Stock 8985 JAPAN HOTEL REIT INVESTMENT CORPORATION
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Financials Japan Hotel REIT Investment Corporation

Equities

8985

JP3046400002

Specialized REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
82,700 JPY +1.47% Intraday chart for Japan Hotel REIT Investment Corporation +4.68% +19.51%
Mar. 28 Japan Hotel REIT Investment Fixes Rates for Two Loans; Executes Interest Rate Swaps MT
Mar. 25 Japan Hotel REIT Investment Corporation Reports Sales Results for the Month and Year to Date Ended February 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 362,343 236,504 251,046 346,193 320,881 383,480 - -
Enterprise Value (EV) 1 496,753 376,705 401,207 480,909 320,881 523,112 520,655 524,109
P/E ratio 23.6 x 155 x 194 x 130 x 23.8 x 22.6 x 21 x 19 x
Yield 4.54% 0.77% 0.65% 0.88% 4.36% 4.52% 4.83% 5.38%
Capitalization / Revenue 12.8 x 17.1 x 18.4 x 23.2 x 12.1 x 12.2 x 11.5 x 10.7 x
EV / Revenue 17.6 x 27.2 x 29.4 x 32.2 x 12.1 x 16.7 x 15.7 x 14.6 x
EV / EBITDA 22.9 x 104 x 51.7 x 52.9 x 16 x 21.5 x 20.6 x 18.9 x
EV / FCF -9.47 x 33.6 x 57.4 x 284 x -15.5 x 27.9 x 25.4 x 23 x
FCF Yield -10.6% 2.98% 1.74% 0.35% -6.47% 3.59% 3.93% 4.34%
Price to Book 1.53 x 1.07 x 1.13 x 1.55 x 1.31 x 1.57 x 1.56 x 1.56 x
Nbr of stocks (in thousands) 4,462 4,462 4,467 4,467 4,637 4,637 - -
Reference price 2 81,200 53,000 56,200 77,500 69,200 82,700 82,700 82,700
Announcement Date 2/20/20 2/25/21 2/25/22 2/22/23 2/21/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 28,278 13,838 13,633 14,912 26,574 31,327 33,251 35,779
EBITDA 1 21,705 3,633 7,763 9,085 20,098 24,303 25,292 27,762
EBIT 1 17,148 3,176 2,959 4,296 15,014 18,949 20,282 22,401
Operating Margin 60.64% 22.95% 21.7% 28.81% 56.5% 60.49% 61% 62.61%
Earnings before Tax (EBT) 1 15,291 1,528 1,298 2,672 13,135 17,264 18,925 20,788
Net income 1 15,290 1,527 1,296 2,671 13,134 16,871 18,186 20,208
Net margin 54.07% 11.03% 9.51% 17.91% 49.42% 53.86% 54.7% 56.48%
EPS 2 3,447 342.0 290.0 598.0 2,909 3,655 3,938 4,358
Free Cash Flow 1 -52,464 11,221 6,987 1,691 -20,767 18,781 20,480 22,759
FCF margin -185.53% 81.09% 51.25% 11.34% -78.15% 59.95% 61.59% 63.61%
FCF Conversion (EBITDA) - 308.83% 90.01% 18.61% - 77.28% 80.98% 81.98%
FCF Conversion (Net income) - 734.84% 539.15% 63.31% - 111.32% 112.61% 112.62%
Dividend per Share 2 3,690 410.0 366.0 682.0 3,015 3,737 3,993 4,453
Announcement Date 2/20/20 2/25/21 2/25/22 2/22/23 2/21/24 - - -
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
Net sales 1 15,558 5,536 8,302 4,589 9,044 5,431 9,481 11,288 15,286 14,152 17,651 14,723 18,587
EBITDA - - - - - - - - - - - - -
EBIT 1 - 325 - -699 3,658 323 3,973 5,759 9,255 8,342 11,164 8,776 11,902
Operating Margin - 5.87% - -15.23% 40.45% 5.95% 41.9% 51.02% 60.55% 58.94% 63.25% 59.61% 64.03%
Earnings before Tax (EBT) - -550 - -1,488 - -470 - 4,897 - - - - -
Net income - -551 - -1,488 2,784 -471 - 4,896 - - - - -
Net margin - -9.95% - -32.43% 30.78% -8.67% - 43.37% - - - - -
EPS 2 2,006 -123.0 465.0 -333.0 623.0 -105.0 703.0 1,096 1,813 1,581 2,188 1,670 2,344
Dividend per Share - - - - 366.0 - - - - - - - -
Announcement Date 2/20/20 8/25/20 2/25/21 8/25/21 2/25/22 8/24/22 2/22/23 8/24/23 2/21/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 134,410 140,201 150,161 134,716 - 139,632 137,175 140,629
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.192 x 38.59 x 19.34 x 14.83 x - 5.746 x 5.424 x 5.066 x
Free Cash Flow 1 -52,464 11,221 6,987 1,691 -20,767 18,781 20,480 22,759
ROE (net income / shareholders' equity) 7% 0.7% 0.6% 1.2% 5.6% 6.85% 7.34% 7.99%
ROA (Net income/ Total Assets) 3.99% 0.34% 0.33% 0.68% 3.18% 4.1% 4.52% 4.9%
Assets 1 383,114 445,657 396,694 395,411 413,345 411,282 402,095 412,240
Book Value Per Share 2 53,004 49,570 49,595 50,050 52,831 52,834 53,039 53,077
Cash Flow per Share 2 4,516 1,436 1,386 1,678 4,044 4,738 4,966 5,161
Capex 1 72,465 2,526 3,495 4,413 38,572 2,118 2,162 2,209
Capex / Sales 256.26% 18.25% 25.64% 29.59% 145.15% 6.76% 6.5% 6.17%
Announcement Date 2/20/20 2/25/21 2/25/22 2/22/23 2/21/24 - - -
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 Japan Hotel REIT Investment Corporation

Trading Rating
Investor Rating
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EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitality REITs

1st Jan change Capi.
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