NTT UD REIT INVESTMENT CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 121,200 JPY | +1.18% |
|
-0.33% | -2.81% |
| Apr. 23 | NTT UD REIT Investment Secures 2 Billion Yen of Debt Financing | MT |
| Apr. 04 | Cebu Landmasters, NTT UD Asia Tie Up for PHP6 Billion Residential Development Project | MT |
Valuation
| Fiscal Period: oktober | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 153,693 | 213,485 | 151,059 | 199,393 | 204,078 | 174,784 |
| Enterprise Value (EV) 1 | 263,829 | 320,020 | 260,083 | 318,834 | 323,265 | 290,327 |
| P/E ratio | 21.3 x | 26.8 x | 19.8 x | 20.4 x | 21.3 x | 17.4 x |
| Yield | 4.61% | 3.56% | 5.05% | 4.73% | 4.7% | - |
| Capitalization / Revenue | 8.41 x | 11.1 x | 8.07 x | 8.98 x | 8.79 x | 7.13 x |
| EV / Revenue | 14.4 x | 16.7 x | 13.9 x | 14.4 x | 13.9 x | 11.8 x |
| EV / EBITDA | 24.1 x | 27.6 x | 22.9 x | 23.3 x | 23.6 x | 20.6 x |
| EV / FCF | 35.8 x | 41.1 x | 36.7 x | 30.4 x | 42.6 x | - |
| FCF Yield | 2.79% | 2.43% | 2.73% | 3.29% | 2.35% | - |
| Price to Book | 1.24 x | 1.71 x | 1.21 x | 1.59 x | 1.48 x | 1.25 x |
| Nbr of stocks (in thousands) | 1,317 | 1,317 | 1,317 | 1,317 | 1,402 | 1,402 |
| Reference price 2 | 116,700 | 162,100 | 114,700 | 151,400 | 145,600 | 124,700 |
| Announcement Date | 12/17/18 | 1/30/20 | 1/28/21 | 1/27/22 | 1/30/23 | 1/30/24 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: oktober | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 18,274 | 19,220 | 18,720 | 22,207 | 23,208 | 24,528 |
| EBITDA 1 | 10,945 | 11,615 | 11,337 | 13,688 | 13,693 | 14,098 |
| EBIT 1 | 8,146 | 8,798 | 8,447 | 10,644 | 10,508 | 10,950 |
| Operating Margin | 44.57% | 45.77% | 45.12% | 47.93% | 45.28% | 44.64% |
| Earnings before Tax (EBT) 1 | 7,233 | 7,961 | 7,636 | 9,774 | 9,592 | 10,049 |
| Net income 1 | 7,229 | 7,958 | 7,633 | 9,770 | 9,589 | 10,046 |
| Net margin | 39.56% | 41.4% | 40.77% | 44% | 41.32% | 40.96% |
| EPS 2 | 5,489 | 6,042 | 5,796 | 7,419 | 6,843 | 7,168 |
| Free Cash Flow 1 | 7,374 | 7,782 | 7,095 | 10,475 | 7,587 | - |
| FCF margin | 40.35% | 40.49% | 37.9% | 47.17% | 32.69% | - |
| FCF Conversion (EBITDA) | 67.37% | 67% | 62.58% | 76.53% | 55.41% | - |
| FCF Conversion (Net income) | 101.99% | 97.78% | 92.95% | 107.21% | 79.12% | - |
| Dividend per Share 2 | 5,383 | 5,768 | 5,795 | 7,154 | 6,841 | - |
| Announcement Date | 12/17/18 | 1/30/20 | 1/28/21 | 1/27/22 | 1/30/23 | 1/30/24 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: oktober | 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 | 9,942 | 9,278 | 9,249 | 9,470 | 11,468 | 10,738 | 12,589 | 10,618 | 12,346 | 12,181 | 11,342 | 11,796 | 11,972 | 12,068 |
| EBITDA 1 | 6,087 | 5,503 | - | 5,705 | 7,223 | - | 7,718 | - | 7,007 | 6,946 | - | - | - | - |
| EBIT 1 | 4,691 | 4,084 | 4,175 | 4,248 | 5,710 | 4,910 | 6,128 | 4,339 | 5,447 | 5,490 | 4,416 | 4,623 | 4,776 | 4,772 |
| Operating Margin | 47.18% | 44.02% | 45.14% | 44.86% | 49.79% | 45.73% | 48.68% | 40.86% | 44.12% | 45.07% | 38.94% | 39.19% | 39.89% | 39.54% |
| Earnings before Tax (EBT) 1 | 4,282 | 3,679 | 3,783 | 3,852 | 5,300 | 4,473 | 5,682 | - | 5,007 | 4,464 | 3,880 | 4,033 | 4,136 | 4,108 |
| Net income 1 | 4,281 | 3,676 | 3,782 | 3,850 | 5,299 | 4,470 | 5,681 | 3,907 | 5,007 | 5,039 | 3,879 | 4,032 | 4,136 | 4,108 |
| Net margin | 43.06% | 39.62% | 40.89% | 40.65% | 46.21% | 41.63% | 45.13% | 36.8% | 40.56% | 41.37% | 34.2% | 34.18% | 34.55% | 34.04% |
| EPS 2 | 3,250 | 2,791 | 2,872 | 2,923 | 2,565 | 3,394 | 4,055 | 2,787 | 3,572 | 3,595 | 2,617 | 2,720 | 2,791 | 2,772 |
| Dividend per Share 2 | 2,976 | 2,792 | 2,872 | 2,923 | 4,024 | 3,130 | 4,054 | 2,787 | 3,216 | 3,239 | 2,703 | 2,750 | 2,795 | 2,772 |
| Announcement Date | 6/18/19 | 12/17/19 | 6/18/20 | 12/16/20 | 6/17/21 | 12/15/21 | 6/16/22 | 12/15/22 | 6/15/23 | 12/15/23 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: oktober | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 110,136 | 106,535 | 109,024 | 119,441 | 119,187 | 115,543 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.06 x | 9.172 x | 9.617 x | 8.726 x | 8.704 x | 8.196 x |
| Free Cash Flow 1 | 7,374 | 7,782 | 7,095 | 10,475 | 7,587 | - |
| ROE (net income / shareholders' equity) | 5.82% | 6.39% | 6.11% | 7.8% | 7.29% | 7.26% |
| ROA (Net income/ Total Assets) | 2.04% | 2.23% | 2.13% | 2.58% | 2.41% | 2.48% |
| Assets 1 | 354,680 | 357,338 | 358,110 | 378,871 | 397,231 | 405,467 |
| Book Value Per Share 2 | 94,383 | 94,753 | 94,885 | 95,356 | 98,211 | 99,376 |
| Cash Flow per Share 2 | 1,913 | 2,821 | 2,867 | 5,360 | 4,825 | 4,714 |
| Capex 1 | 3,219 | 6,677 | 1,215 | 40,522 | 29,660 | 930 |
| Capex / Sales | 17.61% | 34.74% | 6.49% | 182.47% | 127.8% | 3.79% |
| Announcement Date | 12/17/18 | 1/30/20 | 1/28/21 | 1/27/22 | 1/30/23 | 1/30/24 |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -2.81% | 1.14B | |
| -15.09% | 12.04B | |
| -13.53% | 7.51B | |
| -1.91% | 5.28B | |
| -7.21% | 5.46B | |
| -11.21% | 5.15B | |
| -9.21% | 4.49B | |
| +0.51% | 4.5B | |
| -1.70% | 4.54B | |
| +3.97% | 3.86B |
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