Financials Mitsubishi Estate Co., Ltd.

Equities

8802

JP3899600005

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 01:30:00 2024-12-06 am EST			5-day change	1st Jan Change
2,141.00 ^JPY	+0.28%		+1.01%	+10.19%

Nov. 15	CapitaLand Development Achieves 92% Bookings at Senique Hanoi Project in Vietnam	MT
Nov. 12	Tranche Update on Mitsubishi Estate Co., Ltd.'s Equity Buyback Plan announced on May 10, 2024.	CI

Projected Income Statement: Mitsubishi Estate Co., Ltd.

income-statement-evolution-chart MITSUBISHI-ESTATE-CO-LTD

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,302,196	1,207,594	1,349,489	1,377,827	1,504,687	1,576,151	1,653,786	1,700,866
Change	-	-7.26%	11.75%	2.1%	9.21%	4.75%	4.93%	2.85%
EBITDA ¹	322,287	313,501	370,558	388,283	376,928	403,267	427,306	447,390
Change	-	-2.73%	18.2%	4.78%	-2.92%	6.99%	5.96%	4.7%
EBIT ¹	240,768	224,394	278,977	296,702	278,627	302,338	324,699	343,323
Change	-	-6.8%	24.32%	6.35%	-6.09%	8.51%	7.4%	5.74%
Interest Paid ¹	-22,100	-21,623	-20,742	-25,001	-35,996	-42,933	-47,433	-51,900
Earnings before Tax (EBT) ¹	223,949	201,265	253,779	252,902	274,532	281,746	296,760	312,295
Change	-	-10.13%	26.09%	-0.35%	8.55%	2.63%	5.33%	5.23%
Net income ¹	148,451	135,655	155,171	165,343	168,432	175,905	190,415	202,216
Change	-	-8.62%	14.39%	6.56%	1.87%	4.44%	8.25%	6.2%
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	292,005	474,965	257,481	269,831	250,571	429,711	307,402	271,621	325,547	444,919	305,367	289,198	311,759	471,503	292,465	295,468	338,515	578,239	328,239	312,826	356,239	594,400	346,611
Change	-	62.66%	-45.79%	4.8%	-7.14%	71.49%	-28.46%	-11.64%	19.85%	36.67%	-31.37%	-5.29%	7.8%	51.24%	-37.97%	1.03%	14.57%	70.82%	-43.23%	-4.7%	13.88%	66.85%	-41.69%
EBITDA ¹	-	-	76,336	-	-	-	88,513	-	-	-	-	-	-	-	-	-	-	-	75,926	73,453	92,935	147,888	90,285
Change	-	-	-	-100%	-	-	-	-100%	-	-	-	-	-	-	-	-	-	-	-	-3.26%	26.52%	59.13%	-38.95%
EBIT ¹	57,239	91,253	54,228	43,844	41,405	84,917	62,563	49,095	60,682	106,637	83,518	58,560	57,934	96,690	48,400	41,914	56,507	131,806	51,798	48,080	71,190	127,580	64,363
Change	-	59.42%	-40.57%	-19.15%	-5.56%	105.09%	-26.32%	-21.53%	23.6%	75.73%	-21.68%	-29.88%	-1.07%	66.9%	-49.94%	-13.4%	34.82%	133.26%	-60.7%	-7.18%	48.07%	79.21%	-49.55%
Charge d'intérêts ¹	-5,561	-5,418	-5,564	-5,492	-5,388	-5,179	-5,116	-5,165	-5,206	-5,255	-5,445	-5,853	-7,151	-6,552	-7,742	-8,679	-9,749	-9,826	-11,611	-11,428	-7,004	-9,700	-
Earnings before Tax (EBT) ¹	53,144	89,722	45,633	36,677	48,281	70,674	57,674	33,475	55,160	107,470	84,564	38,622	45,249	84,467	46,340	36,230	57,009	134,953	49,357	47,459	63,184	118,000	-
Change	-	68.83%	-49.14%	-19.63%	31.64%	46.38%	-18.39%	-41.96%	64.78%	94.83%	-21.31%	-54.33%	17.16%	86.67%	-45.14%	-21.82%	57.35%	136.72%	-63.43%	-3.85%	33.13%	86.76%	-100%
Net income ¹	38,568	61,805	29,263	21,676	37,843	46,873	34,708	20,579	31,855	68,029	61,553	14,789	26,467	62,534	19,269	22,277	36,001	90,885	25,941	24,080	39,321	82,123	38,576
Change	-	60.25%	-52.65%	-25.93%	74.58%	23.86%	-25.95%	-40.71%	54.79%	113.56%	-9.52%	-75.97%	78.96%	136.27%	-69.19%	15.61%	61.61%	152.45%	-71.46%	-7.17%	63.29%	108.85%	-53.03%
Announcement Date	2/10/20	5/14/20	8/7/20	11/11/20	2/10/21	5/13/21	8/6/21	11/10/21	2/10/22	5/12/22	8/5/22	11/10/22	2/9/23	5/11/23	8/10/23	11/9/23	2/9/24	5/10/24	8/8/24	11/7/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	527,312	680,282	579,023	770,466	594,565	783,262	587,933	916,754	641,065	943,435
Change	-	29.01%	-14.88%	33.06%	-22.83%	31.74%	-24.94%	55.93%	-30.07%	47.17%
EBITDA	141,303	-	156,623	-	-	-	-	-	149,379	-
Change	-	-100%	-	-100%	-	-	-	-	-	-100%
EBIT ¹	98,072	126,322	111,658	167,319	142,078	154,624	90,314	188,313	99,878	202,661
Change	-	28.81%	-11.61%	49.85%	-15.09%	8.83%	-41.59%	108.51%	-46.96%	102.91%
Charge d'intérêts	-11,056	-	-10,281	-	-11,298	-	-16,421	-	-23,039	-
Earnings before Tax (EBT)	82,310	-	91,149	-	123,186	-	82,570	-	96,816	-
Change	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%
Net income ¹	50,939	84,716	55,287	99,884	76,342	89,001	41,546	126,886	50,021	128,189
Change	-	66.31%	-34.74%	80.66%	-23.57%	16.58%	-53.32%	205.41%	-60.58%	156.27%
Announcement Date	11/11/20	5/13/21	11/10/21	5/12/22	11/10/22	5/11/23	11/9/23	5/10/24	11/7/24	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Mitsubishi Estate Co., Ltd.

