GLOBAL LINK MANAGEMENT INC.

Financials Global Link Management Inc.

Equities

3486

JP3274380009

Real Estate Development & Operations

Delayed Japan Exchange Other stock markets 10:21:44 2024-05-08 pm EDT			5-day change	1st Jan Change
2,739 ^JPY	+1.03%		+1.00%	+24.73%

Feb. 21	Global Link Management Nearly Doubles Profit in Fiscal 2023 as Revenue Jumps 16%	MT
Feb. 20	Global Link Management Inc. Provides Consolidated Earnings Guidance for the Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2022	2023
Capitalization ¹	6,000	5,015	6,026	9,172	17,560
Enterprise Value (EV) ¹	11,642	14,282	16,217	28,371	28,858
P/E ratio	8.29 x	5.99 x	8.92 x	6.29 x	6.09 x
Yield	1.57%	1.89%	4.49%	4.56%	4.55%
Capitalization / Revenue	0.26 x	0.2 x	0.22 x	0.26 x	0.43 x
EV / Revenue	0.51 x	0.57 x	0.6 x	0.8 x	0.7 x
EV / EBITDA	9.33 x	8.74 x	11.3 x	10.5 x	6.17 x
EV / FCF	-2.15 x	-4.28 x	-23.1 x	-	3.5 x
FCF Yield	-46.6%	-23.3%	-4.33%	-	28.6%
Price to Book	1.95 x	1.3 x	1.35 x	1.42 x	1.97 x
Nbr of stocks (in thousands)	7,547	7,565	7,735	7,961	7,996
Reference price ²	795.0	663.0	779.0	1,152	2,196
Announcement Date	3/28/19	3/26/20	3/29/21	3/30/23	3/28/24

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2022	2023
Net sales ¹	22,644	25,086	26,840	35,673	41,258
EBITDA ¹	1,248	1,635	1,436	2,701	4,676
EBIT ¹	1,210	1,565	1,366	2,611	4,587
Operating Margin	5.34%	6.24%	5.09%	7.32%	11.12%
Earnings before Tax (EBT) ¹	1,131	1,364	1,027	2,279	4,258
Net income ¹	755	867	686	1,458	2,878
Net margin	3.33%	3.46%	2.56%	4.09%	6.98%
EPS ²	95.95	110.7	87.37	183.3	360.4
Free Cash Flow ¹	-5,426	-3,334	-701.4	-	8,246
FCF margin	-23.96%	-13.29%	-2.61%	-	19.99%
FCF Conversion (EBITDA)	-	-	-	-	176.34%
FCF Conversion (Net income)	-	-	-	-	286.51%
Dividend per Share ²	12.50	12.50	35.00	52.50	100.0
Announcement Date	3/28/19	3/26/20	3/29/21	3/30/23	3/28/24

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3
Net sales ¹	10,698	17,120	9,510	6,956	23,667	5,292
EBITDA	-	-	-	-	-	-
EBIT ¹	1,074	1,244	1,059	449	2,973	462
Operating Margin	10.04%	7.27%	11.14%	6.45%	12.56%	8.73%
Earnings before Tax (EBT) ¹	1,017	1,128	941	343	2,842	405
Net income ¹	653	718	575	248	1,785	276
Net margin	6.1%	4.19%	6.05%	3.57%	7.54%	5.22%
EPS ²	82.43	90.59	72.22	31.22	224.1	34.34
Dividend per Share	-	-	-	-	-	-
Announcement Date	5/13/22	8/5/22	11/14/22	5/12/23	8/10/23	11/14/23

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2022	2023
Net Debt ¹	5,642	9,267	10,191	19,199	11,298
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	4.521 x	5.668 x	7.097 x	7.108 x	2.416 x
Free Cash Flow ¹	-5,426	-3,334	-701	-	8,246
ROE (net income / shareholders' equity)	27.6%	25%	16.5%	-	37.4%
ROA (Net income/ Total Assets)	7.65%	7.02%	4.85%	-	8.91%
Assets ¹	9,863	12,343	14,137	-	32,308
Book Value Per Share ²	408.0	509.0	579.0	809.0	1,117
Cash Flow per Share ²	273.0	249.0	294.0	444.0	1,081
Capex ¹	6	1	137	13	1,944
Capex / Sales	0.03%	0%	0.51%	0.04%	4.71%
Announcement Date	3/28/19	3/26/20	3/29/21	3/30/23	3/28/24

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

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
GLOBAL LINK MANAGEMENT INC.	+24.73%	142M
MITSUI FUDOSAN CO., LTD.	+36.86%	29.21B
CHINA RESOURCES LAND LIMITED	+5.89%	28.04B
SUN HUNG KAI PROPERTIES LIMITED	-11.90%	27.86B
DLF LIMITED	+17.36%	25.39B
MITSUBISHI ESTATE CO., LTD.	+50.72%	24.16B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.38%	20.93B
EMAAR PROPERTIES	+3.41%	19.25B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+30.19%	16.61B
CK ASSET HOLDINGS LIMITED	-13.52%	15.42B

Other Real Estate Development & Operations

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Financials Global Link Management Inc.

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