DDM Analysis: 3287.T

Valuation Snapshot

Stable Growth	$243,069.62 - $424,554.06	$320,564.12
Multi-Stage	$351,682.01 - $385,211.71	$368,131.36
Blended Fair Value	$344,347.74
Current Price	$219,600.00
Upside	56.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.67%	30.57%	8,254.60	7,532.33	5,847.51	7,845.14	10,778.73	10,485.56	8,604.55	6,817.80	4,594.30	2,653.68
YoY Growth	-	-	9.59%	28.81%	-25.46%	-27.22%	2.80%	21.86%	26.21%	48.40%	73.13%	363.11%
Dividend Yield	-	-	3.57%	2.54%	1.66%	2.12%	4.38%	3.55%	3.25%	1.25%	0.75%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,051.48
(-) Cash Dividends Paid (M)	6,513.56
(=) Cash Retained (M)	3,537.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,010.30	1,256.44	753.86
Cash Retained (M)	3,537.93	3,537.93	3,537.93
(-) Cash Required (M)	-2,010.30	-1,256.44	-753.86
(=) Excess Retained (M)	1,527.63	2,281.49	2,784.07
(/) Shares Outstanding (M)	0.54	0.54	0.54
(=) Excess Retained per Share	2,804.07	4,187.83	5,110.34
LTM Dividend per Share	11,956.05	11,956.05	11,956.05
(+) Excess Retained per Share	2,804.07	4,187.83	5,110.34
(=) Adjusted Dividend	14,760.12	16,143.88	17,066.39
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	1.36%	2.36%	3.36%
Fair Value	$243,069.62	$320,564.12	$424,554.06
Upside / Downside	10.69%	45.98%	93.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,051.48	10,288.39	10,530.88	10,779.09	11,033.15	11,293.20	11,631.99
Payout Ratio	64.80%	69.84%	74.88%	79.92%	84.96%	90.00%	92.50%
Projected Dividends (M)	6,513.56	7,185.57	7,885.65	8,614.73	9,373.81	10,163.88	10,759.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	1.36%	2.36%	3.36%
Year 1 PV (M)	6,618.23	6,683.52	6,748.82
Year 2 PV (M)	6,689.57	6,822.22	6,956.17
Year 3 PV (M)	6,731.05	6,932.25	7,137.42
Year 4 PV (M)	6,745.86	7,016.05	7,294.27
Year 5 PV (M)	6,736.91	7,075.87	7,428.34
PV of Terminal Value (M)	158,071.75	166,024.92	174,295.04
Equity Value (M)	191,593.37	200,554.83	209,860.06
Shares Outstanding (M)	0.54	0.54	0.54
Fair Value	$351,682.01	$368,131.36	$385,211.71
Upside / Downside	60.15%	67.64%	75.42%

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Hoshino Resorts REIT, Inc. (3287.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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