DDM Analysis: 8976.T

Valuation Snapshot

Stable Growth	$300,634.83 - $486,020.47	$384,048.34
Multi-Stage	$547,937.25 - $601,426.78	$574,168.48
Blended Fair Value	$479,108.41
Current Price	$301,500.00
Upside	58.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.64%	8.17%	13,781.11	13,781.73	14,291.64	14,333.67	13,827.30	12,701.94	11,505.44	11,235.51	10,279.84	8,068.92
YoY Growth	-	-	0.00%	-3.57%	-0.29%	3.66%	8.86%	10.40%	2.40%	9.30%	27.40%	28.39%
Dividend Yield	-	-	4.59%	4.07%	4.22%	8.03%	9.23%	6.18%	6.56%	8.08%	7.10%	5.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26,519.68
(-) Cash Dividends Paid (M)	16,379.22
(=) Cash Retained (M)	10,140.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,303.94	3,314.96	1,988.98
Cash Retained (M)	10,140.46	10,140.46	10,140.46
(-) Cash Required (M)	-5,303.94	-3,314.96	-1,988.98
(=) Excess Retained (M)	4,836.52	6,825.50	8,151.48
(/) Shares Outstanding (M)	0.95	0.95	0.95
(=) Excess Retained per Share	5,086.71	7,178.58	8,573.16
LTM Dividend per Share	17,226.51	17,226.51	17,226.51
(+) Excess Retained per Share	5,086.71	7,178.58	8,573.16
(=) Adjusted Dividend	22,313.23	24,405.09	25,799.67
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	-0.36%	0.64%	1.64%
Fair Value	$300,634.83	$384,048.34	$486,020.47
Upside / Downside	-0.29%	27.38%	61.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26,519.68	26,690.54	26,862.49	27,035.55	27,209.72	27,385.02	28,206.57
Payout Ratio	61.76%	67.41%	73.06%	78.71%	84.35%	90.00%	92.50%
Projected Dividends (M)	16,379.22	17,992.09	19,625.06	21,278.33	22,952.08	24,646.52	26,091.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	-0.36%	0.64%	1.64%
Year 1 PV (M)	16,641.76	16,808.78	16,975.79
Year 2 PV (M)	16,789.84	17,128.52	17,470.59
Year 3 PV (M)	16,838.00	17,350.05	17,872.38
Year 4 PV (M)	16,799.36	17,483.96	18,189.26
Year 5 PV (M)	16,685.68	17,539.92	18,428.79
PV of Terminal Value (M)	437,232.18	459,616.64	482,908.65
Equity Value (M)	520,986.82	545,927.86	571,845.45
Shares Outstanding (M)	0.95	0.95	0.95
Fair Value	$547,937.25	$574,168.48	$601,426.78
Upside / Downside	81.74%	90.44%	99.48%

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Daiwa Office Investment Corporation (8976.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener