DDM Analysis: 8964.T

Valuation Snapshot

Stable Growth	$101,700.68 - $154,879.63	$126,630.27
Multi-Stage	$171,637.77 - $187,671.82	$179,504.00
Blended Fair Value	$153,067.13
Current Price	$82,100.00
Upside	86.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	5,393.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,516.63
(-) Cash Dividends Paid (M)	23,632.53
(=) Cash Retained (M)	884.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,903.33	3,064.58	1,838.75
Cash Retained (M)	884.10	884.10	884.10
(-) Cash Required (M)	-4,903.33	-3,064.58	-1,838.75
(=) Excess Retained (M)	-4,019.22	-2,180.48	-954.64
(/) Shares Outstanding (M)	2.16	2.16	2.16
(=) Excess Retained per Share	-1,857.31	-1,007.61	-441.15
LTM Dividend per Share	10,920.75	10,920.75	10,920.75
(+) Excess Retained per Share	-1,857.31	-1,007.61	-441.15
(=) Adjusted Dividend	9,063.44	9,913.14	10,479.61
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$101,700.68	$126,630.27	$154,879.63
Upside / Downside	23.87%	54.24%	88.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,516.63	24,644.52	24,773.08	24,902.31	25,032.21	25,162.78	25,917.67
Payout Ratio	96.39%	95.12%	93.84%	92.56%	91.28%	90.00%	92.50%
Projected Dividends (M)	23,632.53	23,440.66	23,246.15	23,048.96	22,849.09	22,646.51	23,973.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	21,410.90	21,626.04	21,841.18
Year 2 PV (M)	19,394.62	19,786.34	20,181.97
Year 3 PV (M)	17,564.95	18,099.77	18,645.34
Year 4 PV (M)	15,904.85	16,553.80	17,222.41
Year 5 PV (M)	14,398.83	15,136.91	15,904.96
PV of Terminal Value (M)	282,750.32	297,244.14	312,326.33
Equity Value (M)	371,424.47	388,447.01	406,122.19
Shares Outstanding (M)	2.16	2.16	2.16
Fair Value	$171,637.77	$179,504.00	$187,671.82
Upside / Downside	109.06%	118.64%	128.59%

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Frontier Real Estate Investment Corporation (8964.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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