balance-sheet-analysis-chart MITSUBISHI-ESTATE-CO-LTD

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,162,343	2,349,379	2,504,300	2,641,617	2,857,919	3,125,176	3,257,498	3,419,785
Change	-	8.65%	6.59%	5.48%	8.19%	9.35%	4.23%	4.98%
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Mitsubishi Estate Co., Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	374,633	353,631	347,694	298,439	474,260	572,333	437,500	437,500
Change	-	-5.61%	-1.68%	-14.17%	58.91%	20.68%	-23.56%	0%
Free Cash Flow (FCF) ¹	-32,867	-146,217	-33,688	-42,132	-167,011	-339,000	-204,000	-176,000
Change	-	344.87%	-76.96%	25.07%	296.4%	102.98%	-39.82%	-13.73%
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Mitsubishi Estate Co., Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	24.75%	25.96%	27.46%	28.18%	25.05%	25.59%	25.84%	26.3%
EBIT Margin (%)	18.49%	18.58%	20.67%	21.53%	18.52%	19.18%	19.63%	20.19%
EBT Margin (%)	17.2%	16.67%	18.81%	18.36%	18.25%	17.88%	17.94%	18.36%
Net margin (%)	11.4%	11.23%	11.5%	12%	11.19%	11.16%	11.51%	11.89%
FCF margin (%)	-2.52%	-12.11%	-2.5%	-3.06%	-11.1%	-21.51%	-12.34%	-10.35%
FCF / Net Income (%)	-22.14%	-107.79%	-21.71%	-25.48%	-99.16%	-192.72%	-107.13%	-87.04%
Profitability
ROA	3.78%	3.54%	4.04%	4.07%	3.34%	3.52%	3.62%	3.68%
ROE	8.5%	7.6%	8.1%	7.9%	7.4%	6.99%	7.28%	7.42%
Financial Health
Leverage (Debt/EBITDA)	6.71x	7.49x	6.76x	6.8x	7.58x	7.75x	7.62x	7.64x
Debt / Free cash flow	-65.79x	-16.07x	-74.34x	-62.7x	-17.11x	-9.22x	-15.97x	-19.43x
Capital Intensity
CAPEX / Current Assets (%)	28.77%	29.28%	25.76%	21.66%	31.52%	36.31%	26.45%	25.72%
CAPEX / EBITDA (%)	116.24%	112.8%	93.83%	76.86%	125.82%	141.92%	102.39%	97.79%
CAPEX / FCF (%)	-1,139.85%	-241.85%	-1,032.1%	-708.34%	-283.97%	-168.83%	-214.46%	-248.58%
Items per share
Cash flow per share ¹	168.3	167.9	185.2	196.5	209	225.3	240.1	258
Change	-	-0.23%	10.29%	6.11%	6.35%	7.8%	6.6%	7.45%
Dividend per Share ¹	33	31	36	38	40	43	46.2	50.22
Change	-	-6.06%	16.13%	5.56%	5.26%	7.5%	7.44%	8.71%
Book Value Per Share ¹	1,296	1,383	1,515	1,664	1,896	2,025	2,113	2,211
Change	-	6.76%	9.48%	9.9%	13.93%	6.8%	4.36%	4.62%
EPS ¹	108.6	101.3	116.4	125.5	132	140.5	154.4	166.5
Change	-	-6.72%	14.91%	7.81%	5.11%	6.45%	9.89%	7.87%
Nbr of stocks (in thousands)	1,338,500	1,338,573	1,322,612	1,301,875	1,266,239	1,245,984	1,245,984	1,245,984
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-	-