Stock 3269 ADVANCE RESIDENCE INVESTMENT CORPORATION
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Financials Advance Residence Investment Corporation

Equities

3269

JP3047160001

Residential REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
338,000 JPY +1.50% Intraday chart for Advance Residence Investment Corporation +2.11% +6.96%
Apr. 19 Advance Residence Investment Extends Term Loan Commitment with Major Banks MT
Apr. 18 Advance Residence Investment Corporation Announces Notice Concerning Extension of Loan Commitment CI

Valuation

Fiscal Period: July 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 455,625 472,285 517,298 508,295 479,902 484,354 - -
Enterprise Value (EV) 1 657,223 664,408 711,258 706,083 686,372 484,354 696,493 696,048
P/E ratio 32.4 x 30.9 x 34.8 x 33.7 x 30.8 x 30.3 x 31.3 x 31.1 x
Yield 3.24% 3.26% 3.01% 3.09% 3.36% 3.43% 3.55% 3.57%
Capitalization / Revenue 14 x 14 x 15.1 x 14.9 x 13.7 x 13 x 14.2 x 13.8 x
EV / Revenue 20.2 x 19.7 x 20.7 x 20.6 x 19.5 x 13 x 20.5 x 19.8 x
EV / EBITDA 30.2 x 29.3 x 31.7 x 31.2 x 29.7 x 28.3 x 29.1 x 28.4 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 2.07 x 2.04 x 2.24 x 2.28 x 2.07 x 1.97 x 1.99 x 1.95 x
Nbr of stocks (in thousands) 1,350 1,385 1,385 1,385 1,385 1,433 - -
Reference price 2 337,500 341,000 373,500 367,000 346,500 338,000 338,000 338,000
Announcement Date 3/12/19 3/11/20 3/17/21 3/29/22 3/16/23 3/14/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 32,498 33,642 34,371 34,198 35,122 37,312 34,033 35,095
EBITDA 1 21,778 22,661 22,408 22,636 23,127 24,203 23,967 24,480
EBIT 1 16,389 17,167 16,807 16,935 17,263 17,786 16,890 17,213
Operating Margin 50.43% 51.03% 48.9% 49.52% 49.15% 47.67% 49.63% 49.05%
Earnings before Tax (EBT) 1 14,072 15,041 14,870 15,108 15,564 15,973 15,112 14,944
Net income 1 14,071 15,039 14,868 15,107 15,562 15,973 15,457 15,660
Net margin 43.3% 44.71% 43.26% 44.18% 44.31% 42.81% 45.42% 44.62%
EPS 2 10,423 11,036 10,735 10,906 11,235 11,146 10,787 10,884
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 10,921 11,124 11,235 11,338 11,626 11,604 12,012 12,080
Announcement Date 3/12/19 3/11/20 3/17/21 3/29/22 3/16/23 3/14/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July 2019 S1 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 16,302 16,196 16,466 17,176 17,357 17,014 16,884 17,314 17,253 17,869 17,964 18,692 18,703 18,380
EBITDA 1 10,954 10,824 10,933 11,728 11,092 11,316 - 11,575 - 11,761 - 12,199 - -
EBIT 1 8,272 8,118 8,202 8,965 8,294 8,513 8,224 8,710 8,312 8,951 8,496 8,910 8,633 8,253
Operating Margin 50.74% 50.12% 49.81% 52.19% 47.78% 50.04% 48.71% 50.31% 48.18% 50.09% 47.29% 47.67% 46.16% 44.9%
Earnings before Tax (EBT) 1 7,088 6,984 7,095 7,946 7,321 7,549 7,294 7,813 - 8,075 7,460 8,006 7,736 7,268
Net income 1 7,088 6,984 7,094 7,945 7,320 7,548 7,294 7,813 7,488 8,074 7,460 7,985 7,723 7,246
Net margin 43.48% 43.12% 43.08% 46.26% 42.17% 44.36% 43.2% 45.12% 43.4% 45.19% 41.53% 42.72% 41.29% 39.42%
EPS 2 5,250 5,173 5,254 5,782 5,285 5,450 5,266 5,640 5,406 5,829 5,501 5,592 5,398 5,088
Dividend per Share 2 5,499 5,422 5,504 5,620 5,635 5,600 5,646 5,692 5,786 5,840 5,780 5,885 5,912 5,928
Announcement Date 9/10/18 3/12/19 9/10/19 3/11/20 9/18/20 3/17/21 10/6/21 3/29/22 9/14/22 3/16/23 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: July 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 201,598 192,123 193,961 197,788 206,469 201,330 212,139 211,694
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 9.257 x 8.478 x 8.656 x 8.738 x 8.928 x 8.318 x 8.851 x 8.647 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 6.39% 6.66% 6.43% 6.55% 6.74% 6.79% 6.13% 6.54%
ROA (Net income/ Total Assets) - - - 3.29% - - - -
Assets 1 - - - 459,320 - - - -
Book Value Per Share 2 163,014 167,291 166,763 160,778 167,044 171,709 170,214 173,668
Cash Flow per Share - - - - - - - -
Capex 1 9,371 12,799 13,732 7,114 15,390 9,278 18,732 5,601
Capex / Sales 28.84% 38.05% 39.95% 20.8% 43.82% 26.9% 55.04% 15.96%
Announcement Date 3/12/19 3/11/20 3/17/21 3/29/22 3/16/23 3/14/24 - -
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Advance Residence Investment Corporation

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EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Residential REITs
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