DDM Analysis: 3462.T

Valuation Snapshot

Stable Growth	$416,002.34 - $1,923,532.97	$732,146.14
Multi-Stage	$346,901.72 - $379,457.12	$362,879.27
Blended Fair Value	$547,512.70
Current Price	$161,100.00
Upside	239.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.12%	14.60%	6,867.75	6,337.75	5,863.28	5,300.45	5,514.66	5,102.16	4,711.22	5,187.15	4,765.50	2,348.79
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,547.34	7,842.09	4,705.25
Cash Retained (M)	16,974.25	16,974.25	16,974.25
(-) Cash Required (M)	-12,547.34	-7,842.09	-4,705.25
(=) Excess Retained (M)	4,426.91	9,132.16	12,269.00
(/) Shares Outstanding (M)	4.68	4.68	4.68
(=) Excess Retained per Share	945.87	1,951.21	2,621.44
LTM Dividend per Share	9,777.76	9,777.76	9,777.76
(+) Excess Retained per Share	945.87	1,951.21	2,621.44
(=) Adjusted Dividend	10,723.63	11,728.97	12,399.19
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	4.12%	5.12%	6.12%
Fair Value	$416,002.34	$732,146.14	$1,923,532.97
Upside / Downside	158.23%	354.47%	1,094.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62,736.71	65,951.09	69,330.17	72,882.38	76,616.60	80,542.14	82,958.40
Payout Ratio	72.94%	76.35%	79.77%	83.18%	86.59%	90.00%	92.50%
Projected Dividends (M)	45,762.46	50,356.92	55,302.05	60,621.72	66,341.34	72,487.92	76,736.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	4.12%	5.12%	6.12%
Year 1 PV (M)	46,698.78	47,147.27	47,595.77
Year 2 PV (M)	47,559.15	48,477.05	49,403.72
Year 3 PV (M)	48,346.78	49,753.16	51,186.56
Year 4 PV (M)	49,064.79	50,976.98	52,944.53
Year 5 PV (M)	49,716.18	52,149.84	54,677.89
PV of Terminal Value (M)	1,382,204.56	1,449,865.01	1,520,149.54
Equity Value (M)	1,623,590.23	1,698,369.31	1,775,958.00
Shares Outstanding (M)	4.68	4.68	4.68
Fair Value	$346,901.72	$362,879.27	$379,457.12
Upside / Downside	115.33%	125.25%	135.54%

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Financial Statements

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

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener