DDM Analysis: 8967.T

Valuation Snapshot

Stable Growth	$77,487.77 - $122,483.78	$98,048.95
Multi-Stage	$202,812.51 - $223,054.47	$212,735.16
Blended Fair Value	$155,392.05
Current Price	$93,800.00
Upside	65.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	3,520.38	3,494.14	3,422.31	3,145.68	4,759.21	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.75%	2.10%	8.79%	-33.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.92%	4.09%	3.42%	2.93%	4.29%	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)	21,684.49
(-) Cash Dividends Paid (M)	19,738.84
(=) Cash Retained (M)	1,945.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,336.90	2,710.56	1,626.34
Cash Retained (M)	1,945.66	1,945.66	1,945.66
(-) Cash Required (M)	-4,336.90	-2,710.56	-1,626.34
(=) Excess Retained (M)	-2,391.24	-764.90	319.32
(/) Shares Outstanding (M)	2.78	2.78	2.78
(=) Excess Retained per Share	-859.60	-274.97	114.79
LTM Dividend per Share	7,095.71	7,095.71	7,095.71
(+) Excess Retained per Share	-859.60	-274.97	114.79
(=) Adjusted Dividend	6,236.10	6,820.74	7,210.50
WACC / Discount Rate	5.89%	5.89%	5.89%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$77,487.77	$98,048.95	$122,483.78
Upside / Downside	-17.39%	4.53%	30.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,684.49	21,467.65	21,252.97	21,040.44	20,830.04	20,621.74	21,240.39
Payout Ratio	91.03%	90.82%	90.62%	90.41%	90.21%	90.00%	92.50%
Projected Dividends (M)	19,738.84	19,497.33	19,258.69	19,022.87	18,789.84	18,559.56	19,647.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.89%	5.89%	5.89%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18,227.37	18,413.36	18,599.35
Year 2 PV (M)	16,831.55	17,176.80	17,525.56
Year 3 PV (M)	15,542.54	16,023.20	16,513.68
Year 4 PV (M)	14,352.17	14,947.00	15,560.13
Year 5 PV (M)	13,252.90	13,943.01	14,661.58
PV of Terminal Value (M)	485,977.37	511,283.34	537,632.69
Equity Value (M)	564,183.90	591,786.72	620,492.99
Shares Outstanding (M)	2.78	2.78	2.78
Fair Value	$202,812.51	$212,735.16	$223,054.47
Upside / Downside	116.22%	126.80%	137.80%

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Japan Logistics Fund, Inc. (8967.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener