Financials JR Global REIT

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
4,145 ^KRW	-0.24%		-0.72%	+1.59%

2023	JR Global REIT Reports Earnings Results for the Second Half Year Ended December 31, 2022	CI
2021	JR Global REIT agreed to acquire 49.9% stake in New York Office Building from Hanwha Asset Management Co. Ltd. for approximately $320 million.	CI

Fiscal Period: December	2021	2022	2024	2025
Capitalization ¹	830,953	805,294	818,124	-
Enterprise Value (EV) ²	831	805.3	1,742	1,831
P/E ratio	19.9 x	-	-	-
Yield	-	-	9.58%	6.71%
Capitalization / Revenue	-	7.74 x	6.57 x	6.38 x
EV / Revenue	-	7.74 x	14 x	14.3 x
EV / EBITDA	-	-	17.9 x	18.1 x
EV / FCF	-	-	20.5 x	31.6 x
FCF Yield	-	-	4.88%	3.17%
Price to Book	-	-	-	-
Nbr of stocks (in thousands)	197,376	197,376	197,376	-
Reference price ³	4,210	4,080	4,145	4,145
Announcement Date	3/21/22	3/16/23	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2021	2022	2024	2025
Net sales ¹	-	104	124.6	128.2
EBITDA ¹	-	-	97.3	101
EBIT ¹	-	51	72.9	76.6
Operating Margin	-	49.04%	58.51%	59.75%
Earnings before Tax (EBT)	-	-	-	-
Net income	35.1	-	-	-
Net margin	-	-	-	-
EPS	212.0	-	-	-
Free Cash Flow ²	-	-	85,000	58,000
FCF margin	-	-	68,218.3%	45,241.81%
FCF Conversion (EBITDA)	-	-	87,358.68%	57,425.74%
FCF Conversion (Net income)	-	-	-	-
Dividend per Share ³	-	-	397.0	278.0
Announcement Date	3/21/22	3/16/23	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Fiscal Period: December	2021	2022	2024	2025
Net Debt ¹	-	-	924	1,013
Net Cash position ¹	-	-	-	-
Leverage (Debt/EBITDA)	-	-	9.496 x	10.03 x
Free Cash Flow ²	-	-	85,000	58,000
ROE (net income / shareholders' equity)	-	3.6%	6.5%	3.8%
ROA (Net income/ Total Assets)	-	-	2.5%	1.4%
Assets	-	-	-	-
Book Value Per Share	-	-	-	-
Cash Flow per Share	-	-	-	-
Capex	-	-	-	-
Capex / Sales	-	-	-	-
Announcement Date	3/21/22	3/16/23	-	-

¹KRW in Billions²KRW in Million

Estimates

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,145 KRW

Average target price

4,700 KRW

Spread / Average Target

+13.39%

	1st Jan change	Capi.
JR GLOBAL REIT	+1.59%	603M
BOSTON PROPERTIES, INC.	-11.06%	9.75B
NIPPON BUILDING FUND INC.	-4.91%	6.35B
DEXUS	-7.16%	5.07B
JAPAN REAL ESTATE INVESTMENT CORPORATION	-10.10%	4.85B
KDX REALTY INVESTMENT CORPORATION	-3.54%	4.08B
EMBASSY OFFICE PARKS REIT	+7.29%	4.05B
KILROY REALTY CORPORATION	-14.18%	3.96B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-5.95%	3.57B
SL GREEN REALTY CORP.	+17.07%	3.41B