DDM Analysis: 3283.T

Valuation Snapshot

Stable Growth	$934,319.15 - $2,484,446.46	$2,328,290.17
Multi-Stage	$356,434.38 - $389,862.10	$372,842.26
Blended Fair Value	$1,350,566.21
Current Price	$77,000.00
Upside	1,653.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	6,897.12	6,319.63	6,113.60	5,789.64	5,246.80	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	9.14%	3.37%	5.60%	10.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.76%	6.76%	5.43%	4.70%	4.81%	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)	52,856.30
(-) Cash Dividends Paid (M)	28,015.49
(=) Cash Retained (M)	24,840.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,571.26	6,607.04	3,964.22
Cash Retained (M)	24,840.81	24,840.81	24,840.81
(-) Cash Required (M)	-10,571.26	-6,607.04	-3,964.22
(=) Excess Retained (M)	14,269.55	18,233.77	20,876.59
(/) Shares Outstanding (M)	4.23	4.23	4.23
(=) Excess Retained per Share	3,372.59	4,309.52	4,934.15
LTM Dividend per Share	6,621.42	6,621.42	6,621.42
(+) Excess Retained per Share	3,372.59	4,309.52	4,934.15
(=) Adjusted Dividend	9,994.00	10,930.94	11,555.56
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$934,319.15	$2,328,290.17	$2,484,446.46
Upside / Downside	1,113.40%	2,923.75%	3,126.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52,856.30	56,291.96	59,950.93	63,847.74	67,997.85	72,417.71	74,590.24
Payout Ratio	53.00%	60.40%	67.80%	75.20%	82.60%	90.00%	92.50%
Projected Dividends (M)	28,015.49	34,001.75	40,647.86	48,014.30	56,166.65	65,175.94	68,995.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31,588.63	31,888.05	32,187.47
Year 2 PV (M)	35,083.01	35,751.24	36,425.78
Year 3 PV (M)	38,499.88	39,605.08	40,731.22
Year 4 PV (M)	41,840.50	43,449.57	45,104.61
Year 5 PV (M)	45,106.10	47,284.74	49,546.77
PV of Terminal Value (M)	1,315,970.50	1,379,532.37	1,445,526.90
Equity Value (M)	1,508,088.63	1,577,511.05	1,649,522.74
Shares Outstanding (M)	4.23	4.23	4.23
Fair Value	$356,434.38	$372,842.26	$389,862.10
Upside / Downside	362.90%	384.21%	406.31%

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Nippon Prologis REIT, Inc. (3283.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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