DDM Analysis: 8957.T

Valuation Snapshot

Stable Growth	$180,483.46 - $278,308.89	$225,946.60
Multi-Stage	$290,378.38 - $317,727.24	$303,795.16
Blended Fair Value	$264,870.88
Current Price	$196,900.00
Upside	34.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.63%	4.34%	7,811.80	7,511.17	8,057.52	7,582.42	7,322.64	6,230.23	5,848.05	5,307.58	5,449.53	5,089.38
YoY Growth	-	-	4.00%	-6.78%	6.27%	3.55%	17.53%	6.54%	10.18%	-2.60%	7.08%	-0.37%
Dividend Yield	-	-	3.97%	4.95%	4.28%	3.89%	3.59%	4.71%	2.96%	3.48%	4.06%	3.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,747.60
(-) Cash Dividends Paid (M)	14,954.18
(=) Cash Retained (M)	3,793.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,749.52	2,343.45	1,406.07
Cash Retained (M)	3,793.42	3,793.42	3,793.42
(-) Cash Required (M)	-3,749.52	-2,343.45	-1,406.07
(=) Excess Retained (M)	43.90	1,449.97	2,387.35
(/) Shares Outstanding (M)	0.98	0.98	0.98
(=) Excess Retained per Share	44.98	1,485.69	2,446.16
LTM Dividend per Share	15,322.54	15,322.54	15,322.54
(+) Excess Retained per Share	44.98	1,485.69	2,446.16
(=) Adjusted Dividend	15,367.53	16,808.23	17,768.70
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-0.11%	0.89%	1.89%
Fair Value	$180,483.46	$225,946.60	$278,308.89
Upside / Downside	-8.34%	14.75%	41.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,747.60	18,913.70	19,081.27	19,250.32	19,420.87	19,592.93	20,180.71
Payout Ratio	79.77%	81.81%	83.86%	85.91%	87.95%	90.00%	92.50%
Projected Dividends (M)	14,954.18	15,473.80	16,001.45	16,537.24	17,081.27	17,633.63	18,667.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-0.11%	0.89%	1.89%
Year 1 PV (M)	14,134.42	14,275.92	14,417.43
Year 2 PV (M)	13,351.23	13,619.90	13,891.24
Year 3 PV (M)	12,603.93	12,986.28	13,376.29
Year 4 PV (M)	11,891.70	12,375.11	12,873.11
Year 5 PV (M)	11,213.64	11,786.31	12,382.15
PV of Terminal Value (M)	220,202.63	231,448.26	243,148.71
Equity Value (M)	283,397.54	296,491.78	310,088.92
Shares Outstanding (M)	0.98	0.98	0.98
Fair Value	$290,378.38	$303,795.16	$317,727.24
Upside / Downside	47.48%	54.29%	61.36%

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Financial Statements

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Tokyu REIT, Inc. (8957.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener