Stock 3487 CRE LOGISTICS REIT, INC.
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Financials CRE Logistics REIT, Inc.

Equities

3487

JP3048680007

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
151,900 JPY +1.61% Intraday chart for CRE Logistics REIT, Inc. +2.84% -2.19%
Feb. 16 CRE Logistics REIT, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Jan. 30 CRE Logistics REIT Fixes Interest Rate for 650 Million Yen Loan MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 22,999 34,662 66,532 127,735 103,735 97,482
Enterprise Value (EV) 1 45,818 60,605 107,229 186,866 161,516 167,318
P/E ratio 16.7 x 25 x 25.3 x 33.8 x 19.3 x 22.4 x
Yield - - - - 5.36% -
Capitalization / Revenue 8.14 x 11 x 12.8 x 17.8 x 10.8 x 10.8 x
EV / Revenue 16.2 x 19.2 x 20.6 x 26 x 16.8 x 18.5 x
EV / EBITDA 20.5 x 26.1 x 26.8 x 34.4 x 22.3 x 25.7 x
EV / FCF 43.6 x -5.15 x -3.06 x -4.4 x 33.7 x 38.5 x
FCF Yield 2.3% -19.4% -32.6% -22.7% 2.96% 2.6%
Price to Book 0.93 x 1.25 x 1.3 x 1.62 x 1.35 x 1.15 x
Nbr of stocks (in thousands) 231 259 424 565 565 628
Reference price 2 99,500 133,700 157,100 226,200 183,700 155,300
Announcement Date 3/28/19 3/24/20 3/30/21 3/30/22 3/23/23 3/26/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,826 3,160 5,206 7,190 9,630 9,050
EBITDA 1 2,234 2,320 4,008 5,438 7,245 6,508
EBIT 1 1,624 1,656 3,046 4,176 5,944 4,978
Operating Margin 57.47% 52.41% 58.51% 58.08% 61.72% 55.01%
Earnings before Tax (EBT) 1 1,376 1,372 2,596 3,596 5,372 4,344
Net income 1 1,376 1,372 2,596 3,596 5,370 4,344
Net margin 48.69% 43.42% 49.87% 50.01% 55.76% 48%
EPS 2 5,953 5,339 6,211 6,684 9,510 6,921
Free Cash Flow 1 1,052 -11,774 -35,001 -42,434 4,786 4,347
FCF margin 37.22% -372.58% -672.32% -590.18% 49.7% 48.03%
FCF Conversion (EBITDA) 47.08% - - - 66.06% 66.8%
FCF Conversion (Net income) 76.44% - - - 89.13% 100.07%
Dividend per Share - - - - 9,851 -
Announcement Date 3/28/19 3/24/20 3/30/21 3/30/22 3/23/23 3/26/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2026 S1
Net sales 1 1,411 1,580 2,030 2,604 3,160 3,596 3,872 5,758 4,240 4,525 4,480 4,536 4,565 4,560
EBITDA - - - - - - - - 3,033 - - - - -
EBIT 1 718 828 1,151 1,524 1,801 2,088 2,120 3,818 2,330 2,488 2,371 2,402 2,448 2,456
Operating Margin 50.89% 52.41% 56.7% 58.52% 56.99% 58.08% 54.75% 66.31% 54.96% 54.99% 52.93% 52.95% 53.61% 53.85%
Earnings before Tax (EBT) 1 - 687 - 1,300 1,523 1,800 1,828 3,544 2,002 2,173 2,051 2,070 2,116 2,120
Net income 1 596 686 969 1,298 1,522 1,799 1,827 3,543 2,001 2,172 2,050 2,069 2,115 2,119
Net margin 42.24% 43.42% 47.73% 49.85% 48.16% 50.03% 47.2% 61.53% 47.19% 48.01% 45.76% 45.63% 46.33% 46.46%
EPS 2 - 2,670 - 3,107 3,092 3,343 3,236 6,273 3,361 3,460 3,266 3,296 3,370 3,376
Dividend per Share 2 - 3,012 - 3,392 3,398 3,524 3,577 6,274 3,626 3,804 3,626 3,658 3,732 3,735
Announcement Date 8/13/19 3/24/20 8/17/20 2/16/21 8/13/21 2/17/22 8/15/22 2/16/23 8/15/23 2/16/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 22,819 25,943 40,697 59,131 57,780 69,836
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 10.21 x 11.18 x 10.15 x 10.87 x 7.975 x 10.73 x
Free Cash Flow 1 1,052 -11,774 -35,001 -42,434 4,786 4,347
ROE (net income / shareholders' equity) 8.63% 5.23% 6.58% 5.69% 5.32% 5.37%
ROA (Net income/ Total Assets) 3% 1.95% 2.49% 2.19% 2.05% 2.06%
Assets 1 45,865 70,201 104,366 163,857 262,039 211,017
Book Value Per Share 2 106,939 107,005 120,756 140,016 135,815 135,530
Cash Flow per Share 2 4,331 2,993 7,018 5,089 5,115 1,901
Capex 1 184 12,906 36,214 45,052 24 76
Capex / Sales 6.51% 408.42% 695.62% 626.59% 0.25% 0.84%
Announcement Date 3/28/19 3/24/20 3/30/21 3/30/22 3/23/23 3/26/24
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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