DDM Analysis: 8985.T

Valuation Snapshot

Stable Growth	$173,617.06 - $425,222.95	$258,878.45
Multi-Stage	$163,688.54 - $179,390.95	$171,393.41
Blended Fair Value	$215,135.93
Current Price	$76,100.00
Upside	182.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.18%	10.65%	2,871.52	625.87	335.94	376.69	3,382.82	3,205.93	3,034.58	2,642.95	1,921.75	1,235.82
YoY Growth	-	-	358.81%	86.30%	-10.82%	-88.86%	5.52%	5.65%	14.82%	37.53%	55.50%	18.40%
Dividend Yield	-	-	4.07%	0.90%	0.43%	0.67%	6.38%	3.95%	3.87%	3.50%	2.44%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39,274.15
(-) Cash Dividends Paid (M)	6,987.86
(=) Cash Retained (M)	32,286.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,854.83	4,909.27	2,945.56
Cash Retained (M)	32,286.29	32,286.29	32,286.29
(-) Cash Required (M)	-7,854.83	-4,909.27	-2,945.56
(=) Excess Retained (M)	24,431.46	27,377.02	29,340.73
(/) Shares Outstanding (M)	4.87	4.87	4.87
(=) Excess Retained per Share	5,020.78	5,626.11	6,029.66
LTM Dividend per Share	1,436.04	1,436.04	1,436.04
(+) Excess Retained per Share	5,020.78	5,626.11	6,029.66
(=) Adjusted Dividend	6,456.82	7,062.15	7,465.70
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	3.66%	4.66%	5.66%
Fair Value	$173,617.06	$258,878.45	$425,222.95
Upside / Downside	128.14%	240.18%	458.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39,274.15	41,103.75	43,018.59	45,022.62	47,120.02	49,315.13	50,794.58
Payout Ratio	17.79%	32.23%	46.68%	61.12%	75.56%	90.00%	92.50%
Projected Dividends (M)	6,987.86	13,249.39	20,079.14	27,516.48	35,603.18	44,383.61	46,984.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	3.66%	4.66%	5.66%
Year 1 PV (M)	12,205.70	12,323.45	12,441.20
Year 2 PV (M)	17,040.38	17,370.74	17,704.28
Year 3 PV (M)	21,512.65	22,141.27	22,782.03
Year 4 PV (M)	25,642.29	26,646.19	27,679.29
Year 5 PV (M)	29,448.13	30,896.24	32,400.76
PV of Terminal Value (M)	690,670.41	724,634.10	759,920.98
Equity Value (M)	796,519.55	834,012.00	872,928.54
Shares Outstanding (M)	4.87	4.87	4.87
Fair Value	$163,688.54	$171,393.41	$179,390.95
Upside / Downside	115.10%	125.22%	135.73%

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Japan Hotel REIT Investment Corporation (8985.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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