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Definitive Analysis

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Nomura Real Estate Master Fund, Inc. (3462.T)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$416,027.15 - $1,923,983.14$732,215.73
Multi-Stage$346,916.58 - $379,473.46$362,894.85
Blended Fair Value$547,555.29
Current Price$161,100.00
Upside239.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.12%14.60%6,867.756,337.755,863.285,300.455,514.665,102.164,711.225,187.154,765.502,348.79
YoY Growth--8.36%8.09%10.62%-3.88%8.08%8.30%-9.18%8.85%102.89%33.67%
Dividend Yield--4.26%4.29%3.43%3.11%3.25%3.75%2.54%3.35%3.28%1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)62,736.71
(-) Cash Dividends Paid (M)45,762.46
(=) Cash Retained (M)16,974.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12,547.347,842.094,705.25
Cash Retained (M)16,974.2516,974.2516,974.25
(-) Cash Required (M)-12,547.34-7,842.09-4,705.25
(=) Excess Retained (M)4,426.919,132.1612,269.00
(/) Shares Outstanding (M)4.684.684.68
(=) Excess Retained per Share945.871,951.212,621.44
LTM Dividend per Share9,777.769,777.769,777.76
(+) Excess Retained per Share945.871,951.212,621.44
(=) Adjusted Dividend10,723.6311,728.9712,399.19
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate4.12%5.12%6.12%
Fair Value$416,027.15$732,215.73$1,923,983.14
Upside / Downside158.24%354.51%1,094.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)62,736.7165,951.0969,330.1772,882.3876,616.6080,542.1482,958.40
Payout Ratio72.94%76.35%79.77%83.18%86.59%90.00%92.50%
Projected Dividends (M)45,762.4650,356.9255,302.0560,621.7266,341.3472,487.9276,736.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate4.12%5.12%6.12%
Year 1 PV (M)46,698.8547,147.3547,595.84
Year 2 PV (M)47,559.2948,477.1949,403.87
Year 3 PV (M)48,346.9949,753.3851,186.79
Year 4 PV (M)49,065.0850,977.2952,944.85
Year 5 PV (M)49,716.5552,150.2354,678.30
PV of Terminal Value (M)1,382,273.031,449,936.821,520,224.83
Equity Value (M)1,623,659.791,698,442.261,776,034.47
Shares Outstanding (M)4.684.684.68
Fair Value$346,916.58$362,894.85$379,473.46
Upside / Downside115.34%125.26%135.55%

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