DDM Analysis: 8964.T

Valuation Snapshot

Stable Growth	$106,674.29 - $164,800.46	$133,653.65
Multi-Stage	$185,665.71 - $203,153.01	$194,244.19
Blended Fair Value	$163,948.92
Current Price	$82,100.00
Upside	99.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	5,393.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.94%	0.00%	0.00%	0.00%	0.00%	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)	24,516.63
(-) Cash Dividends Paid (M)	23,632.53
(=) Cash Retained (M)	884.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,903.33	3,064.58	1,838.75
Cash Retained (M)	884.10	884.10	884.10
(-) Cash Required (M)	-4,903.33	-3,064.58	-1,838.75
(=) Excess Retained (M)	-4,019.22	-2,180.48	-954.64
(/) Shares Outstanding (M)	2.16	2.16	2.16
(=) Excess Retained per Share	-1,857.31	-1,007.61	-441.15
LTM Dividend per Share	10,920.75	10,920.75	10,920.75
(+) Excess Retained per Share	-1,857.31	-1,007.61	-441.15
(=) Adjusted Dividend	9,063.44	9,913.14	10,479.61
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$106,674.29	$133,653.65	$164,800.46
Upside / Downside	29.93%	62.79%	100.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,516.63	24,644.52	24,773.08	24,902.31	25,032.21	25,162.78	25,917.67
Payout Ratio	96.39%	95.12%	93.84%	92.56%	91.28%	90.00%	92.50%
Projected Dividends (M)	23,632.53	23,440.66	23,246.15	23,048.96	22,849.09	22,646.51	23,973.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	21,492.90	21,708.86	21,924.83
Year 2 PV (M)	19,543.46	19,938.18	20,336.85
Year 3 PV (M)	17,767.53	18,308.52	18,860.38
Year 4 PV (M)	16,149.90	16,808.85	17,487.76
Year 5 PV (M)	14,676.66	15,428.99	16,211.86
PV of Terminal Value (M)	312,150.53	328,151.41	344,801.84
Equity Value (M)	401,780.98	420,344.81	439,623.51
Shares Outstanding (M)	2.16	2.16	2.16
Fair Value	$185,665.71	$194,244.19	$203,153.01
Upside / Downside	126.15%	136.59%	147.45%

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Frontier Real Estate Investment Corporation (8964.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener