Company Valuation: Daiwa Securities Living Investment Corporation

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 238,307 253,121 250,733 233,709 258,193 276,542 - -
Change - 6.22% -0.94% -6.79% 10.48% 7.11% - -
Enterprise Value (EV) 1 238,307 253,121 250,733 426,121 448,145 458,472 456,362 454,062
Change - 6.22% -0.94% 69.95% 5.17% 2.3% -0.46% -0.5%
P/E ratio - 27.5x 26.1x 20x 19.3x 21.3x 23.8x 23.6x
PBR - 1.53x 1.46x 1.25x 1.37x 1.48x 1.48x 1.48x
PEG - - 15.35x 1.4x 1.3x -9.57x -2.2x 23.68x
Capitalization / Revenue - 11.5x 10.7x 9.26x 8.8x 9.48x 9.95x 9.81x
EV / Revenue - 11.5x 10.7x 16.9x 15.3x 15.7x 16.4x 16.1x
EV / EBITDA - 32.4x - 23.6x 21.6x 21.8x 23.1x 22.7x
EV / EBIT - 24.3x 23x 33.2x 29.3x 29.8x 31.8x 31x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4,350 4,340 4,380 4,531 5,130 5,276 5,199 5,216
Rate of return 3.89% 3.78% 3.95% 4.67% 4.78% 4.55% 4.49% 4.5%
EPS 2 - 4,175 4,246 4,867 5,572 5,448 4,866 4,914
Distribution rate - 104% 103% 93.1% 92.1% 96.8% 107% 106%
Net sales 1 - 22,075 23,335 25,251 29,347 29,166 27,794 28,200
EBITDA 1 - 7,823 - 18,078 20,720 21,005 19,730 20,010
EBIT 1 - 10,414 10,913 12,835 15,301 15,396 14,358 14,662
Net income 1 - 9,053 9,481 11,336 13,415 13,012 11,611 11,726
Net Debt 1 - - - 192,412 189,952 181,930 179,820 177,520
Reference price 2 111,800.00 114,800.00 110,900.00 97,100.00 107,400.00 115,900.00 115,900.00 115,900.00
Nbr of stocks (in thousands) 2,132 2,205 2,261 2,407 2,404 2,386 - -
Announcement Date 5/20/21 6/21/22 5/23/23 5/22/24 5/22/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.11x15.65x21.72x4.59% 1.79B
24.46x11.1x18.05x3.94% 25.04B
44.6x10.19x16.96x4.44% 23.97B
30.27x9.02x15.99x4.28% 16.64B
24.57x12.17x18.01x4.04% 16.33B
12.87x8.79x20.11x6.11% 16.26B
40.1x9.45x16.99x4.57% 15.71B
34.86x10.74x22.34x3.04% 13.16B
62.5x10.77x17.32x4.54% 12.47B
33.4x8.95x16.89x3.81% 11.69B
Average 32.87x 10.68x 18.44x 4.34% 15.31B
Weighted average by Cap. 33.27x 10.26x 18.03x 4.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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