DDM Analysis: 8972.T

Valuation Snapshot

Stable Growth	$1,937,491.65 - $4,479,087.03	$4,197,560.50
Multi-Stage	$662,421.15 - $725,130.75	$693,199.53
Blended Fair Value	$2,445,380.02
Current Price	$148,600.00
Upside	1,545.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	20.40%	17.51%	7,522.47	3,225.75	3,063.46	3,366.48	3,069.06	2,973.54	2,632.44	2,387.82	2,171.49	2,086.40
YoY Growth	-	-	133.20%	5.30%	-9.00%	9.69%	3.21%	12.96%	10.24%	9.96%	4.08%	39.22%
Dividend Yield	-	-	5.06%	2.07%	2.04%	1.95%	1.52%	2.21%	1.41%	1.44%	1.37%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88,200.68
(-) Cash Dividends Paid (M)	30,123.06
(=) Cash Retained (M)	58,077.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,640.14	11,025.09	6,615.05
Cash Retained (M)	58,077.63	58,077.63	58,077.63
(-) Cash Required (M)	-17,640.14	-11,025.09	-6,615.05
(=) Excess Retained (M)	40,437.49	47,052.54	51,462.57
(/) Shares Outstanding (M)	3.92	3.92	3.92
(=) Excess Retained per Share	10,325.75	12,014.91	13,141.01
LTM Dividend per Share	7,691.95	7,691.95	7,691.95
(+) Excess Retained per Share	10,325.75	12,014.91	13,141.01
(=) Adjusted Dividend	18,017.70	19,706.86	20,832.96
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,937,491.65	$4,197,560.50	$4,479,087.03
Upside / Downside	1,203.83%	2,724.74%	2,914.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88,200.68	93,933.73	100,039.42	106,541.98	113,467.21	120,842.58	124,467.86
Payout Ratio	34.15%	45.32%	56.49%	67.66%	78.83%	90.00%	92.50%
Projected Dividends (M)	30,123.06	42,572.92	56,513.99	72,087.53	89,446.85	108,758.32	115,132.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39,606.25	39,981.67	40,357.08
Year 2 PV (M)	48,912.13	49,843.77	50,784.20
Year 3 PV (M)	58,043.17	59,709.38	61,407.18
Year 4 PV (M)	67,001.79	69,578.49	72,228.80
Year 5 PV (M)	75,790.40	79,451.10	83,251.91
PV of Terminal Value (M)	2,304,806.72	2,416,129.74	2,531,713.36
Equity Value (M)	2,594,160.46	2,714,694.15	2,839,742.54
Shares Outstanding (M)	3.92	3.92	3.92
Fair Value	$662,421.15	$693,199.53	$725,130.75
Upside / Downside	345.77%	366.49%	387.97%

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KDX Realty Investment Corporation (8972.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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