Stock 8986 DAIWA SECURITIES LIVING INVESTMENT CORPORATION
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Financials Daiwa Securities Living Investment Corporation

Equities

8986

JP3046410001

Residential REITs

Delayed Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
106,000 JPY -0.19% Intraday chart for Daiwa Securities Living Investment Corporation -0.19% +1.63%
Mar. 27 Daiwa Securities Living Investment to Refinance 12 Billion Yen Bank Loans Due Friday MT
Mar. 26 Daiwa Securities Living Investment Corporation Announces Notice Concerning Debt Refinancing CI

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 163,186 223,687 238,307 253,121 250,733 255,130 - -
Enterprise Value (EV) 1 163,186 223,687 238,307 253,121 250,733 443,710 440,030 436,110
P/E ratio 26 x 27 x - 27.5 x 26.1 x 21.9 x 24.9 x 24.6 x
Yield 3.97% 3.74% 3.89% 3.78% 3.95% 4.21% 4.25% 4.29%
Capitalization / Revenue 9.89 x 13.4 x - 11.5 x 10.7 x 9.87 x 10.2 x 10.1 x
EV / Revenue 9.89 x 13.4 x - 11.5 x 10.7 x 17.2 x 17.6 x 17.3 x
EV / EBITDA - - - 32.4 x - 24.6 x 25.3 x 24.6 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.51 x 1.65 x - 1.53 x 1.46 x 1.34 x 1.37 x 1.37 x
Nbr of stocks (in thousands) 1,640 2,056 2,132 2,205 2,261 2,407 - -
Reference price 2 99,500 108,800 111,800 114,800 110,900 106,000 106,000 106,000
Announcement Date 5/21/19 5/20/20 5/20/21 6/21/22 5/23/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,508 16,723 - 22,075 23,335 25,845 24,997 25,254
EBITDA 1 - - - 7,823 - 18,038 17,400 17,710
EBIT 1 7,454 7,597 - 10,414 10,913 12,820 11,953 12,240
Operating Margin 45.15% 45.43% - 47.17% 46.77% 49.6% 47.82% 48.47%
Earnings before Tax (EBT) 1 6,274 6,624 - 9,055 9,483 9,483 11,344 10,209
Net income 1 6,273 6,623 - 9,053 9,481 11,318 10,248 10,387
Net margin 38% 39.61% - 41.01% 40.63% 43.79% 41% 41.13%
EPS 2 3,824 4,037 - 4,175 4,246 4,850 4,258 4,316
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 3,954 4,068 4,350 4,340 4,380 4,466 4,510 4,550
Announcement Date 5/21/19 5/20/20 5/20/21 6/21/22 5/23/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 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 8,257 8,460 8,262 11,645 10,488 10,812 11,263 11,437 11,898 11,967 13,104 12,497 12,516 12,652
EBITDA 1 5,555 - - 7,150 7,469 - 7,821 7,851 8,164 8,098 9,232 8,567 8,525 -
EBIT 1 3,720 3,835 3,762 4,861 5,102 5,091 5,325 5,342 5,571 6,236 6,610 5,896 5,917 6,060
Operating Margin 45.06% 45.33% 45.53% 41.74% 48.64% 47.08% 47.27% 46.71% 46.83% 52.11% 50.44% 47.18% 47.28% 47.9%
Earnings before Tax (EBT) 1 3,159 3,365 3,259 6,134 4,458 4,433 4,622 4,653 4,829 5,524 5,799 5,066 5,064 5,173
Net income 1 3,158 3,364 3,258 6,133 4,457 4,433 4,622 4,653 4,829 5,523 5,798 5,053 5,064 5,172
Net margin 38.25% 39.77% 39.43% 52.67% 42.5% 41% 41.03% 40.68% 40.58% 46.15% 44.25% 40.44% 40.46% 40.88%
EPS 2 1,925 2,051 1,986 2,983 2,117 2,079 2,096 2,110 2,136 2,442 2,409 2,104 2,104 2,149
Dividend per Share 2 1,990 2,040 2,028 2,190 2,160 2,160 2,180 2,180 2,200 2,231 2,301 2,309 2,311 2,300
Announcement Date 5/21/19 11/19/19 5/20/20 11/19/20 5/20/21 11/17/21 6/21/22 11/21/22 5/23/23 11/22/23 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2022 2023 2024 2025 2026
Net Debt 1 - - - - 188,580 184,900 180,980
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - - 10.45 x 10.63 x 10.22 x
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) - 6.11% - - 6.45% 5.5% 5.58%
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share 2 66,055 66,076 75,002 75,826 78,948 77,399 77,174
Cash Flow per Share - - - - - - -
Capex 1 2,492 9,803 22,848 21,863 51,160 3,803 3,821
Capex / Sales 15.1% 58.62% 103.5% 93.69% 197.95% 15.21% 15.13%
Announcement Date 5/21/19 5/20/20 6/21/22 5/23/23 - - -
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 Daiwa Securities Living Investment Corporation

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Investor Rating
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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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