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Hulic Reit, Inc. (3295.T)

Company Dividend Discount ModelIndustry: REIT - OfficeSector: Real Estate

Valuation Snapshot

Stable Growth$281,714.75 - $595,546.18$399,495.96
Multi-Stage$350,624.79 - $383,909.28$366,956.13
Blended Fair Value$383,226.05
Current Price$166,600.00
Upside130.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.15%11.13%7,653.587,062.737,180.146,936.597,221.816,246.875,862.485,377.444,486.033,210.02
YoY Growth--8.37%-1.64%3.51%-3.95%15.61%6.56%9.02%19.87%39.75%20.50%
Dividend Yield--4.59%5.00%4.42%4.18%3.90%4.51%3.12%3.29%2.69%1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,361.84
(-) Cash Dividends Paid (M)15,432.05
(=) Cash Retained (M)6,929.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,472.372,795.231,677.14
Cash Retained (M)6,929.796,929.796,929.79
(-) Cash Required (M)-4,472.37-2,795.23-1,677.14
(=) Excess Retained (M)2,457.424,134.565,252.65
(/) Shares Outstanding (M)1.441.441.44
(=) Excess Retained per Share1,706.542,871.223,647.68
LTM Dividend per Share10,716.7010,716.7010,716.70
(+) Excess Retained per Share1,706.542,871.223,647.68
(=) Adjusted Dividend12,423.2513,587.9214,364.38
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate2.52%3.52%4.52%
Fair Value$281,714.75$399,495.96$595,546.18
Upside / Downside69.10%139.79%257.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,361.8423,148.8923,963.6524,807.0825,680.1926,584.0427,381.56
Payout Ratio69.01%73.21%77.41%81.60%85.80%90.00%92.50%
Projected Dividends (M)15,432.0516,946.9618,549.3920,243.6322,034.1523,925.6425,327.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate2.52%3.52%4.52%
Year 1 PV (M)15,679.3315,832.2715,985.21
Year 2 PV (M)15,878.2016,189.4716,503.76
Year 3 PV (M)16,032.3016,506.0416,989.02
Year 4 PV (M)16,145.0516,784.2617,442.26
Year 5 PV (M)16,219.6817,026.3217,864.73
PV of Terminal Value (M)424,945.13446,078.47468,044.37
Equity Value (M)504,899.70528,416.83552,829.36
Shares Outstanding (M)1.441.441.44
Fair Value$350,624.79$366,956.13$383,909.28
Upside / Downside110.46%120.26%130.44%

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