Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Keihanshin Building Co., Ltd. (8818.T)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$3,588.55 - $19,662.79$6,955.60
Multi-Stage$3,923.73 - $4,311.37$4,113.87
Blended Fair Value$5,534.74
Current Price$1,639.00
Upside237.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.30%9.28%37.6436.1339.2234.4930.9026.4621.5319.3418.2617.15
YoY Growth--4.17%-7.90%13.74%11.62%16.78%22.89%11.33%5.89%6.48%10.73%
Dividend Yield--2.51%2.11%3.40%2.63%2.27%1.91%2.14%2.12%2.61%3.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,932.47
(-) Cash Dividends Paid (M)464.48
(=) Cash Retained (M)4,467.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)986.49616.56369.94
Cash Retained (M)4,467.984,467.984,467.98
(-) Cash Required (M)-986.49-616.56-369.94
(=) Excess Retained (M)3,481.493,851.434,098.05
(/) Shares Outstanding (M)48.7448.7448.74
(=) Excess Retained per Share71.4279.0184.07
LTM Dividend per Share9.539.539.53
(+) Excess Retained per Share71.4279.0184.07
(=) Adjusted Dividend80.9588.5493.60
WACC / Discount Rate5.36%5.36%5.36%
Growth Rate3.04%4.04%5.04%
Fair Value$3,588.55$6,955.60$19,662.79
Upside / Downside118.95%324.38%1,099.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,932.475,131.545,338.645,554.105,778.266,011.466,191.80
Payout Ratio9.42%25.53%41.65%57.77%73.88%90.00%92.50%
Projected Dividends (M)464.481,310.262,223.553,208.424,269.175,410.315,727.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.36%5.36%5.36%
Growth Rate3.04%4.04%5.04%
Year 1 PV (M)1,231.651,243.601,255.55
Year 2 PV (M)1,964.742,003.062,041.75
Year 3 PV (M)2,664.882,743.232,823.09
Year 4 PV (M)3,333.183,464.473,599.61
Year 5 PV (M)3,970.694,167.154,371.32
PV of Terminal Value (M)178,096.61186,908.46196,065.70
Equity Value (M)191,261.74200,529.97210,157.02
Shares Outstanding (M)48.7448.7448.74
Fair Value$3,923.73$4,113.87$4,311.37
Upside / Downside139.40%151.00%163.05%

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