Stock 3283 NIPPON PROLOGIS REIT, INC.
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Financials Nippon Prologis REIT, Inc.

Equities

3283

JP3047550003

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
271,600 JPY 0.00% Intraday chart for Nippon Prologis REIT, Inc. +1.99% +0.07%
Apr. 26 Nippon Prologis REIT Secures 6 Billion Yen Loan; Executes Interest Rate Swaps MT
Apr. 25 Nippon Prologis REIT Announces Debt Financing of ¥6,000 Million CI

Valuation

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 689,945 807,566 953,994 901,243 796,028 771,045 - -
Enterprise Value (EV) 1 906,534 1,040,836 1,195,577 1,164,363 1,096,026 1,073,977 1,079,798 1,060,683
P/E ratio 37 x 40.3 x 43.8 x 40.3 x 33.4 x 31.3 x 32.9 x 29.1 x
Yield 3.09% 2.85% 2.65% 2.91% 2.99% 3.79% 3.62% 4.08%
Capitalization / Revenue 16.6 x 17.5 x 19.1 x 16.6 x 13.4 x 13.1 x 13.9 x 12.8 x
EV / Revenue 21.9 x 22.5 x 23.9 x 21.4 x 18.5 x 18.2 x 19.5 x 17.6 x
EV / EBITDA 31.4 x 31.8 x 34.1 x 31.4 x 27.4 x 25.8 x 27.3 x 24.1 x
EV / FCF - -52.8 x - 33.6 x - 25.6 x 27.3 x 26.3 x
FCF Yield - -1.89% - 2.97% - 3.91% 3.66% 3.8%
Price to Book 1.85 x 2 x 2.17 x 1.93 x 1.55 x 1.53 x 1.54 x 1.56 x
Nbr of stocks (in thousands) 2,349 2,466 2,582 2,670 2,839 2,839 - -
Reference price 2 293,700 327,500 369,500 337,500 280,400 271,600 271,600 271,600
Announcement Date 1/17/20 1/20/21 1/17/22 1/18/23 1/18/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 41,452 46,266 49,965 54,384 59,353 58,964 55,299 60,295
EBITDA 1 28,887 32,691 35,080 37,048 40,018 41,639 39,571 44,098
EBIT 1 19,388 21,858 23,288 23,992 25,904 27,038 26,088 29,092
Operating Margin 46.77% 47.24% 46.61% 44.12% 43.64% 45.86% 47.18% 48.25%
Earnings before Tax (EBT) 1 17,927 19,948 21,616 22,368 23,463 24,693 25,354 25,904
Net income 1 17,925 19,946 21,615 22,366 23,461 24,534 23,650 26,559
Net margin 43.24% 43.11% 43.26% 41.13% 39.53% 41.61% 42.77% 44.05%
EPS 2 7,931 8,128 8,437 8,382 8,401 8,683 8,253 9,340
Free Cash Flow 1 - -19,718 - 34,630 - 41,954 39,563 40,342
FCF margin - -42.62% - 63.68% - 71.15% 71.54% 66.91%
FCF Conversion (EBITDA) - - - 93.47% - 100.76% 99.98% 91.48%
FCF Conversion (Net income) - - - 154.83% - 171% 167.28% 151.89%
Dividend per Share 2 9,077 9,325 9,792 9,833 8,392 10,299 9,822 11,069
Announcement Date 1/17/20 1/20/21 1/17/22 1/18/23 1/18/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November 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 22,655 23,611 24,554 25,411 26,860 27,524 28,754 30,599 30,886 31,609 31,368 31,370 32,386
EBITDA 1 15,980 16,711 17,355 17,726 18,566 18,482 19,265 20,754 20,976 22,272 - - -
EBIT 1 10,617 11,240 11,539 11,748 12,078 11,914 12,347 13,558 13,545 14,002 13,750 14,018 14,273
Operating Margin 46.86% 47.61% 47% 46.23% 44.97% 43.29% 42.94% 44.31% 43.85% 44.3% 43.84% 44.68% 44.07%
Earnings before Tax (EBT) 1 6,010 13,938 10,613 11,004 11,331 11,037 11,184 12,279 12,298 12,777 12,448 12,709 12,841
Net income 1 6,009 13,937 10,612 11,003 11,330 11,036 11,183 12,278 12,298 12,776 12,448 12,708 12,840
Net margin 26.52% 59.03% 43.22% 43.3% 42.18% 40.1% 38.89% 40.13% 39.82% 40.42% 39.68% 40.51% 39.65%
EPS 2 2,476 5,652 4,176 4,261 4,250 4,132 4,076 4,325 4,297 4,366 4,398 4,476 4,523
Dividend per Share 2 4,645 4,680 4,847 4,945 4,906 4,927 4,067 4,325 5,126 5,206 5,204 5,302 5,364
Announcement Date 7/22/20 1/20/21 7/15/21 1/17/22 7/15/22 1/18/23 7/14/23 1/18/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 216,588 233,270 241,584 263,120 299,999 302,931 308,753 289,638
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.498 x 7.136 x 6.887 x 7.102 x 7.497 x 7.275 x 7.802 x 6.568 x
Free Cash Flow 1 - -19,718 - 34,630 - 41,954 39,563 40,342
ROE (net income / shareholders' equity) 5.04% 5.13% 5.13% 4.94% 4.79% 4.89% 4.51% 5.44%
ROA (Net income/ Total Assets) 2.95% 3% 2.99% 2.88% 2.79% 3.02% 2.38% 3.3%
Assets 1 608,056 665,743 722,663 777,852 842,294 812,917 991,835 804,830
Book Value Per Share 2 159,010 163,977 169,972 174,624 180,560 177,552 176,726 174,077
Cash Flow per Share 2 11,180 16,153 13,357 13,417 - 14,755 13,876 14,111
Capex 1 77,828 61,100 63,048 65,314 - 2,007 22,747 22,811
Capex / Sales 187.76% 132.06% 126.19% 120.1% - 3.4% 41.13% 37.83%
Announcement Date 1/17/20 1/20/21 1/17/22 1/18/23 1/18/24 - - -
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 Prologis REIT, 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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