Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Japan Logistics Fund, Inc. (8967.T)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$77,487.77 - $122,483.78$98,048.95
Multi-Stage$202,812.51 - $223,054.47$212,735.16
Blended Fair Value$155,392.05
Current Price$93,800.00
Upside65.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%3,520.383,494.143,422.313,145.684,759.210.000.000.000.000.00
YoY Growth--0.75%2.10%8.79%-33.90%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.92%4.09%3.42%2.93%4.29%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)21,684.49
(-) Cash Dividends Paid (M)19,738.84
(=) Cash Retained (M)1,945.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,336.902,710.561,626.34
Cash Retained (M)1,945.661,945.661,945.66
(-) Cash Required (M)-4,336.90-2,710.56-1,626.34
(=) Excess Retained (M)-2,391.24-764.90319.32
(/) Shares Outstanding (M)2.782.782.78
(=) Excess Retained per Share-859.60-274.97114.79
LTM Dividend per Share7,095.717,095.717,095.71
(+) Excess Retained per Share-859.60-274.97114.79
(=) Adjusted Dividend6,236.106,820.747,210.50
WACC / Discount Rate5.89%5.89%5.89%
Growth Rate-2.00%-1.00%0.00%
Fair Value$77,487.77$98,048.95$122,483.78
Upside / Downside-17.39%4.53%30.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)21,684.4921,467.6521,252.9721,040.4420,830.0420,621.7421,240.39
Payout Ratio91.03%90.82%90.62%90.41%90.21%90.00%92.50%
Projected Dividends (M)19,738.8419,497.3319,258.6919,022.8718,789.8418,559.5619,647.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.89%5.89%5.89%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)18,227.3718,413.3618,599.35
Year 2 PV (M)16,831.5517,176.8017,525.56
Year 3 PV (M)15,542.5416,023.2016,513.68
Year 4 PV (M)14,352.1714,947.0015,560.13
Year 5 PV (M)13,252.9013,943.0114,661.58
PV of Terminal Value (M)485,977.37511,283.34537,632.69
Equity Value (M)564,183.90591,786.72620,492.99
Shares Outstanding (M)2.782.782.78
Fair Value$202,812.51$212,735.16$223,054.47
Upside / Downside116.22%126.80%137.80%

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