421,053.421,053.42
(-) Cash Required (M)-1,367.57-854.73-512.84
(=) Excess Retained (M)-314.15198.69540.58
(/) Shares Outstanding (M)0.840.840.84
(=) Excess Retained per Share-373.45236.20642.63
LTM Dividend per Share6,876.396,876.396,876.39
(+) Excess Retained per Share-373.45236.20642.63
(=) Adjusted Dividend6,502.947,112.597,519.02
WACC / Discount Rate7.12%7.12%7.12%
Growth Rate3.15%4.15%5.15%
Fair Value$169,065.40$249,626.20$401,838.90
Upside / Downside81.21%167.55%330.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,837.837,121.437,416.807,724.428,044.808,378.478,629.83
Payout Ratio84.59%85.68%86.76%87.84%88.92%90.00%92.50%
Projected Dividends (M)5,784.416,101.326,434.566,784.967,153.357,540.627,982.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.12%7.12%7.12%
Growth Rate3.15%4.15%5.15%
Year 1 PV (M)5,641.355,696.045,750.73
Year 2 PV (M)5,500.955,608.125,716.34
Year 3 PV (M)5,363.215,520.715,681.27
Year 4 PV (M)5,228.135,433.845,645.56
Year 5 PV (M)5,095.695,347.545,609.25
PV of Terminal Value (M)131,087.29137,566.05144,298.48
Equity Value (M)157,916.61165,172.30172,701.62
Shares Outstanding (M)0.840.840.84
Fair Value$187,728.06$196,353.48$205,304.18
Upside / Downside101.21%110.45%120.05%

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