DDM Analysis: 8956.T

Valuation Snapshot

Stable Growth	$246,561.25 - $563,036.60	$359,194.79
Multi-Stage	$322,586.89 - $353,641.56	$337,821.90
Blended Fair Value	$348,508.35
Current Price	$134,200.00
Upside	159.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.24%	7.68%	6,001.31	5,760.32	6,714.28	5,269.20	5,105.88	5,115.75	4,710.91	4,557.99	4,305.19	3,448.54
YoY Growth	-	-	4.18%	-14.21%	27.43%	3.20%	-0.19%	8.59%	3.35%	5.87%	24.84%	20.45%
Dividend Yield	-	-	5.50%	4.62%	4.61%	3.49%	4.45%	3.16%	4.04%	4.54%	3.19%	2.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,173.89
(-) Cash Dividends Paid (M)	11,014.00
(=) Cash Retained (M)	7,159.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,634.78	2,271.74	1,363.04
Cash Retained (M)	7,159.88	7,159.88	7,159.88
(-) Cash Required (M)	-3,634.78	-2,271.74	-1,363.04
(=) Excess Retained (M)	3,525.11	4,888.15	5,796.84
(/) Shares Outstanding (M)	1.46	1.46	1.46
(=) Excess Retained per Share	2,414.78	3,348.49	3,970.97
LTM Dividend per Share	7,544.84	7,544.84	7,544.84
(+) Excess Retained per Share	2,414.78	3,348.49	3,970.97
(=) Adjusted Dividend	9,959.62	10,893.34	11,515.82
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	2.35%	3.35%	4.35%
Fair Value	$246,561.25	$359,194.79	$563,036.60
Upside / Downside	83.73%	167.66%	319.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,173.89	18,782.15	19,410.76	20,060.42	20,731.82	21,425.69	22,068.46
Payout Ratio	60.60%	66.48%	72.36%	78.24%	84.12%	90.00%	92.50%
Projected Dividends (M)	11,014.00	12,486.89	14,046.03	15,695.55	17,439.75	19,283.12	20,413.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	2.35%	3.35%	4.35%
Year 1 PV (M)	11,613.39	11,726.86	11,840.33
Year 2 PV (M)	12,149.63	12,388.21	12,629.11
Year 3 PV (M)	12,626.72	13,000.47	13,381.51
Year 4 PV (M)	13,048.45	13,565.95	14,098.68
Year 5 PV (M)	13,418.40	14,086.88	14,781.73
PV of Terminal Value (M)	408,057.35	428,385.75	449,516.36
Equity Value (M)	470,913.95	493,154.11	516,247.72
Shares Outstanding (M)	1.46	1.46	1.46
Fair Value	$322,586.89	$337,821.90	$353,641.56
Upside / Downside	140.38%	151.73%	163.52%

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NTT UD REIT Investment Corporation (8956.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener