DDM Analysis: 8966.T

Valuation Snapshot

Stable Growth	$1,096,766.52 - $2,535,443.11	$2,376,081.51
Multi-Stage	$382,006.21 - $417,773.17	$399,562.45
Blended Fair Value	$1,387,821.98
Current Price	$127,700.00
Upside	986.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.65%	10.06%	6,552.38	5,975.23	5,352.25	4,672.15	4,372.14	4,134.33	3,771.32	3,376.10	2,959.54	2,694.30
YoY Growth	-	-	9.66%	11.64%	14.56%	6.86%	5.75%	9.63%	11.71%	14.08%	9.84%	7.28%
Dividend Yield	-	-	5.59%	4.41%	3.32%	3.10%	3.74%	2.96%	3.24%	3.61%	3.77%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,944.85
(-) Cash Dividends Paid (M)	9,302.48
(=) Cash Retained (M)	5,642.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,988.97	1,868.11	1,120.86
Cash Retained (M)	5,642.37	5,642.37	5,642.37
(-) Cash Required (M)	-2,988.97	-1,868.11	-1,120.86
(=) Excess Retained (M)	2,653.40	3,774.26	4,521.50
(/) Shares Outstanding (M)	1.17	1.17	1.17
(=) Excess Retained per Share	2,263.52	3,219.69	3,857.14
LTM Dividend per Share	7,935.62	7,935.62	7,935.62
(+) Excess Retained per Share	2,263.52	3,219.69	3,857.14
(=) Adjusted Dividend	10,199.14	11,155.31	11,792.76
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,096,766.52	$2,376,081.51	$2,535,443.11
Upside / Downside	758.86%	1,760.67%	1,885.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,944.85	15,916.27	16,950.82	18,052.63	19,226.05	20,475.74	21,090.01
Payout Ratio	62.25%	67.80%	73.35%	78.90%	84.45%	90.00%	92.50%
Projected Dividends (M)	9,302.48	10,790.64	12,432.96	14,243.19	16,236.22	18,428.17	19,508.26

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)	10,038.71	10,133.86	10,229.01
Year 2 PV (M)	10,760.57	10,965.53	11,172.43
Year 3 PV (M)	11,468.29	11,797.50	12,132.96
Year 4 PV (M)	12,162.05	12,629.76	13,110.85
Year 5 PV (M)	12,842.05	13,462.32	14,106.34
PV of Terminal Value (M)	390,532.73	409,395.60	428,980.41
Equity Value (M)	447,804.39	468,384.59	489,731.98
Shares Outstanding (M)	1.17	1.17	1.17
Fair Value	$382,006.21	$399,562.45	$417,773.17
Upside / Downside	199.14%	212.89%	227.15%

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Heiwa Real Estate REIT, Inc. (8966.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener