Company Valuation: Sumitomo Realty & Development Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,851,207 1,606,179 1,413,285 2,747,421 2,632,458 4,664,933 - -
Change - -13.24% -12.01% 94.4% -4.18% 77.21% - -
Enterprise Value (EV) 1 5,224,160 5,014,779 5,166,187 6,605,074 6,418,863 8,478,983 8,473,583 8,461,599
Change - -4.01% 3.02% 27.85% -2.82% 32.09% -0.06% -0.14%
P/E ratio 13.1x 10.7x 8.73x 15.5x 13.8x 21.9x 20.4x 18.7x
PBR 1.23x 0.98x 0.79x 1.34x 1.21x 2.01x 1.88x 1.76x
PEG - 1.67x 1.14x 1.65x 1.65x 1.6x 2.73x 2.15x
Capitalization / Revenue 2.02x 1.71x 1.5x 2.84x 2.6x 4.41x 4.24x 4.05x
EV / Revenue 5.69x 5.34x 5.5x 6.83x 6.33x 8.01x 7.71x 7.35x
EV / EBITDA 18.9x 17x 16.9x 20.2x 18.5x 22.7x 21.3x 19.8x
EV / EBIT 23.8x 21.4x 21.4x 25.9x 23.6x 28.5x 26.6x 24.7x
EV / FCF -36.8x -295x -15.9x 187x 58.6x 489x 282x 115x
FCF Yield -2.71% -0.34% -6.28% 0.53% 1.71% 0.2% 0.35% 0.87%
Dividend per Share 2 20 22.5 26 30 35 43 51.73 61.8
Rate of return 1.02% 1.33% 1.74% 1.04% 1.25% 0.86% 1.03% 1.23%
EPS 2 149.2 158.7 170.8 186.9 202.6 229.7 246.8 268.3
Distribution rate 13.4% 14.2% 15.2% 16.1% 17.3% 18.7% 21% 23%
Net sales 1 917,472 939,430 939,904 967,692 1,014,239 1,058,526 1,099,696 1,151,540
EBITDA 1 277,056 294,527 305,909 327,784 346,397 373,605 398,096 426,729
EBIT 1 219,244 233,882 241,274 254,666 271,516 297,910 318,576 342,590
Net income 1 141,389 150,452 161,925 177,171 191,681 213,632 227,664 246,090
Net Debt 1 3,372,953 3,408,600 3,752,902 3,857,653 3,786,405 3,814,049 3,808,650 3,796,665
Reference price 2 1,953.00 1,694.50 1,491.00 2,898.50 2,796.50 5,025.00 5,025.00 5,025.00
Nbr of stocks (in thousands) 947,879 947,878 947,877 947,877 941,340 928,345 - -
Announcement Date 5/13/21 5/12/22 5/11/23 5/9/24 5/13/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.68x7.97x22.58x0.86% 30.39B
17.09x5.36x14.75x2.81% 49.94B
6.45x1.04x2.18x7.27% 39.22B
28.07x5.03x20.81x0.96% 38.21B
21x3.77x18.54x1.66% 36.22B
8.16x1.23x6.84x4.34% 28.23B
18.12x1.15x7.62x2.06% 25.78B
9.79x2.29x7.27x2.06% 24.4B
12.5x2.98x10.46x3.74% 21.15B
Average 15.87x 3.43x 12.34x 2.86% 32.62B
Weighted average by Cap. 16.35x 3.62x 12.82x 2.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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