DDM Analysis: 8968.T

Valuation Snapshot

Stable Growth	$289,366.77 - $583,114.47	$403,273.29
Multi-Stage	$431,250.14 - $472,958.43	$451,709.46
Blended Fair Value	$427,491.37
Current Price	$184,400.00
Upside	131.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.59%	3.66%	7,970.97	7,228.51	6,790.67	6,764.78	6,320.36	7,012.89	6,960.38	6,223.27	6,168.59	6,403.17
YoY Growth	-	-	10.27%	6.45%	0.38%	7.03%	-9.88%	0.75%	11.84%	0.89%	-3.66%	15.10%
Dividend Yield	-	-	4.32%	4.87%	4.19%	3.97%	3.60%	5.14%	3.90%	3.65%	3.75%	3.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,275.18
(-) Cash Dividends Paid (M)	9,080.62
(=) Cash Retained (M)	5,194.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,855.04	1,784.40	1,070.64
Cash Retained (M)	5,194.57	5,194.57	5,194.57
(-) Cash Required (M)	-2,855.04	-1,784.40	-1,070.64
(=) Excess Retained (M)	2,339.53	3,410.17	4,123.93
(/) Shares Outstanding (M)	0.83	0.83	0.83
(=) Excess Retained per Share	2,810.61	4,096.83	4,954.31
LTM Dividend per Share	10,909.07	10,909.07	10,909.07
(+) Excess Retained per Share	2,810.61	4,096.83	4,954.31
(=) Adjusted Dividend	13,719.68	15,005.90	15,863.38
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	1.66%	2.66%	3.66%
Fair Value	$289,366.77	$403,273.29	$583,114.47
Upside / Downside	56.92%	118.69%	216.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,275.18	14,655.21	15,045.36	15,445.89	15,857.09	16,279.24	16,767.61
Payout Ratio	63.61%	68.89%	74.17%	79.44%	84.72%	90.00%	92.50%
Projected Dividends (M)	9,080.62	10,095.82	11,158.65	12,270.91	13,434.48	14,651.31	15,510.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	1.66%	2.66%	3.66%
Year 1 PV (M)	9,388.87	9,481.23	9,573.58
Year 2 PV (M)	9,650.61	9,841.41	10,034.06
Year 3 PV (M)	9,869.42	10,163.54	10,463.44
Year 4 PV (M)	10,048.65	10,449.89	10,863.04
Year 5 PV (M)	10,191.42	10,702.62	11,234.13
PV of Terminal Value (M)	309,819.98	325,360.43	341,518.33
Equity Value (M)	358,968.95	375,999.11	393,686.57
Shares Outstanding (M)	0.83	0.83	0.83
Fair Value	$431,250.14	$451,709.46	$472,958.43
Upside / Downside	133.87%	144.96%	156.49%

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Fukuoka REIT Corporation (8968.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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