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Ichigo Hotel REIT Investment Corporation (3463.T)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$160,722.70 - $240,238.88$198,492.23
Multi-Stage$314,451.79 - $345,533.44$329,690.11
Blended Fair Value$264,091.17
Current Price$129,000.00
Upside104.72%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-7.66%0.00%6,100.735,251.722,886.611,894.941,184.819,086.516,976.225,075.413,705.870.00
YoY Growth--16.17%81.93%52.33%59.94%-86.96%30.25%37.45%36.96%0.00%0.00%
Dividend Yield--4.73%4.56%2.66%2.00%1.30%16.25%5.63%3.63%3.32%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,281.61
(-) Cash Dividends Paid (M)3,260.96
(=) Cash Retained (M)3,020.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,256.32785.20471.12
Cash Retained (M)3,020.653,020.653,020.65
(-) Cash Required (M)-1,256.32-785.20-471.12
(=) Excess Retained (M)1,764.332,235.452,549.53
(/) Shares Outstanding (M)0.320.320.32
(=) Excess Retained per Share5,466.386,926.057,899.16
LTM Dividend per Share10,103.3810,103.3810,103.38
(+) Excess Retained per Share5,466.386,926.057,899.16
(=) Adjusted Dividend15,569.7717,029.4318,002.54
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate-2.00%-1.00%0.00%
Fair Value$160,722.70$198,492.23$240,238.88
Upside / Downside24.59%53.87%86.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,281.616,218.806,156.616,095.046,034.095,973.756,152.96
Payout Ratio51.91%59.53%67.15%74.77%82.38%90.00%92.50%
Projected Dividends (M)3,260.963,702.074,134.024,556.974,971.045,376.385,691.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,409.203,443.993,478.77
Year 2 PV (M)3,505.823,577.733,650.37
Year 3 PV (M)3,558.783,668.833,781.14
Year 4 PV (M)3,575.033,723.203,875.93
Year 5 PV (M)3,560.663,746.083,939.13
PV of Terminal Value (M)83,882.8188,250.7992,798.85
Equity Value (M)101,492.30106,410.61111,524.20
Shares Outstanding (M)0.320.320.32
Fair Value$314,451.79$329,690.11$345,533.44
Upside / Downside143.76%155.57%167.86%

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