DDM Analysis: 3481.T

Valuation Snapshot

Stable Growth	$440,117.11 - $2,262,832.70	$897,072.94
Multi-Stage	$253,880.28 - $277,102.33	$265,281.33
Blended Fair Value	$581,177.14
Current Price	$122,500.00
Upside	374.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017
DPS	24.92%	0.00%	6,385.09	5,313.80	5,094.21	3,615.11	2,745.90	2,099.28	1,645.26	1,577.35	58.37	0.00
YoY Growth	-	-	20.16%	4.31%	40.91%	31.65%	30.80%	27.60%	4.31%	2,602.27%	0.00%	0.00%
Dividend Yield	-	-	5.21%	4.26%	3.92%	2.29%	1.60%	1.47%	1.53%	1.86%	0.06%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,153.66
(-) Cash Dividends Paid (M)	12,844.36
(=) Cash Retained (M)	4,309.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,430.73	2,144.21	1,286.52
Cash Retained (M)	4,309.30	4,309.30	4,309.30
(-) Cash Required (M)	-3,430.73	-2,144.21	-1,286.52
(=) Excess Retained (M)	878.57	2,165.09	3,022.77
(/) Shares Outstanding (M)	1.51	1.51	1.51
(=) Excess Retained per Share	582.76	1,436.12	2,005.03
LTM Dividend per Share	8,519.77	8,519.77	8,519.77
(+) Excess Retained per Share	582.76	1,436.12	2,005.03
(=) Adjusted Dividend	9,102.53	9,955.89	10,524.80
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$440,117.11	$897,072.94	$2,262,832.70
Upside / Downside	259.28%	632.30%	1,747.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,153.66	18,268.65	19,456.11	20,720.76	22,067.61	23,502.00	24,207.06
Payout Ratio	74.88%	77.90%	80.93%	83.95%	86.98%	90.00%	92.50%
Projected Dividends (M)	12,844.36	14,231.75	15,745.24	17,395.35	19,193.44	21,151.80	22,391.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,092.37	13,216.47	13,340.57
Year 2 PV (M)	13,325.06	13,578.86	13,835.06
Year 3 PV (M)	13,542.93	13,931.70	14,327.84
Year 4 PV (M)	13,746.51	14,275.16	14,818.92
Year 5 PV (M)	13,936.28	14,609.41	15,308.30
PV of Terminal Value (M)	315,105.36	330,325.06	346,127.26
Equity Value (M)	382,748.51	399,936.67	417,757.95
Shares Outstanding (M)	1.51	1.51	1.51
Fair Value	$253,880.28	$265,281.33	$277,102.33
Upside / Downside	107.25%	116.56%	126.21%

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Mitsubishi Estate Logistics REIT Investment Corporation (3481.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener