Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Japan Metropolitan Fund Investment Corporation (8953.T)

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$177,732.87 - $382,068.76$253,548.27
Multi-Stage$233,412.73 - $255,562.89$244,280.66
Blended Fair Value$248,914.46
Current Price$92,400.00
Upside169.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202320222021202020192018201720162015
DPS6.43%5.23%4,506.174,549.032,271.173,332.333,326.753,300.223,272.483,086.942,979.652,813.60
YoY Growth---0.94%100.29%-31.84%0.17%0.80%0.85%6.01%3.60%5.90%3.95%
Dividend Yield--4.88%4.65%2.05%3.12%4.16%3.10%3.26%3.05%2.57%2.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67,564.63
(-) Cash Dividends Paid (M)55,847.22
(=) Cash Retained (M)11,717.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13,512.938,445.585,067.35
Cash Retained (M)11,717.4011,717.4011,717.40
(-) Cash Required (M)-13,512.93-8,445.58-5,067.35
(=) Excess Retained (M)-1,795.523,271.826,650.06
(/) Shares Outstanding (M)7.037.037.03
(=) Excess Retained per Share-255.48465.54946.21
LTM Dividend per Share7,946.297,946.297,946.29
(+) Excess Retained per Share-255.48465.54946.21
(=) Adjusted Dividend7,690.818,411.838,892.50
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate2.34%3.34%4.34%
Fair Value$177,732.87$253,548.27$382,068.76
Upside / Downside92.35%174.40%313.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67,564.6369,822.7072,156.2574,567.7877,059.9179,635.3382,024.39
Payout Ratio82.66%84.13%85.59%87.06%88.53%90.00%92.50%
Projected Dividends (M)55,847.2258,739.0461,761.7764,920.9468,222.2971,671.8075,872.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.77%6.77%6.77%
Growth Rate2.34%3.34%4.34%
Year 1 PV (M)54,481.8855,014.2355,546.58
Year 2 PV (M)53,133.7354,177.1655,230.73
Year 3 PV (M)51,803.6853,337.1154,900.51
Year 4 PV (M)50,492.5652,495.1654,556.74
Year 5 PV (M)49,201.0851,652.2754,200.20
PV of Terminal Value (M)1,381,332.061,450,149.861,521,683.52
Equity Value (M)1,640,445.001,716,825.791,796,118.28
Shares Outstanding (M)7.037.037.03
Fair Value$233,412.73$244,280.66$255,562.89
Upside / Downside152.61%164.37%176.58%

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