DDM Analysis: 3462.T

Valuation Snapshot

Stable Growth	$391,015.62 - $1,537,929.56	$664,471.73
Multi-Stage	$331,663.81 - $362,705.17	$346,898.70
Blended Fair Value	$505,685.21
Current Price	$161,100.00
Upside	213.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.12%	14.60%	6,867.75	6,337.75	5,863.28	5,300.45	5,514.66	5,102.16	4,711.22	5,187.15	4,765.50	2,348.79
YoY Growth	-	-	8.36%	8.09%	10.62%	-3.88%	8.08%	8.30%	-9.18%	8.85%	102.89%	33.67%
Dividend Yield	-	-	4.26%	4.29%	3.43%	3.11%	3.25%	3.75%	2.54%	3.35%	3.28%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62,736.71
(-) Cash Dividends Paid (M)	45,762.46
(=) Cash Retained (M)	16,974.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,547.34	7,842.09	4,705.25
Cash Retained (M)	16,974.25	16,974.25	16,974.25
(-) Cash Required (M)	-12,547.34	-7,842.09	-4,705.25
(=) Excess Retained (M)	4,426.91	9,132.16	12,269.00
(/) Shares Outstanding (M)	4.68	4.68	4.68
(=) Excess Retained per Share	945.87	1,951.21	2,621.44
LTM Dividend per Share	9,777.76	9,777.76	9,777.76
(+) Excess Retained per Share	945.87	1,951.21	2,621.44
(=) Adjusted Dividend	10,723.63	11,728.97	12,399.19
WACC / Discount Rate	6.98%	6.98%	6.98%
Growth Rate	4.12%	5.12%	6.12%
Fair Value	$391,015.62	$664,471.73	$1,537,929.56
Upside / Downside	142.72%	312.46%	854.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62,736.71	65,951.09	69,330.17	72,882.38	76,616.60	80,542.14	82,958.40
Payout Ratio	72.94%	76.35%	79.77%	83.18%	86.59%	90.00%	92.50%
Projected Dividends (M)	45,762.46	50,356.92	55,302.05	60,621.72	66,341.34	72,487.92	76,736.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.98%	6.98%	6.98%
Growth Rate	4.12%	5.12%	6.12%
Year 1 PV (M)	46,623.91	47,071.68	47,519.46
Year 2 PV (M)	47,406.77	48,321.72	49,245.43
Year 3 PV (M)	48,114.61	49,514.24	50,940.75
Year 4 PV (M)	48,750.88	50,650.84	52,605.81
Year 5 PV (M)	49,318.91	51,733.12	54,240.97
PV of Terminal Value (M)	1,312,057.80	1,376,284.48	1,443,002.08
Equity Value (M)	1,552,272.87	1,623,576.10	1,697,554.49
Shares Outstanding (M)	4.68	4.68	4.68
Fair Value	$331,663.81	$346,898.70	$362,705.17
Upside / Downside	105.87%	115.33%	125.14%

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Financial Statements

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Nomura Real Estate Master Fund, Inc. (3462.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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