Stock 3462 NOMURA REAL ESTATE MASTER FUND, INC.
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Financials Nomura Real Estate Master Fund, Inc.

Equities

3462

JP3048110005

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
149,800 JPY +0.20% Intraday chart for Nomura Real Estate Master Fund, Inc. +3.60% -9.21%
Apr. 24 Nomura Real Estate Master Fund's Asset Manager Acquires Additional Interest in Kojimachi Millennium for 260 Million Yen MT
Apr. 23 Nomura Real Estate Master Fund, Inc. agreed to acquire Kojimachi Millennium Garden for ¥260 million. CI

Valuation

Fiscal Period: August 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 843,524 640,796 800,169 802,527 806,771 706,337 - -
Enterprise Value (EV) 1 1,266,426 1,076,470 1,267,127 1,282,622 1,271,125 706,337 1,169,426 1,157,707
P/E ratio 36 x 26.1 x - 32.3 x 29.4 x 23.8 x 25.8 x 25.6 x
Yield 3.35% 4.77% - 3.84% 3.86% 4.46% 4.52% 4.51%
Capitalization / Revenue 12 x 8.71 x - 10.7 x 10.2 x 8.51 x 12.6 x 10.3 x
EV / Revenue 18.1 x 14.6 x - 17.1 x 16.1 x 8.51 x 20.8 x 17 x
EV / EBITDA 29.9 x 27.4 x 27.1 x 28 x 26.3 x 13.9 x 28 x 26 x
EV / FCF -229 x -31.7 x -1,757 x 72.5 x 37.3 x 20.2 x 27.9 x 27.2 x
FCF Yield -0.44% -3.15% -0.06% 1.38% 2.68% 4.95% 3.58% 3.67%
Price to Book 1.41 x 1.02 x 1.28 x 1.3 x 1.31 x 1.15 x 1.15 x 1.16 x
Nbr of stocks (in thousands) 4,547 4,715 4,715 4,715 4,715 4,715 - -
Reference price 2 185,500 135,900 169,700 170,200 171,100 149,800 149,800 149,800
Announcement Date 4/12/19 4/14/20 4/14/21 4/19/22 4/18/23 4/17/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 70,160 73,544 - 75,040 79,009 83,021 56,106 68,274
EBITDA 1 42,405 39,230 46,682 45,776 48,372 50,906 41,795 44,573
EBIT 1 27,342 28,938 - 29,335 31,698 34,104 30,323 30,679
Operating Margin 38.97% 39.35% - 39.09% 40.12% 41.08% 54.05% 44.93%
Earnings before Tax (EBT) 1 22,274 - - 24,816 27,452 29,688 - 26,162
Net income 1 22,271 23,879 - 24,812 27,448 29,705 27,417 27,630
Net margin 31.74% 32.47% - 33.06% 34.74% 35.78% 48.87% 40.47%
EPS 2 5,153 5,213 - 5,262 5,820 6,299 5,815 5,860
Free Cash Flow 1 -5,520 -33,905 -721.3 17,684 34,041 58,111 41,887 42,513
FCF margin -7.87% -46.1% - 23.57% 43.08% 84.84% 74.66% 62.27%
FCF Conversion (EBITDA) - - - 38.63% 70.37% 128.93% 100.22% 95.38%
FCF Conversion (Net income) - - - 71.27% 124.02% 196.9% 152.78% 153.86%
Dividend per Share 2 6,212 6,488 - 6,532 6,612 6,679 6,777 6,763
Announcement Date 4/12/19 4/14/20 4/14/21 4/19/22 4/18/23 4/17/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August 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 2026 S1
Net sales 1 35,429 36,617 36,927 37,577 38,064 37,519 37,521 39,022 39,986 43,646 39,440 40,412 39,674 39,721
EBITDA 1 21,592 19,403 19,827 20,584 23,477 20,329 22,826 21,323 24,418 27,335 23,390 24,054 23,742 23,593
EBIT 1 14,056 14,265 14,673 15,213 15,370 14,741 14,593 15,585 16,114 18,931 15,094 15,590 15,374 15,386
Operating Margin 39.67% 38.96% 39.74% 40.48% 40.38% 39.29% 38.89% 39.94% 40.3% 43.38% 38.27% 38.58% 38.75% 38.74%
Earnings before Tax (EBT) 1 11,562 11,693 12,191 12,803 13,017 12,435 12,380 13,501 13,951 16,730 12,895 13,340 13,056 12,999
Net income 1 11,561 11,691 12,188 12,800 13,016 12,434 12,378 13,499 13,949 16,747 12,895 13,340 13,056 12,998
Net margin 32.63% 31.93% 33.01% 34.06% 34.2% 33.14% 32.99% 34.59% 34.88% 38.37% 32.7% 33.01% 32.91% 32.72%
EPS 2 2,675 2,571 2,642 2,714 2,761 2,637 2,625 2,862 2,958 3,551 2,735 2,829 2,769 2,756
Dividend per Share 2 3,128 3,209 3,279 3,317 3,330 3,288 3,244 3,300 3,312 3,402 3,400 3,320 3,378 3,378
Announcement Date 4/12/19 10/15/19 4/14/20 10/14/20 4/14/21 10/13/21 4/19/22 10/18/22 4/18/23 10/18/23 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: August 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 422,902 435,674 466,957 480,095 464,354 468,603 463,089 451,370
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 9.973 x 11.11 x 10 x 10.49 x 9.6 x 10.4 x 11.08 x 10.13 x
Free Cash Flow 1 -5,520 -33,905 -721 17,684 34,041 58,111 41,887 42,513
ROE (net income / shareholders' equity) 3.96% 3.99% 4.12% 4.01% 4.47% 4.38% 4.21% 4.37%
ROA (Net income/ Total Assets) 2.02% 2.07% 2.16% 2.09% 2.31% 2.81% 2.46% 2.51%
Assets 1 1,103,833 1,155,626 - 1,189,951 1,186,343 1,050,789 1,114,392 1,100,628
Book Value Per Share 2 131,853 133,158 132,129 130,827 130,119 129,947 130,478 129,469
Cash Flow per Share 2 9,678 8,793 8,822 9,283 11,825 12,324 8,883 9,016
Capex 1 49,210 77,290 42,320 26,092 - 372 530 -
Capex / Sales 70.14% 105.09% - 34.77% - 0.54% 0.95% -
Announcement Date 4/12/19 4/14/20 4/14/21 4/19/22 4/18/23 4/17/24 - -
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 Nomura Real Estate Master 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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