DDM Analysis: 8957.T

Valuation Snapshot

Stable Growth	$232,747.07 - $393,977.20	$303,069.07
Multi-Stage	$450,068.11 - $493,954.09	$471,590.15
Blended Fair Value	$387,329.61
Current Price	$196,900.00
Upside	96.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.63%	4.34%	7,811.80	7,511.17	8,057.52	7,582.42	7,322.64	6,230.23	5,848.05	5,307.58	5,449.53	5,089.38
YoY Growth	-	-	4.00%	-6.78%	6.27%	3.55%	17.53%	6.54%	10.18%	-2.60%	7.08%	-0.37%
Dividend Yield	-	-	3.97%	4.95%	4.28%	3.89%	3.59%	4.71%	2.96%	3.48%	4.06%	3.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,747.60
(-) Cash Dividends Paid (M)	14,954.18
(=) Cash Retained (M)	3,793.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,749.52	2,343.45	1,406.07
Cash Retained (M)	3,793.42	3,793.42	3,793.42
(-) Cash Required (M)	-3,749.52	-2,343.45	-1,406.07
(=) Excess Retained (M)	43.90	1,449.97	2,387.35
(/) Shares Outstanding (M)	0.98	0.98	0.98
(=) Excess Retained per Share	44.98	1,485.69	2,446.16
LTM Dividend per Share	15,322.54	15,322.54	15,322.54
(+) Excess Retained per Share	44.98	1,485.69	2,446.16
(=) Adjusted Dividend	15,367.53	16,808.23	17,768.70
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-0.11%	0.89%	1.89%
Fair Value	$232,747.07	$303,069.07	$393,977.20
Upside / Downside	18.21%	53.92%	100.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,747.60	18,913.70	19,081.27	19,250.32	19,420.87	19,592.93	20,180.71
Payout Ratio	79.77%	81.81%	83.86%	85.91%	87.95%	90.00%	92.50%
Projected Dividends (M)	14,954.18	15,473.80	16,001.45	16,537.24	17,081.27	17,633.63	18,667.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-0.11%	0.89%	1.89%
Year 1 PV (M)	14,387.93	14,531.97	14,676.01
Year 2 PV (M)	13,834.45	14,112.84	14,394.00
Year 3 PV (M)	13,294.34	13,697.63	14,109.00
Year 4 PV (M)	12,768.06	13,287.09	13,821.79
Year 5 PV (M)	12,255.97	12,881.88	13,533.10
PV of Terminal Value (M)	372,707.51	391,741.48	411,545.27
Equity Value (M)	439,248.25	460,252.89	482,079.18
Shares Outstanding (M)	0.98	0.98	0.98
Fair Value	$450,068.11	$471,590.15	$493,954.09
Upside / Downside	128.58%	139.51%	150.87%

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Tokyu REIT, Inc. (8957.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener