DDM Analysis: 3234.T

Valuation Snapshot

Stable Growth	$75,390.51 - $111,010.28	$92,491.88
Multi-Stage	$193,336.71 - $212,891.77	$202,920.00
Blended Fair Value	$147,705.94
Current Price	$125,600.00
Upside	17.60%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-10.01%	-0.39%	3,308.73	6,632.10	6,068.59	5,838.56	5,656.07	5,607.98	5,274.70	4,811.79	4,725.26	3,987.83
YoY Growth	-	-	-50.11%	9.29%	3.94%	3.23%	0.86%	6.32%	9.62%	1.83%	18.49%	15.96%
Dividend Yield	-	-	2.63%	4.83%	4.19%	3.75%	3.51%	4.09%	3.29%	3.48%	3.40%	2.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,877.55
(-) Cash Dividends Paid (M)	12,531.65
(=) Cash Retained (M)	6,345.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,775.51	2,359.69	1,415.82
Cash Retained (M)	6,345.90	6,345.90	6,345.90
(-) Cash Required (M)	-3,775.51	-2,359.69	-1,415.82
(=) Excess Retained (M)	2,570.39	3,986.21	4,930.08
(/) Shares Outstanding (M)	1.92	1.92	1.92
(=) Excess Retained per Share	1,341.31	2,080.12	2,572.67
LTM Dividend per Share	6,539.40	6,539.40	6,539.40
(+) Excess Retained per Share	1,341.31	2,080.12	2,572.67
(=) Adjusted Dividend	7,880.71	8,619.53	9,112.07
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-3.60%	-2.60%	-1.60%
Fair Value	$75,390.51	$92,491.88	$111,010.28
Upside / Downside	-39.98%	-26.36%	-11.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,877.55	18,387.66	17,910.48	17,445.68	16,992.94	16,551.96	17,048.51
Payout Ratio	66.38%	71.11%	75.83%	80.55%	85.28%	90.00%	92.50%
Projected Dividends (M)	12,531.65	13,074.93	13,581.57	14,053.11	14,491.03	14,896.76	15,769.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-3.60%	-2.60%	-1.60%
Year 1 PV (M)	12,152.91	12,278.98	12,405.04
Year 2 PV (M)	11,733.62	11,978.31	12,225.52
Year 3 PV (M)	11,284.85	11,639.67	12,001.86
Year 4 PV (M)	10,815.92	11,271.72	11,741.78
Year 5 PV (M)	10,334.68	10,881.92	11,452.10
PV of Terminal Value (M)	314,174.96	330,811.09	348,144.60
Equity Value (M)	370,496.94	388,861.68	407,970.89
Shares Outstanding (M)	1.92	1.92	1.92
Fair Value	$193,336.71	$202,920.00	$212,891.77
Upside / Downside	53.93%	61.56%	69.50%

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Mori Hills REIT Investment Corporation (3234.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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