DDM Analysis: 8961.T

Valuation Snapshot

Stable Growth	$114,606.16 - $212,613.32	$154,792.40
Multi-Stage	$159,054.32 - $174,190.82	$166,480.53
Blended Fair Value	$160,636.47
Current Price	$74,700.00
Upside	115.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2017	2017	2016
DPS	5.77%	3.73%	3,591.76	2,843.23	2,501.02	2,857.76	2,778.87	2,712.85	3,194.04	2,659.62	2,985.24	2,772.55
YoY Growth	-	-	26.33%	13.68%	-12.48%	2.84%	2.43%	-15.07%	20.09%	-10.91%	7.67%	11.31%
Dividend Yield	-	-	5.87%	4.08%	3.30%	4.00%	3.58%	4.15%	3.71%	3.16%	3.47%	2.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,491.49
(-) Cash Dividends Paid (M)	18,838.96
(=) Cash Retained (M)	8,652.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,498.30	3,436.44	2,061.86
Cash Retained (M)	8,652.53	8,652.53	8,652.53
(-) Cash Required (M)	-5,498.30	-3,436.44	-2,061.86
(=) Excess Retained (M)	3,154.23	5,216.09	6,590.67
(/) Shares Outstanding (M)	3.56	3.56	3.56
(=) Excess Retained per Share	886.02	1,465.20	1,851.31
LTM Dividend per Share	5,291.84	5,291.84	5,291.84
(+) Excess Retained per Share	886.02	1,465.20	1,851.31
(=) Adjusted Dividend	6,177.86	6,757.04	7,143.16
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$114,606.16	$154,792.40	$212,613.32
Upside / Downside	53.42%	107.22%	184.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,491.49	28,258.76	29,047.44	29,858.13	30,691.44	31,548.02	32,494.46
Payout Ratio	68.53%	72.82%	77.12%	81.41%	85.71%	90.00%	92.50%
Projected Dividends (M)	18,838.96	20,578.37	22,400.20	24,307.68	26,304.20	28,393.22	30,057.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	18,995.67	19,182.29	19,368.90
Year 2 PV (M)	19,087.07	19,463.94	19,844.49
Year 3 PV (M)	19,119.42	19,688.47	20,268.69
Year 4 PV (M)	19,098.53	19,860.16	20,644.35
Year 5 PV (M)	19,029.75	19,983.05	20,974.17
PV of Terminal Value (M)	470,902.94	494,492.80	519,018.71
Equity Value (M)	566,233.39	592,670.70	620,119.31
Shares Outstanding (M)	3.56	3.56	3.56
Fair Value	$159,054.32	$166,480.53	$174,190.82
Upside / Downside	112.92%	122.87%	133.19%

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MORI TRUST Sogo Reit, Inc. (8961.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener