DDM Analysis: 8984.T

Valuation Snapshot

Stable Growth	$242,407.50 - $644,879.12	$371,021.37
Multi-Stage	$260,874.96 - $285,419.92	$272,919.88
Blended Fair Value	$321,970.62
Current Price	$128,100.00
Upside	151.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.88%	16.39%	6,421.91	5,705.99	5,662.35	5,836.81	5,366.69	5,309.37	4,371.59	3,717.86	3,024.90	1,450.57
YoY Growth	-	-	12.55%	0.77%	-2.99%	8.76%	1.08%	21.45%	17.58%	22.91%	108.53%	3.08%
Dividend Yield	-	-	5.01%	4.84%	4.10%	3.63%	3.30%	3.83%	3.12%	2.89%	2.25%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48,622.53
(-) Cash Dividends Paid (M)	39,721.80
(=) Cash Retained (M)	8,900.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,724.51	6,077.82	3,646.69
Cash Retained (M)	8,900.73	8,900.73	8,900.73
(-) Cash Required (M)	-9,724.51	-6,077.82	-3,646.69
(=) Excess Retained (M)	-823.78	2,822.91	5,254.04
(/) Shares Outstanding (M)	4.61	4.61	4.61
(=) Excess Retained per Share	-178.53	611.77	1,138.64
LTM Dividend per Share	8,608.39	8,608.39	8,608.39
(+) Excess Retained per Share	-178.53	611.77	1,138.64
(=) Adjusted Dividend	8,429.86	9,220.16	9,747.03
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	3.26%	4.26%	5.26%
Fair Value	$242,407.50	$371,021.37	$644,879.12
Upside / Downside	89.23%	189.63%	403.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48,622.53	50,694.49	52,854.74	55,107.05	57,455.33	59,903.69	61,700.80
Payout Ratio	81.69%	83.36%	85.02%	86.68%	88.34%	90.00%	92.50%
Projected Dividends (M)	39,721.80	42,256.59	44,935.27	47,765.52	50,755.38	53,913.32	57,073.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	3.26%	4.26%	5.26%
Year 1 PV (M)	39,167.43	39,546.73	39,926.04
Year 2 PV (M)	38,605.45	39,356.80	40,115.38
Year 3 PV (M)	38,037.01	39,152.82	40,290.24
Year 4 PV (M)	37,463.18	38,935.59	40,450.99
Year 5 PV (M)	36,884.95	38,705.88	40,598.02
PV of Terminal Value (M)	1,013,600.69	1,063,639.93	1,115,636.20
Equity Value (M)	1,203,758.71	1,259,337.74	1,317,016.86
Shares Outstanding (M)	4.61	4.61	4.61
Fair Value	$260,874.96	$272,919.88	$285,419.92
Upside / Downside	103.65%	113.05%	122.81%

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Daiwa House REIT Investment Corporation (8984.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener