DDM Analysis: 8952.T

Valuation Snapshot

Stable Growth	$153,584.92 - $256,564.94	$198,901.37
Multi-Stage	$265,067.18 - $290,700.67	$277,639.61
Blended Fair Value	$238,270.49
Current Price	$124,500.00
Upside	91.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	6,053.84	5,637.93	5,537.99	5,495.19	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	7.38%	1.80%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	5.30%	4.84%	4.64%	4.11%	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)	74,145.16
(-) Cash Dividends Paid (M)	52,022.41
(=) Cash Retained (M)	22,122.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,829.03	9,268.15	5,560.89
Cash Retained (M)	22,122.75	22,122.75	22,122.75
(-) Cash Required (M)	-14,829.03	-9,268.15	-5,560.89
(=) Excess Retained (M)	7,293.72	12,854.61	16,561.86
(/) Shares Outstanding (M)	5.69	5.69	5.69
(=) Excess Retained per Share	1,281.51	2,258.57	2,909.93
LTM Dividend per Share	9,140.39	9,140.39	9,140.39
(+) Excess Retained per Share	1,281.51	2,258.57	2,909.93
(=) Adjusted Dividend	10,421.90	11,398.95	12,050.32
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	0.24%	1.24%	2.24%
Fair Value	$153,584.92	$198,901.37	$256,564.94
Upside / Downside	23.36%	59.76%	106.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74,145.16	75,063.06	75,992.32	76,933.09	77,885.50	78,849.70	81,215.19
Payout Ratio	70.16%	74.13%	78.10%	82.07%	86.03%	90.00%	92.50%
Projected Dividends (M)	52,022.41	55,644.50	59,348.29	63,135.27	67,006.91	70,964.73	75,124.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	0.24%	1.24%	2.24%
Year 1 PV (M)	51,471.34	51,984.83	52,498.32
Year 2 PV (M)	50,780.23	51,798.48	52,826.84
Year 3 PV (M)	49,969.12	51,479.60	53,020.22
Year 4 PV (M)	49,056.04	51,043.11	53,089.95
Year 5 PV (M)	48,057.23	50,502.69	53,046.71
PV of Terminal Value (M)	1,259,293.27	1,323,374.33	1,390,037.94
Equity Value (M)	1,508,627.22	1,580,183.05	1,654,519.98
Shares Outstanding (M)	5.69	5.69	5.69
Fair Value	$265,067.18	$277,639.61	$290,700.67
Upside / Downside	112.91%	123.00%	133.49%

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Japan Real Estate Investment Corporation (8952.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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