Stock 8963 INVINCIBLE INVESTMENT CORPORATION
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Financials Invincible Investment Corporation

Equities

8963

JP3046190009

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
70,500 JPY +1.59% Intraday chart for Invincible Investment Corporation +2.92% +15.57%
Apr. 12 Invincible Investment Secures 1.7 Billion Yen to Repay Debt MT
Mar. 26 Invincible Investment Acquires Casbee Certification for Two Properties MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 377,394 202,110 221,925 310,939 410,964 429,827 - -
Enterprise Value (EV) 1 611,308 443,488 454,110 533,183 670,084 653,935 653,081 652,303
P/E ratio 10.9 x 193 x -85.8 x 51.1 x 19.7 x 20.6 x 20.7 x 19.8 x
Yield 5.46% 0.71% 0.5% 1.96% 5.09% 4.91% 4.83% 5.04%
Capitalization / Revenue 8.22 x 11.4 x 18.2 x 15.9 x 11.8 x 10.9 x 11.1 x 10.6 x
EV / Revenue 13.3 x 25 x 37.2 x 27.2 x 19.3 x 16.6 x 16.8 x 16 x
EV / EBITDA 14.6 x 42.9 x 59 x 35.5 x - 18.6 x 18.5 x 18 x
EV / FCF -37.1 x 16.9 x 45.1 x 49.1 x -21.9 x 19.5 x 19.7 x 19.6 x
FCF Yield -2.69% 5.9% 2.22% 2.04% -4.56% 5.14% 5.06% 5.1%
Price to Book 1.45 x 0.81 x 0.9 x 1.24 x 1.42 x 1.63 x 1.63 x 1.63 x
Nbr of stocks (in thousands) 6,097 6,097 6,097 6,097 6,737 6,097 - -
Reference price 2 61,900 33,150 36,400 51,000 61,000 70,500 70,500 70,500
Announcement Date 2/20/20 2/25/21 2/24/22 3/27/23 2/26/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 45,926 17,750 12,212 19,610 34,733 39,465 38,783 40,701
EBITDA 1 41,968 10,331 7,691 15,031 - 35,128 35,261 36,219
EBIT 1 35,043 3,188 -49 8,371 22,944 26,520 26,179 27,424
Operating Margin 76.3% 17.96% -0.4% 42.69% 66.06% 67.2% 67.5% 67.38%
Earnings before Tax (EBT) 1 - - -2,584 6,092 19,948 22,340 23,148 24,802
Net income 1 32,877 1,046 -2,585 6,090 19,945 23,009 22,926 23,940
Net margin 71.59% 5.89% -21.17% 31.06% 57.42% 58.3% 59.11% 58.82%
EPS 2 5,658 172.0 -424.0 998.0 3,101 3,415 3,403 3,554
Free Cash Flow 1 -16,458 26,172 10,070 10,865 -30,561 33,600 33,073 33,277
FCF margin -35.84% 147.45% 82.46% 55.41% -87.99% 85.14% 85.28% 81.76%
FCF Conversion (EBITDA) - 253.34% 130.93% 72.28% - 95.65% 93.8% 91.88%
FCF Conversion (Net income) - 2,502.07% - 178.39% - 146.03% 144.26% 139%
Dividend per Share 2 3,381 236.0 181.0 998.0 3,104 3,464 3,403 3,554
Announcement Date 2/20/20 2/25/21 2/24/22 3/27/23 2/26/24 - - -
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 18,587 9,410 8,340 3,806 8,406 7,680 11,930 15,914 18,819 20,883 21,292 21,724 21,080 22,750
EBITDA 1 16,616 5,074 5,257 1,119 - 5,450 9,581 - - 19,120 19,134 20,404 - -
EBIT 1 12,858 1,496 1,690 -2,341 2,292 2,114 6,257 10,356 12,588 14,414 14,285 14,838 14,237 16,141
Operating Margin 69.18% 15.9% 20.26% -61.51% 27.27% 27.53% 52.45% 65.07% 66.89% 69.02% 67.09% 68.3% 67.54% 70.95%
Earnings before Tax (EBT) 1 11,639 424 624 -3,599 1,015 1,016 5,076 8,914 11,033 12,742 12,718 12,899 12,676 14,421
Net income 1 11,638 423 623 -3,599 1,014 1,015 5,075 8,913 11,032 12,523 12,481 13,097 12,548 14,421
Net margin 62.61% 4.5% 7.47% -94.56% 12.06% 13.22% 42.54% 56.01% 58.62% 59.97% 58.62% 60.29% 59.53% 63.39%
EPS 2 1,910 70.00 102.0 -590.0 166.0 166.0 832.0 1,462 1,639 1,859 1,853 1,944 1,862 2,140
Dividend per Share 2 1,725 69.00 167.0 15.00 166.0 166.0 832.0 1,464 1,640 1,862 1,856 1,944 1,862 2,140
Announcement Date 2/20/20 8/25/20 2/25/21 8/25/21 2/24/22 8/25/22 3/27/23 8/24/23 2/26/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 233,914 241,378 232,185 222,244 259,120 224,108 223,254 222,476
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.574 x 23.37 x 30.19 x 14.79 x - 6.38 x 6.331 x 6.142 x
Free Cash Flow 1 -16,458 26,172 10,070 10,865 -30,561 33,600 33,073 33,277
ROE (net income / shareholders' equity) 13.7% 0.41% -1.04% 2.45% 7.43% 7.92% 7.91% 8.2%
ROA (Net income/ Total Assets) 6.73% - -0.51% 1.24% 3.79% 4.29% 4.03% 3.83%
Assets 1 488,877 - 505,574 490,117 526,754 536,061 568,790 625,728
Book Value Per Share 2 42,601 40,946 40,370 41,058 43,090 43,202 43,275 43,337
Cash Flow per Share 2 11,836 4,065 2,103 2,032 - 4,987 4,909 4,939
Capex 1 1,386 17,480 1,097 1,534 57,117 3,263 8,399 3,673
Capex / Sales 3.02% 98.48% 8.99% 7.82% 164.45% 8.27% 21.66% 9.02%
Announcement Date 2/20/20 2/25/21 2/24/22 3/27/23 2/26/24 - - -
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 Invincible Investment Corporation

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Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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