Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ichigo Hotel REIT Investment Corporation (3463.T)

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

Valuation Snapshot

Stable Growth$147,452.79 - $215,651.73$180,350.78
Multi-Stage$263,171.19 - $288,839.37$275,757.22
Blended Fair Value$228,054.00
Current Price$129,000.00
Upside76.79%
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 Rate8.35%8.35%8.35%
Growth Rate-2.00%-1.00%0.00%
Fair Value$147,452.79$180,350.78$215,651.73
Upside / Downside14.30%39.81%67.17%

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 Rate8.35%8.35%8.35%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,382.323,416.833,451.34
Year 2 PV (M)3,450.743,521.533,593.03
Year 3 PV (M)3,475.253,582.723,692.39
Year 4 PV (M)3,463.603,607.153,755.12
Year 5 PV (M)3,422.473,600.693,786.25
PV of Terminal Value (M)67,746.6271,274.3474,947.52
Equity Value (M)84,941.0089,003.2693,225.65
Shares Outstanding (M)0.320.320.32
Fair Value$263,171.19$275,757.22$288,839.37
Upside / Downside104.01%113.77%123.91%

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