DDM Analysis: 8977.T

Valuation Snapshot

Stable Growth	$144,362.12 - $238,327.18	$186,045.48
Multi-Stage	$300,722.30 - $329,994.74	$315,077.18
Blended Fair Value	$250,561.33
Current Price	$148,000.00
Upside	69.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.03%	4.70%	6,082.68	6,058.77	5,869.36	6,015.17	6,213.07	6,073.11	5,179.11	4,593.34	4,633.59	4,387.67
YoY Growth	-	-	0.39%	3.23%	-2.42%	-3.19%	2.30%	17.26%	12.75%	-0.87%	5.60%	14.16%
Dividend Yield	-	-	5.15%	4.29%	3.84%	3.80%	5.16%	3.52%	3.52%	3.51%	3.11%	3.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,839.47
(-) Cash Dividends Paid (M)	8,467.47
(=) Cash Retained (M)	372.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,767.89	1,104.93	662.96
Cash Retained (M)	372.00	372.00	372.00
(-) Cash Required (M)	-1,767.89	-1,104.93	-662.96
(=) Excess Retained (M)	-1,395.90	-732.94	-290.96
(/) Shares Outstanding (M)	0.70	0.70	0.70
(=) Excess Retained per Share	-2,007.91	-1,054.28	-418.53
LTM Dividend per Share	12,179.91	12,179.91	12,179.91
(+) Excess Retained per Share	-2,007.91	-1,054.28	-418.53
(=) Adjusted Dividend	10,172.00	11,125.63	11,761.38
WACC / Discount Rate	6.41%	6.41%	6.41%
Growth Rate	-0.59%	0.41%	1.41%
Fair Value	$144,362.12	$186,045.48	$238,327.18
Upside / Downside	-2.46%	25.71%	61.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,839.47	8,875.53	8,911.73	8,948.08	8,984.58	9,021.23	9,291.87
Payout Ratio	95.79%	94.63%	93.47%	92.32%	91.16%	90.00%	92.50%
Projected Dividends (M)	8,467.47	8,399.20	8,330.24	8,260.57	8,190.20	8,119.11	8,594.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.41%	6.41%	6.41%
Growth Rate	-0.59%	0.41%	1.41%
Year 1 PV (M)	7,814.46	7,893.07	7,971.68
Year 2 PV (M)	7,210.73	7,356.53	7,503.80
Year 3 PV (M)	6,652.62	6,855.42	7,062.29
Year 4 PV (M)	6,136.74	6,387.43	6,645.71
Year 5 PV (M)	5,659.96	5,950.42	6,252.70
PV of Terminal Value (M)	175,587.63	184,598.79	193,976.16
Equity Value (M)	209,062.14	219,041.66	229,412.34
Shares Outstanding (M)	0.70	0.70	0.70
Fair Value	$300,722.30	$315,077.18	$329,994.74
Upside / Downside	103.19%	112.89%	122.97%

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Hankyu Hanshin REIT, Inc. (8977.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener