DDM Analysis: 8984.T

Valuation Snapshot

Stable Growth	$255,344.27 - $728,145.02	$399,041.30
Multi-Stage	$273,945.41 - $299,800.28	$286,632.75
Blended Fair Value	$342,837.03
Current Price	$128,100.00
Upside	167.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.88%	16.39%	6,421.91	5,705.99	5,662.35	5,836.81	5,366.69	5,309.37	4,371.59	3,717.86	3,024.90	1,450.57
YoY Growth	-	-	12.55%	0.77%	-2.99%	8.76%	1.08%	21.45%	17.58%	22.91%	108.53%	3.08%
Dividend Yield	-	-	5.01%	4.84%	4.10%	3.63%	3.30%	3.83%	3.12%	2.89%	2.25%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48,622.53
(-) Cash Dividends Paid (M)	39,721.80
(=) Cash Retained (M)	8,900.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,724.51	6,077.82	3,646.69
Cash Retained (M)	8,900.73	8,900.73	8,900.73
(-) Cash Required (M)	-9,724.51	-6,077.82	-3,646.69
(=) Excess Retained (M)	-823.78	2,822.91	5,254.04
(/) Shares Outstanding (M)	4.61	4.61	4.61
(=) Excess Retained per Share	-178.53	611.77	1,138.64
LTM Dividend per Share	8,608.39	8,608.39	8,608.39
(+) Excess Retained per Share	-178.53	611.77	1,138.64
(=) Adjusted Dividend	8,429.86	9,220.16	9,747.03
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	3.26%	4.26%	5.26%
Fair Value	$255,344.27	$399,041.30	$728,145.02
Upside / Downside	99.33%	211.51%	468.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48,622.53	50,694.49	52,854.74	55,107.05	57,455.33	59,903.69	61,700.80
Payout Ratio	81.69%	83.36%	85.02%	86.68%	88.34%	90.00%	92.50%
Projected Dividends (M)	39,721.80	42,256.59	44,935.27	47,765.52	50,755.38	53,913.32	57,073.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	3.26%	4.26%	5.26%
Year 1 PV (M)	39,234.23	39,614.18	39,994.13
Year 2 PV (M)	38,737.25	39,491.16	40,252.34
Year 3 PV (M)	38,231.97	39,353.49	40,496.74
Year 4 PV (M)	37,719.41	39,201.90	40,727.66
Year 5 PV (M)	37,200.57	39,037.08	40,945.42
PV of Terminal Value (M)	1,072,946.42	1,125,915.42	1,180,956.04
Equity Value (M)	1,264,069.85	1,322,613.24	1,383,372.33
Shares Outstanding (M)	4.61	4.61	4.61
Fair Value	$273,945.41	$286,632.75	$299,800.28
Upside / Downside	113.85%	123.76%	134.04%

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Daiwa House REIT Investment Corporation (8984.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener