Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mitsui Fudosan Accommodations Fund Inc. (3226.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$34,350.99 - $45,498.41$40,150.46
Multi-Stage$117,878.09 - $130,717.21$124,159.10
Blended Fair Value$82,154.78
Current Price$123,500.00
Upside-33.48%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-10.22%-2.18%2,301.064,420.694,215.104,104.133,961.383,943.873,630.923,401.983,186.383,025.75
YoY Growth---47.95%4.88%2.70%3.60%0.44%8.62%6.73%6.77%5.31%5.45%
Dividend Yield--1.86%3.35%3.21%3.00%3.00%3.02%2.72%3.37%3.57%3.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,983.36
(-) Cash Dividends Paid (M)16,697.93
(=) Cash Retained (M)6,285.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,596.672,872.921,723.75
Cash Retained (M)6,285.426,285.426,285.42
(-) Cash Required (M)-4,596.67-2,872.92-1,723.75
(=) Excess Retained (M)1,688.753,412.504,561.67
(/) Shares Outstanding (M)2.522.522.52
(=) Excess Retained per Share670.841,355.591,812.09
LTM Dividend per Share6,633.116,633.116,633.11
(+) Excess Retained per Share670.841,355.591,812.09
(=) Adjusted Dividend7,303.967,988.708,445.20
WACC / Discount Rate6.45%6.45%6.45%
Growth Rate-12.22%-11.22%-10.22%
Fair Value$34,350.99$40,150.46$45,498.41
Upside / Downside-72.19%-67.49%-63.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,983.3620,405.6518,117.0416,085.1114,281.0812,679.3813,059.76
Payout Ratio72.65%76.12%79.59%83.06%86.53%90.00%92.50%
Projected Dividends (M)16,697.9315,533.1514,419.6013,360.4412,357.4811,411.4412,080.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.45%6.45%6.45%
Growth Rate-12.22%-11.22%-10.22%
Year 1 PV (M)14,427.6414,591.9914,756.35
Year 2 PV (M)12,440.1312,725.1713,013.43
Year 3 PV (M)10,706.0211,076.0811,454.57
Year 4 PV (M)9,197.579,623.8910,064.85
Year 5 PV (M)7,888.958,348.658,829.52
PV of Terminal Value (M)242,081.26256,187.39270,943.57
Equity Value (M)296,741.58312,553.16329,062.29
Shares Outstanding (M)2.522.522.52
Fair Value$117,878.09$124,159.10$130,717.21
Upside / Downside-4.55%0.53%5.84%

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