Definitive Analysis
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Nomura Real Estate Master Fund, Inc. (3462.T)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$415,763.06 - $1,919,199.28$731,475.21
Multi-Stage$346,758.35 - $379,299.51$362,728.91
Blended Fair Value$547,102.06
Current Price$161,100.00
Upside239.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.12%14.60%6,867.756,337.755,863.285,300.455,514.665,102.164,711.225,187.154,765.502,348.79
YoY Growth--8.36%8.09%10.62%-3.88%8.08%8.30%-9.18%8.85%102.89%33.67%
Dividend Yield--4.26%4.29%3.43%3.11%3.25%3.75%2.54%3.35%3.28%1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)62,736.71
(-) Cash Dividends Paid (M)45,762.46
(=) Cash Retained (M)16,974.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12,547.347,842.094,705.25
Cash Retained (M)16,974.2516,974.2516,974.25
(-) Cash Required (M)-12,547.34-7,842.09-4,705.25
(=) Excess Retained (M)4,426.919,132.1612,269.00
(/) Shares Outstanding (M)4.684.684.68
(=) Excess Retained per Share945.871,951.212,621.44
LTM Dividend per Share9,777.769,777.769,777.76
(+) Excess Retained per Share945.871,951.212,621.44
(=) Adjusted Dividend10,723.6311,728.9712,399.19
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate4.12%5.12%6.12%
Fair Value$415,763.06$731,475.21$1,919,199.28
Upside / Downside158.08%354.05%1,091.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)62,736.7165,951.0969,330.1772,882.3876,616.6080,542.1482,958.40
Payout Ratio72.94%76.35%79.77%83.18%86.59%90.00%92.50%
Projected Dividends (M)45,762.4650,356.9255,302.0560,621.7266,341.3472,487.9276,736.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate4.12%5.12%6.12%
Year 1 PV (M)46,698.1147,146.5947,595.08
Year 2 PV (M)47,557.7748,475.6449,402.29
Year 3 PV (M)48,344.6849,751.0051,184.34
Year 4 PV (M)49,061.9550,974.0352,941.47
Year 5 PV (M)49,712.5852,146.0754,673.93
PV of Terminal Value (M)1,381,544.161,449,172.281,519,423.22
Equity Value (M)1,622,919.241,697,665.621,775,220.33
Shares Outstanding (M)4.684.684.68
Fair Value$346,758.35$362,728.91$379,299.51
Upside / Downside115.24%125.16%135.44%

High-Yield Dividend Screener

« Prev Page 2 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
GHYPGIM Global High Yield Fund, Inc15.29%$1.8962.38%
BGRBlackRock Energy and Resources Trust15.26%$2.1298.26%
BOEBlackRock Enhanced Global Dividend Trust15.09%$1.7867.28%
FENFirst Trust Energy Income and Growth Fund15.00%$2.4049.79%
SOJESouthern Company (The) Series 214.95%$2.6967.01%
PSFCohen & Steers Select Preferred and Income Fund, Inc.14.84%$3.0256.28%
EVGEaton Vance Short Duration Diversified Income Fund14.82%$1.6271.62%
LDPCohen & Steers Limited Duration Preferred and Income Fund, Inc.14.73%$3.1554.69%
DNPDNP Select Income Fund Inc.14.64%$1.4553.01%
JRSNuveen Real Estate Income Fund14.56%$1.1189.79%
DPGDuff & Phelps Utility and Infrastructure Fund Inc.14.47%$1.8654.60%
BSTBlackRock Science and Technology Trust14.42%$5.8646.91%
MPAIXMorgan Stanley Insti Fd Advantage Portfolio Cl I14.33%$4.0043.20%
JCAPJefferson Capital, Inc. Common Stock14.11%$3.1245.65%
PHTPioneer High Income Fund, Inc.13.99%$1.1961.96%
RZC7.125% Fixed-Rate Reset Subordinated Debentures due 205213.93%$3.5527.34%
RNPCohen & Steers REIT and Preferred Income Fund, Inc.13.88%$2.7761.92%
DOMHDominari Holdings Inc.13.87%$0.7010.86%
STT-PDState Street Corporation13.86%$3.4633.48%
FCTFirst Trust Senior Floating Rate Income Fund II13.80%$1.3867.42%
VIRTVirtu Financial, Inc.13.57%$4.4389.50%
DHFBNY Mellon High Yield Strategies Fund13.55%$0.3461.16%
JHIJohn Hancock Investors Trust13.15%$1.7974.97%
AIOVirtus Artificial Intelligence & Technology Opportunities Fund12.91%$2.8238.01%
UTFCohen & Steers Infrastructure Fund, Inc12.84%$3.1453.56%
DFPFlaherty & Crumrine Dynamic Preferred and Income Fund Inc.12.81%$2.6848.05%
WEAWestern Asset Premier Bond Fund12.81%$1.4380.16%
TPZTortoise Essential Energy Fund12.76%$2.6467.76%
FTFranklin Universal Trust12.72%$1.0256.42%
CSQCalamos Strategic Total Return Fund12.70%$2.4351.10%
HYBThe New America High Income Fund Inc.12.68%$1.0463.42%
NBBNuveen Taxable Municipal Income Fund12.66%$2.0085.04%
RWAYRunway Growth Finance Corp.12.66%$1.1475.51%
ELVTElevate Credit, Inc.12.61%$0.2475.91%
NDPTortoise Energy Independence Fund, Inc.12.60%$5.0986.32%
BCEICivitas Resources, Inc.12.58%$7.0698.41%
GENVRGen Digital Inc. Contingent Value Rights12.54%$0.5054.91%
SOJCThe Southern Company JR 2017B NT 7712.31%$2.6967.01%
BTOJohn Hancock Financial Opportunities Fund12.25%$4.3229.72%
FEIFirst Trust MLP and Energy Income Fund12.21%$1.2058.56%
PCNPIMCO Corporate & Income Strategy Fund12.19%$1.5568.95%
HTDJohn Hancock Tax-Advantaged Dividend Income Fund12.17%$2.9051.08%
NIEVirtus Equity & Convertible Income Fund12.17%$3.0445.26%
PFDFlaherty & Crumrine Preferred Income Fund Inc.11.99%$1.4348.51%
TYGTortoise Energy Infrastructure Corporation11.98%$4.9643.95%
FPLFirst Trust New Opportunities MLP & Energy Fund11.82%$0.9254.20%
BTZBlackRock Credit Allocation Income Trust11.69%$1.2692.75%
BHBFXMadison Dividend Income Fd Cl Y11.61%$2.8540.22%
CGABLThe Carlyle Group Inc. 4.625% Subordinated Notes due 206111.57%$2.0197.92%
DBLDoubleLine Opportunistic Credit Fund11.57%$1.7652.03%