DDM Analysis: 3231.T

Valuation Snapshot

Stable Growth	$14,277.50 - $16,824.08	$15,765.34
Multi-Stage	$4,460.91 - $4,893.76	$4,673.28
Blended Fair Value	$10,219.31
Current Price	$843.80
Upside	1,111.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.00%	13.74%	32.09	26.74	23.00	17.99	17.02	16.66	15.77	15.57	13.34	11.65
YoY Growth	-	-	19.99%	16.28%	27.86%	5.67%	2.14%	5.68%	1.24%	16.79%	14.50%	31.56%
Dividend Yield	-	-	3.80%	3.30%	3.37%	2.70%	3.02%	4.17%	3.33%	3.17%	3.03%	3.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73,608.00
(-) Cash Dividends Paid (M)	29,778.00
(=) Cash Retained (M)	43,830.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,721.60	9,201.00	5,520.60
Cash Retained (M)	43,830.00	43,830.00	43,830.00
(-) Cash Required (M)	-14,721.60	-9,201.00	-5,520.60
(=) Excess Retained (M)	29,108.40	34,629.00	38,309.40
(/) Shares Outstanding (M)	862.62	862.62	862.62
(=) Excess Retained per Share	33.74	40.14	44.41
LTM Dividend per Share	34.52	34.52	34.52
(+) Excess Retained per Share	33.74	40.14	44.41
(=) Adjusted Dividend	68.26	74.66	78.93
WACC / Discount Rate	4.92%	4.92%	4.92%
Growth Rate	4.58%	5.58%	6.58%
Fair Value	$14,277.50	$15,765.34	$16,824.08
Upside / Downside	1,592.05%	1,768.37%	1,893.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73,608.00	77,711.84	82,044.48	86,618.68	91,447.90	96,546.37	99,442.76
Payout Ratio	40.45%	50.36%	60.27%	70.18%	80.09%	90.00%	92.50%
Projected Dividends (M)	29,778.00	39,138.69	49,450.59	60,790.67	73,241.51	86,891.73	91,984.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.92%	4.92%	4.92%
Growth Rate	4.58%	5.58%	6.58%
Year 1 PV (M)	36,949.96	37,303.29	37,656.63
Year 2 PV (M)	44,074.44	44,921.39	45,776.41
Year 3 PV (M)	51,151.67	52,633.16	54,142.99
Year 4 PV (M)	58,181.90	60,439.48	62,762.13
Year 5 PV (M)	65,165.34	68,341.22	71,639.73
PV of Terminal Value (M)	3,592,565.16	3,767,651.17	3,949,497.93
Equity Value (M)	3,848,088.48	4,031,289.71	4,221,475.81
Shares Outstanding (M)	862.62	862.62	862.62
Fair Value	$4,460.91	$4,673.28	$4,893.76
Upside / Downside	428.67%	453.84%	479.97%

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Nomura Real Estate Holdings, Inc. (3231.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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