DDM Analysis: 2989.T

Valuation Snapshot

Stable Growth	$122,971.85 - $189,860.77	$154,035.14
Multi-Stage	$287,308.05 - $315,648.31	$301,202.14
Blended Fair Value	$227,618.64
Current Price	$103,300.00
Upside	120.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022
DPS	0.00%	0.00%	6,226.19	4,329.92	1,657.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	43.79%	161.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.00%	3.60%	1.56%	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)	3,464.69
(-) Cash Dividends Paid (M)	3,102.35
(=) Cash Retained (M)	362.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	692.94	433.09	259.85
Cash Retained (M)	362.35	362.35	362.35
(-) Cash Required (M)	-692.94	-433.09	-259.85
(=) Excess Retained (M)	-330.59	-70.74	102.50
(/) Shares Outstanding (M)	0.26	0.26	0.26
(=) Excess Retained per Share	-1,269.30	-271.60	393.54
LTM Dividend per Share	11,911.48	11,911.48	11,911.48
(+) Excess Retained per Share	-1,269.30	-271.60	393.54
(=) Adjusted Dividend	10,642.18	11,639.88	12,305.02
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$122,971.85	$154,035.14	$189,860.77
Upside / Downside	19.04%	49.11%	83.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,464.69	3,430.05	3,395.75	3,361.79	3,328.17	3,294.89	3,393.74
Payout Ratio	89.54%	89.63%	89.73%	89.82%	89.91%	90.00%	92.50%
Projected Dividends (M)	3,102.35	3,074.47	3,046.83	3,019.45	2,992.30	2,965.40	3,139.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,858.17	2,887.34	2,916.50
Year 2 PV (M)	2,633.21	2,687.22	2,741.79
Year 3 PV (M)	2,425.96	2,500.98	2,577.53
Year 4 PV (M)	2,235.01	2,327.64	2,423.12
Year 5 PV (M)	2,059.09	2,166.31	2,277.96
PV of Terminal Value (M)	62,617.94	65,878.60	69,273.70
Equity Value (M)	74,829.38	78,448.10	82,210.60
Shares Outstanding (M)	0.26	0.26	0.26
Fair Value	$287,308.05	$301,202.14	$315,648.31
Upside / Downside	178.13%	191.58%	205.56%

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Tokaido REIT, Inc. (2989.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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