Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tokyu REIT, Inc. (8957.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

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
Upside34.52%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.63%4.34%7,811.807,511.178,057.527,582.427,322.646,230.235,848.055,307.585,449.535,089.38
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,749.522,343.451,406.07
Cash Retained (M)3,793.423,793.423,793.42
(-) Cash Required (M)-3,749.52-2,343.45-1,406.07
(=) Excess Retained (M)43.901,449.972,387.35
(/) Shares Outstanding (M)0.980.980.98
(=) Excess Retained per Share44.981,485.692,446.16
LTM Dividend per Share15,322.5415,322.5415,322.54
(+) Excess Retained per Share44.981,485.692,446.16
(=) Adjusted Dividend15,367.5316,808.2317,768.70
WACC / Discount Rate8.39%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)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)18,747.6018,913.7019,081.2719,250.3219,420.8719,592.9320,180.71
Payout Ratio79.77%81.81%83.86%85.91%87.95%90.00%92.50%
Projected Dividends (M)14,954.1815,473.8016,001.4516,537.2417,081.2717,633.6318,667.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate-0.11%0.89%1.89%
Year 1 PV (M)14,134.4214,275.9214,417.43
Year 2 PV (M)13,351.2313,619.9013,891.24
Year 3 PV (M)12,603.9312,986.2813,376.29
Year 4 PV (M)11,891.7012,375.1112,873.11
Year 5 PV (M)11,213.6411,786.3112,382.15
PV of Terminal Value (M)220,202.63231,448.26243,148.71
Equity Value (M)283,397.54296,491.78310,088.92
Shares Outstanding (M)0.980.980.98
Fair Value$290,378.38$303,795.16$317,727.24
Upside / Downside47.48%54.29%61.36%

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