Stock 8951 NIPPON BUILDING FUND INC.
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Financials Nippon Building Fund Inc.

Equities

8951

JP3027670003

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
600,000 JPY +1.18% Intraday chart for Nippon Building Fund Inc. +0.84% -1.80%
Apr. 25 Nippon Building Fund Secures 6 Billion Yen Loan to Repay Debt MT
Apr. 24 Nippon Building Fund Inc. Announces Long-Term Borrowing CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,122,540 988,195 1,107,175 1,000,183 1,039,306 1,020,595 - -
Enterprise Value (EV) 1 1,503,632 1,313,963 1,631,694 1,561,625 1,612,922 1,580,608 1,576,829 1,564,197
P/E ratio 36.3 x 26.6 x 25.7 x 21.8 x 26.8 x 23.4 x 28.1 x 25.6 x
Yield 2.71% 3.68% 3.51% 4.25% 3.76% 4% 3.54% 4.18%
Capitalization / Revenue 14.5 x 12.3 x 11.5 x 10 x 11 x 10.3 x 11.1 x 11 x
EV / Revenue 19.4 x 16.4 x 16.9 x 15.7 x 17.1 x 16 x 17.1 x 16.8 x
EV / EBITDA 31.3 x 26.4 x 26.9 x 24.4 x 28.2 x 27.8 x 31 x 28.3 x
EV / FCF 162 x 1,711 x -10.1 x -61.5 x 59.9 x 29.4 x 30.1 x 29.7 x
FCF Yield 0.62% 0.06% -9.88% -1.63% 1.67% 3.4% 3.32% 3.37%
Price to Book 2.07 x 1.48 x 1.65 x 1.42 x 1.47 x 1.29 x 1.28 x 1.14 x
Nbr of stocks (in thousands) 1,412 1,653 1,653 1,701 1,701 1,701 - -
Reference price 2 795,000 598,000 670,000 588,000 611,000 600,000 600,000 600,000
Announcement Date 2/17/20 2/15/21 2/15/22 2/15/23 2/15/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 77,663 80,338 96,547 99,581 94,379 98,959 91,977 92,980
EBITDA 1 48,090 49,820 60,605 64,047 57,253 56,946 50,925 55,180
EBIT 1 33,647 35,472 45,782 48,402 41,407 44,276 38,910 39,886
Operating Margin 43.32% 44.15% 47.42% 48.61% 43.87% 44.74% 42.3% 42.9%
Earnings before Tax (EBT) 1 30,939 32,787 43,156 45,729 36,965 40,599 35,883 36,937
Net income 1 30,937 32,785 43,154 45,727 38,848 43,694 36,368 39,936
Net margin 39.83% 40.81% 44.7% 45.92% 41.16% 44.15% 39.54% 42.95%
EPS 2 21,909 22,510 26,114 26,925 22,838 25,687 21,380 23,478
Free Cash Flow 1 9,263 768 -161,237 -25,379 26,949 53,732 52,313 52,709
FCF margin 11.93% 0.96% -167% -25.49% 28.55% 54.3% 56.88% 56.69%
FCF Conversion (EBITDA) 19.26% 1.54% - - 47.07% 94.36% 102.73% 95.52%
FCF Conversion (Net income) 29.94% 2.34% - - 69.37% 122.97% 143.85% 131.98%
Dividend per Share 2 21,571 21,986 23,532 24,976 23,000 23,974 21,214 25,109
Announcement Date 2/17/20 2/15/21 2/15/22 2/15/23 2/15/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S2 2025 S1 2025 S2 2026 S1 2026 S2
Net sales 1 38,591 41,747 46,213 50,334 52,215 47,366 47,030 47,349 50,946 47,302 45,939 46,833 46,710
EBITDA 1 23,927 25,893 30,177 30,428 34,534 29,513 28,513 28,740 32,657 30,444 - - -
EBIT 1 16,760 18,712 22,778 23,004 26,806 21,596 20,640 20,767 23,941 20,642 19,161 20,317 19,474
Operating Margin 43.43% 44.82% 49.29% 45.7% 51.34% 45.59% 43.89% 43.86% 46.99% 43.64% 41.71% 43.38% 41.69%
Earnings before Tax (EBT) 1 15,513 17,274 21,428 21,728 25,440 20,289 17,452 19,513 22,230 18,325 17,543 18,667 17,672
Net income 1 15,512 17,273 21,427 21,727 25,439 20,288 19,335 19,513 22,540 19,484 17,542 18,666 17,670
Net margin 40.2% 41.38% 46.37% 43.17% 48.72% 42.83% 41.11% 41.21% 44.24% 41.19% 38.19% 39.86% 37.83%
EPS 2 10,986 11,524 12,966 13,148 14,998 11,927 11,367 11,471 13,088 10,450 10,414 10,602 10,383
Dividend per Share 2 10,986 11,000 11,684 11,848 13,476 11,500 11,500 11,500 12,031 12,190 11,500 11,500 11,500
Announcement Date 8/17/20 2/15/21 8/16/21 2/15/22 8/15/22 2/15/23 8/15/23 2/15/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 381,092 325,768 524,519 561,442 573,616 560,014 556,234 543,603
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.925 x 6.539 x 8.655 x 8.766 x 10.02 x 9.834 x 10.92 x 9.852 x
Free Cash Flow 1 9,263 768 -161,237 -25,379 26,949 53,732 52,313 52,709
ROE (net income / shareholders' equity) 5.72% 5.43% 6.45% 6.46% 5.5% 5.61% 4.74% 5.37%
ROA (Net income/ Total Assets) 2.99% 2.92% 3.45% 3.34% 2.82% 3.14% 2.26% 2.83%
Assets 1 1,033,818 1,120,970 1,252,147 1,368,228 1,377,198 1,389,679 1,606,709 1,411,226
Book Value Per Share 2 383,835 403,401 406,832 415,358 415,197 466,699 469,951 528,292
Cash Flow per Share 2 37,222 36,807 91,651 48,781 49,290 31,589 30,755 30,987
Capex 1 4,399 53,914 312,693 - 56,894 54,509 30,442 30,555
Capex / Sales 5.66% 67.11% 323.88% - 60.28% 55.08% 33.1% 32.86%
Announcement Date 2/17/20 2/15/21 2/15/22 2/15/23 2/15/24 - - -
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 Nippon Building Fund Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office REITs
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