Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Daiwa House REIT Investment Corporation (8984.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

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
Upside167.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS3.88%16.39%6,421.915,705.995,662.355,836.815,366.695,309.374,371.593,717.863,024.901,450.57
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9,724.516,077.823,646.69
Cash Retained (M)8,900.738,900.738,900.73
(-) Cash Required (M)-9,724.51-6,077.82-3,646.69
(=) Excess Retained (M)-823.782,822.915,254.04
(/) Shares Outstanding (M)4.614.614.61
(=) Excess Retained per Share-178.53611.771,138.64
LTM Dividend per Share8,608.398,608.398,608.39
(+) Excess Retained per Share-178.53611.771,138.64
(=) Adjusted Dividend8,429.869,220.169,747.03
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate3.26%4.26%5.26%
Fair Value$255,344.27$399,041.30$728,145.02
Upside / Downside99.33%211.51%468.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)48,622.5350,694.4952,854.7455,107.0557,455.3359,903.6961,700.80
Payout Ratio81.69%83.36%85.02%86.68%88.34%90.00%92.50%
Projected Dividends (M)39,721.8042,256.5944,935.2747,765.5250,755.3853,913.3257,073.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate3.26%4.26%5.26%
Year 1 PV (M)39,234.2339,614.1839,994.13
Year 2 PV (M)38,737.2539,491.1640,252.34
Year 3 PV (M)38,231.9739,353.4940,496.74
Year 4 PV (M)37,719.4139,201.9040,727.66
Year 5 PV (M)37,200.5739,037.0840,945.42
PV of Terminal Value (M)1,072,946.421,125,915.421,180,956.04
Equity Value (M)1,264,069.851,322,613.241,383,372.33
Shares Outstanding (M)4.614.614.61
Fair Value$273,945.41$286,632.75$299,800.28
Upside / Downside113.85%123.76%134.04%

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