Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fukuoka REIT Corporation (8968.T)

Company Dividend Discount ModelIndustry: REIT - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$281,474.17 - $556,446.07$389,492.86
Multi-Stage$414,851.12 - $454,887.80$434,490.88
Blended Fair Value$411,991.87
Current Price$184,400.00
Upside123.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.59%3.66%7,970.977,228.516,790.676,764.786,320.367,012.896,960.386,223.276,168.596,403.17
YoY Growth--10.27%6.45%0.38%7.03%-9.88%0.75%11.84%0.89%-3.66%15.10%
Dividend Yield--4.32%4.87%4.19%3.97%3.60%5.14%3.90%3.65%3.75%3.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,275.18
(-) Cash Dividends Paid (M)9,080.62
(=) Cash Retained (M)5,194.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,855.041,784.401,070.64
Cash Retained (M)5,194.575,194.575,194.57
(-) Cash Required (M)-2,855.04-1,784.40-1,070.64
(=) Excess Retained (M)2,339.533,410.174,123.93
(/) Shares Outstanding (M)0.830.830.83
(=) Excess Retained per Share2,810.614,096.834,954.31
LTM Dividend per Share10,909.0710,909.0710,909.07
(+) Excess Retained per Share2,810.614,096.834,954.31
(=) Adjusted Dividend13,719.6815,005.9015,863.38
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate1.66%2.66%3.66%
Fair Value$281,474.17$389,492.86$556,446.07
Upside / Downside52.64%111.22%201.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,275.1814,655.2115,045.3615,445.8915,857.0916,279.2416,767.61
Payout Ratio63.61%68.89%74.17%79.44%84.72%90.00%92.50%
Projected Dividends (M)9,080.6210,095.8211,158.6512,270.9113,434.4814,651.3115,510.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate1.66%2.66%3.66%
Year 1 PV (M)9,376.979,469.219,561.44
Year 2 PV (M)9,626.169,816.4710,008.64
Year 3 PV (M)9,831.9410,124.9410,423.70
Year 4 PV (M)9,997.7910,397.0110,808.06
Year 5 PV (M)10,126.9910,634.9511,163.10
PV of Terminal Value (M)296,358.70311,223.94326,679.80
Equity Value (M)345,318.55361,666.51378,644.74
Shares Outstanding (M)0.830.830.83
Fair Value$414,851.12$434,490.88$454,887.80
Upside / Downside124.97%135.62%146.69%

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