DDM Analysis: 8961.T

Valuation Snapshot

Stable Growth	$109,731.64 - $198,722.53	$146,816.97
Multi-Stage	$150,330.18 - $164,580.34	$157,321.82
Blended Fair Value	$152,069.40
Current Price	$74,700.00
Upside	103.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2017	2017	2016
DPS	5.77%	3.73%	3,591.76	2,843.23	2,501.02	2,857.76	2,778.87	2,712.85	3,194.04	2,659.62	2,985.24	2,772.55
YoY Growth	-	-	26.33%	13.68%	-12.48%	2.84%	2.43%	-15.07%	20.09%	-10.91%	7.67%	11.31%
Dividend Yield	-	-	5.87%	4.08%	3.30%	4.00%	3.58%	4.15%	3.71%	3.16%	3.47%	2.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,491.49
(-) Cash Dividends Paid (M)	18,838.96
(=) Cash Retained (M)	8,652.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,498.30	3,436.44	2,061.86
Cash Retained (M)	8,652.53	8,652.53	8,652.53
(-) Cash Required (M)	-5,498.30	-3,436.44	-2,061.86
(=) Excess Retained (M)	3,154.23	5,216.09	6,590.67
(/) Shares Outstanding (M)	3.56	3.56	3.56
(=) Excess Retained per Share	886.02	1,465.20	1,851.31
LTM Dividend per Share	5,291.84	5,291.84	5,291.84
(+) Excess Retained per Share	886.02	1,465.20	1,851.31
(=) Adjusted Dividend	6,177.86	6,757.04	7,143.16
WACC / Discount Rate	7.52%	7.52%	7.52%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$109,731.64	$146,816.97	$198,722.53
Upside / Downside	46.90%	96.54%	166.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,491.49	28,258.76	29,047.44	29,858.13	30,691.44	31,548.02	32,494.46
Payout Ratio	68.53%	72.82%	77.12%	81.41%	85.71%	90.00%	92.50%
Projected Dividends (M)	18,838.96	20,578.37	22,400.20	24,307.68	26,304.20	28,393.22	30,057.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.52%	7.52%	7.52%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	18,952.61	19,138.80	19,325.00
Year 2 PV (M)	19,000.63	19,375.79	19,754.62
Year 3 PV (M)	18,989.69	19,554.87	20,131.16
Year 4 PV (M)	18,925.93	19,680.68	20,457.79
Year 5 PV (M)	18,815.03	19,757.57	20,737.51
PV of Terminal Value (M)	440,491.55	462,557.95	485,499.96
Equity Value (M)	535,175.45	560,065.67	585,906.02
Shares Outstanding (M)	3.56	3.56	3.56
Fair Value	$150,330.18	$157,321.82	$164,580.34
Upside / Downside	101.25%	110.60%	120.32%

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MORI TRUST Sogo Reit, Inc. (8961.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener