Stock 3455 HEALTHCARE & MEDICAL INVESTMENT CORPORATION
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Financials Healthcare & Medical Investment Corporation

Equities

3455

JP3047910009

Specialized REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
132,200 JPY +1.15% Intraday chart for Healthcare & Medical Investment Corporation +1.61% -5.44%
Mar. 19 Healthcare & Medical Investment Corporation agreed to acquire HC Shukugawa LLC silent partnership equity interest from HC Shukugawa LLC for ¥98 million. CI
Jan. 22 Healthcare & Medical Investment Corporation agreed to acquire Four properties in Hokkaido from Noah Garden Hachiken LLC for ¥1700 million. CI

Valuation

Fiscal Period: July 2018 2019 2020 2021 2022 2023
Capitalization 1 21,551 41,488 35,890 47,552 62,337 55,075
Enterprise Value (EV) 1 41,233 72,041 67,416 78,910 99,676 92,612
P/E ratio 20.7 x 19.8 x 19.6 x 26.1 x 28.3 x 23.5 x
Yield - - - - - 4.52%
Capitalization / Revenue 8.5 x 10.3 x 8.87 x 11.6 x 13.1 x 10.9 x
EV / Revenue 16.3 x 17.9 x 16.7 x 19.2 x 21 x 18.3 x
EV / EBITDA 22 x 22 x 22 x 25.6 x 27.3 x 24 x
EV / FCF 31.8 x -1.6 x -70.9 x 47.9 x -4.44 x 33.9 x
FCF Yield 3.14% -62.4% -1.41% 2.09% -22.5% 2.95%
Price to Book 1.06 x 1.24 x 1.08 x 1.44 x 1.6 x 1.43 x
Nbr of stocks (in thousands) 193 311 311 311 360 360
Reference price 2 111,600 133,400 115,400 152,900 173,400 153,200
Announcement Date 10/26/18 10/30/19 10/26/20 4/28/21 10/25/22 10/30/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July 2018 2019 2020 2021 2022 2023
Net sales 1 2,534 4,016 4,046 4,116 4,742 5,070
EBITDA 1 1,878 3,278 3,060 3,086 3,648 3,853
EBIT 1 1,250 2,380 2,144 2,136 2,532 2,722
Operating Margin 49.33% 59.26% 52.99% 51.9% 53.4% 53.68%
Earnings before Tax (EBT) 1 1,042 2,092 1,834 1,820 2,200 2,347
Net income 1 1,042 2,092 1,834 1,820 2,200 2,346
Net margin 41.12% 52.09% 45.33% 44.22% 46.39% 46.28%
EPS 2 5,396 6,744 5,897 5,852 6,126 6,527
Free Cash Flow 1 1,295 -44,925 -951 1,649 -22,426 2,729
FCF margin 51.11% -1,118.66% -23.5% 40.06% -472.92% 53.82%
FCF Conversion (EBITDA) 68.97% - - 53.43% - 70.82%
FCF Conversion (Net income) 124.3% - - 90.59% - 116.29%
Dividend per Share - - - - - 6,924
Announcement Date 10/26/18 10/30/19 10/26/20 4/28/21 10/25/22 10/30/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July 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 2,009 2,013 2,023 2,058 2,073 2,080 2,371 2,632 2,439 2,438 2,520 2,520
EBITDA - - - - - - - - - - - -
EBIT 1 1,190 1,103 1,072 1,067 1,078 1,072 1,266 1,454 1,268 1,254 1,292 1,277
Operating Margin 59.23% 54.79% 52.99% 51.85% 52% 51.54% 53.37% 55.23% 52.01% 51.43% 51.27% 50.67%
Earnings before Tax (EBT) 1,047 - 918 - - - - - - - - -
Net income 1 1,046 943 917 910 921 913 1,100 1,278 1,068 1,049 1,046 1,026
Net margin 52.08% 46.85% 45.33% 44.22% 44.43% 43.89% 46.4% 48.57% 43.8% 43.04% 41.51% 40.71%
EPS 3,372 3,034 2,951 - - - - - - - 2,909 2,853
Dividend per Share 3,643 3,320 3,240 - - - - - - - 3,235 3,182
Announcement Date 9/13/19 3/17/20 10/26/20 3/16/21 11/15/21 3/18/22 10/25/22 3/17/23 9/15/23 3/19/24 - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: July 2018 2019 2020 2021 2022 2023
Net Debt 1 19,682 30,553 31,526 31,358 37,339 37,537
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 10.48 x 9.321 x 10.3 x 10.16 x 10.24 x 9.743 x
Free Cash Flow 1 1,295 -44,925 -951 1,649 -22,426 2,729
ROE (net income / shareholders' equity) 5.13% 7.78% 5.51% 5.5% 6.13% 6.06%
ROA (Net income/ Total Assets) 1.84% 2.69% 1.95% 1.95% 2.12% 2.11%
Assets 1 56,541 77,888 93,878 93,386 103,739 111,134
Book Value Per Share 2 105,232 107,762 106,472 106,112 108,038 107,421
Cash Flow per Share 2 5,272 6,116 5,222 5,762 3,650 4,487
Capex 1 108 47,008 3,250 422 24,738 184
Capex / Sales 4.26% 1,170.52% 80.33% 10.25% 521.68% 3.63%
Announcement Date 10/26/18 10/30/19 10/26/20 4/28/21 10/25/22 10/30/23
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 Healthcare REITs

1st Jan change Capi.
HEALTHCARE & MEDICAL INVESTMENT CORPORATION Stock Healthcare & Medical Investment Corporation
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VENTAS, INC. Stock Ventas, Inc.
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HEALTHPEAK PROPERTIES, INC. Stock Healthpeak Properties, Inc.
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OMEGA HEALTHCARE INVESTORS, INC. Stock Omega Healthcare Investors, Inc.
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HEALTHCARE REALTY TRUST INCORPORATED Stock Healthcare Realty Trust Incorporated
-17.93% 5.39B
CARETRUST REIT, INC. Stock CareTrust REIT, Inc.
+8.62% 3.28B
AEDIFICA SA Stock Aedifica SA
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MEDICAL PROPERTIES TRUST, INC. Stock Medical Properties Trust, Inc.
-8.15% 2.73B
NATIONAL HEALTH INVESTORS, INC. Stock National Health Investors, Inc.
+12.61% 2.73B
Healthcare REITs
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