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Industrial & Infrastructure Fund Investment Corporation (3249.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$1,232,952.18 - $2,803,322.45$2,627,123.68
Multi-Stage$433,215.07 - $473,297.39$452,891.37
Blended Fair Value$1,540,007.52
Current Price$123,700.00
Upside1,144.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.88%10.60%6,692.415,549.255,333.885,424.584,949.194,580.873,826.773,611.952,593.422,762.27
YoY Growth--20.60%4.04%-1.67%9.61%8.04%19.71%5.95%39.27%-6.11%13.02%
Dividend Yield--5.77%4.49%3.58%2.91%2.34%2.32%2.69%2.99%2.08%1.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34,032.84
(-) Cash Dividends Paid (M)32,031.45
(=) Cash Retained (M)2,001.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,806.574,254.112,552.46
Cash Retained (M)2,001.402,001.402,001.40
(-) Cash Required (M)-6,806.57-4,254.11-2,552.46
(=) Excess Retained (M)-4,805.17-2,252.71-551.07
(/) Shares Outstanding (M)2.412.412.41
(=) Excess Retained per Share-1,990.23-933.04-228.24
LTM Dividend per Share13,266.9513,266.9513,266.95
(+) Excess Retained per Share-1,990.23-933.04-228.24
(=) Adjusted Dividend11,276.7212,333.9113,038.71
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate5.50%6.50%7.50%
Fair Value$1,232,952.18$2,627,123.68$2,803,322.45
Upside / Downside896.73%2,023.79%2,166.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34,032.8436,244.9838,600.9041,109.9643,782.1146,627.9448,026.78
Payout Ratio94.12%93.30%92.47%91.65%90.82%90.00%92.50%
Projected Dividends (M)32,031.4533,814.8935,694.8437,676.3339,764.5941,965.1544,424.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)31,463.3031,761.5332,059.76
Year 2 PV (M)30,902.8231,491.4432,085.60
Year 3 PV (M)30,349.9231,221.1632,108.91
Year 4 PV (M)29,804.5030,950.7032,129.64
Year 5 PV (M)29,266.4830,680.0632,147.74
PV of Terminal Value (M)894,158.12937,346.29982,187.37
Equity Value (M)1,045,945.151,093,451.181,142,719.03
Shares Outstanding (M)2.412.412.41
Fair Value$433,215.07$452,891.37$473,297.39
Upside / Downside250.21%266.12%282.62%

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