DDM Analysis: 3488.T

Valuation Snapshot

Stable Growth	$334,840.47 - $977,037.81	$526,772.03
Multi-Stage	$344,627.03 - $377,203.24	$360,612.69
Blended Fair Value	$443,692.36
Current Price	$119,500.00
Upside	271.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	5.40%	0.00%	7,054.48	6,465.02	7,283.61	6,077.90	5,504.37	5,422.88	5,550.29	0.00	0.00	0.00
YoY Growth	-	-	9.12%	-11.24%	19.84%	10.42%	1.50%	-2.30%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.90%	5.57%	6.27%	4.82%	4.74%	6.28%	4.16%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,390.63
(-) Cash Dividends Paid (M)	2,444.02
(=) Cash Retained (M)	946.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	678.13	423.83	254.30
Cash Retained (M)	946.61	946.61	946.61
(-) Cash Required (M)	-678.13	-423.83	-254.30
(=) Excess Retained (M)	268.49	522.78	692.31
(/) Shares Outstanding (M)	0.25	0.25	0.25
(=) Excess Retained per Share	1,075.45	2,094.06	2,773.14
LTM Dividend per Share	9,789.77	9,789.77	9,789.77
(+) Excess Retained per Share	1,075.45	2,094.06	2,773.14
(=) Adjusted Dividend	10,865.21	11,883.83	12,562.90
WACC / Discount Rate	6.76%	6.76%	6.76%
Growth Rate	3.40%	4.40%	5.40%
Fair Value	$334,840.47	$526,772.03	$977,037.81
Upside / Downside	180.20%	340.81%	717.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,390.63	3,539.87	3,695.68	3,858.34	4,028.17	4,205.47	4,331.64
Payout Ratio	72.08%	75.67%	79.25%	82.83%	86.42%	90.00%	92.50%
Projected Dividends (M)	2,444.02	2,678.45	2,928.78	3,195.97	3,481.00	3,784.92	4,006.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.76%	6.76%	6.76%
Growth Rate	3.40%	4.40%	5.40%
Year 1 PV (M)	2,484.89	2,508.92	2,532.96
Year 2 PV (M)	2,520.79	2,569.78	2,619.24
Year 3 PV (M)	2,551.97	2,626.73	2,702.93
Year 4 PV (M)	2,578.70	2,679.91	2,784.08
Year 5 PV (M)	2,601.23	2,729.47	2,862.72
PV of Terminal Value (M)	73,298.55	76,912.14	80,666.86
Equity Value (M)	86,036.14	90,026.96	94,168.79
Shares Outstanding (M)	0.25	0.25	0.25
Fair Value	$344,627.03	$360,612.69	$377,203.24
Upside / Downside	188.39%	201.77%	215.65%

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CENTRAL REIT Investment Corporation (3488.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener