TOKYU FUDOSAN HOLDINGS CORPORATION Financials Tokyu Fudosan Holdings Corporation
Equities
3289
JP3569200003
Real Estate Development & Operations
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,150 JPY | +2.31% |
|
+2.31% | +27.58% |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 475,900 | 372,456 | 471,068 | 484,820 | 456,777 | 818,431 | - | - |
| Enterprise Value (EV) 1 | 1,563,136 | 1,611,436 | 1,738,911 | 1,728,942 | 1,753,701 | 2,214,079 | 2,245,631 | 2,313,605 |
| P/E ratio | 11.6 x | 9.65 x | 21.7 x | 13.8 x | 9.45 x | 12.5 x | 11.7 x | 11 x |
| Yield | 2.34% | 3.09% | 2.44% | 2.52% | 3.7% | 2.49% | 2.77% | 3% |
| Capitalization / Revenue | 0.53 x | 0.39 x | 0.52 x | 0.49 x | 0.45 x | 0.73 x | 0.73 x | 0.71 x |
| EV / Revenue | 1.73 x | 1.67 x | 1.92 x | 1.75 x | 1.74 x | 1.96 x | 2 x | 2.02 x |
| EV / EBITDA | 14.9 x | 14.4 x | 18.1 x | 13 x | 10.9 x | 13.3 x | 12.9 x | 12.8 x |
| EV / FCF | -37.1 x | -11.3 x | -111 x | 38.7 x | 163 x | -12.7 x | 203 x | 53.2 x |
| FCF Yield | -2.69% | -8.88% | -0.9% | 2.58% | 0.61% | -7.9% | 0.49% | 1.88% |
| Price to Book | 0.85 x | 0.64 x | 0.79 x | 0.77 x | 0.66 x | 1.11 x | 1.04 x | 0.98 x |
| Nbr of stocks (in thousands) | 718,882 | 719,027 | 719,188 | 719,317 | 719,333 | 711,679 | - | - |
| Reference price 2 | 662.0 | 518.0 | 655.0 | 674.0 | 635.0 | 1,150 | 1,150 | 1,150 |
| Announcement Date | 5/10/19 | 5/20/20 | 5/11/21 | 5/11/22 | 5/10/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Maart | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 901,884 | 963,198 | 907,735 | 989,049 | 1,005,836 | 1,126,973 | 1,122,565 | 1,146,711 |
| EBITDA 1 | 104,772 | 111,657 | 96,320 | 132,536 | 160,159 | 165,851 | 174,027 | 180,759 |
| EBIT 1 | 80,205 | 79,312 | 56,517 | 83,817 | 110,410 | 116,520 | 124,361 | 131,139 |
| Operating Margin | 8.89% | 8.23% | 6.23% | 8.47% | 10.98% | 10.34% | 11.08% | 11.44% |
| Earnings before Tax (EBT) 1 | 61,218 | 63,001 | 41,840 | 55,874 | 70,151 | 100,282 | 105,844 | 112,212 |
| Net income 1 | 37,459 | 38,611 | 21,668 | 35,133 | 48,227 | 65,683 | 70,504 | 74,854 |
| Net margin | 4.15% | 4.01% | 2.39% | 3.55% | 4.79% | 5.83% | 6.28% | 6.53% |
| EPS 2 | 56.84 | 53.70 | 30.13 | 48.84 | 67.21 | 91.64 | 98.69 | 104.9 |
| Free Cash Flow 1 | -42,092 | -143,019 | -15,620 | 44,667 | 10,765 | -174,866 | 11,042 | 43,502 |
| FCF margin | -4.67% | -14.85% | -1.72% | 4.52% | 1.07% | -15.52% | 0.98% | 3.79% |
| FCF Conversion (EBITDA) | - | - | - | 33.7% | 6.72% | - | 6.34% | 24.07% |
| FCF Conversion (Net income) | - | - | - | 127.14% | 22.32% | - | 15.66% | 58.12% |
| Dividend per Share 2 | 15.50 | 16.00 | 16.00 | 17.00 | 23.50 | 28.68 | 31.80 | 34.44 |
| Announcement Date | 5/10/19 | 5/20/20 | 5/11/21 | 5/11/22 | 5/10/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 412,504 | 550,694 | 383,889 | 523,846 | 224,454 | 411,757 | 222,362 | 354,930 | 577,292 | 220,305 | 224,705 | 445,010 | 196,732 | 364,094 | 253,104 | 237,592 | 490,696 | 227,125 | 400,370 | 642,504 | 264,155 | 245,311 | 233,337 | - |
| EBITDA | 44,877 | - | - | - | - | 57,323 | - | - | - | 35,749 | - | 70,135 | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 31,682 | 47,630 | 16,968 | 39,549 | 22,802 | 33,509 | 19,705 | 30,603 | 50,308 | 24,888 | 20,988 | 45,876 | 16,120 | 48,414 | 34,527 | 23,517 | 58,044 | 17,309 | 40,086 | 59,965 | 26,593 | 25,366 | 22,199 | - |
| Operating Margin | 7.68% | 8.65% | 4.42% | 7.55% | 10.16% | 8.14% | 8.86% | 8.62% | 8.71% | 11.3% | 9.34% | 10.31% | 8.19% | 13.3% | 13.64% | 9.9% | 11.83% | 7.62% | 10.01% | 9.33% | 10.07% | 10.34% | 9.51% | - |
| Earnings before Tax (EBT) 1 | 25,335 | - | 7,384 | - | 21,002 | 27,783 | 17,905 | 10,186 | - | 22,523 | 18,588 | 41,111 | 10,499 | 18,541 | 32,604 | 20,864 | 53,468 | 13,712 | 26,210 | - | - | - | - | - |
| Net income 1 | 14,395 | 24,216 | 600 | 21,068 | 14,209 | 14,317 | 13,948 | 6,868 | - | 14,420 | 12,505 | 26,925 | 3,999 | 17,303 | 25,293 | 13,053 | 38,346 | 7,105 | 18,311 | 27,364 | 14,629 | 13,943 | 11,831 | - |
| Net margin | 3.49% | 4.4% | 0.16% | 4.02% | 6.33% | 3.48% | 6.27% | 1.94% | - | 6.55% | 5.57% | 6.05% | 2.03% | 4.75% | 9.99% | 5.49% | 7.81% | 3.13% | 4.57% | 4.26% | 5.54% | 5.68% | 5.07% | - |
| EPS 2 | 20.02 | - | 0.8400 | - | 19.75 | 19.90 | 19.40 | 9.540 | - | 20.05 | 17.38 | 37.43 | 5.560 | 24.22 | 35.63 | 18.00 | 53.98 | 9.980 | 26.28 | - | 20.57 | 19.60 | 16.63 | - |
| Dividend per Share 2 | 8.000 | - | 8.000 | - | 8.000 | 8.000 | - | 9.000 | - | - | 9.000 | 9.000 | - | 14.50 | - | 14.00 | 14.00 | - | 14.75 | 14.00 | - | 16.00 | - | 17.00 |
| Announcement Date | 11/8/19 | 5/20/20 | 11/9/20 | 5/11/21 | 11/4/21 | 11/4/21 | 2/9/22 | 5/11/22 | 5/11/22 | 8/4/22 | 11/9/22 | 11/9/22 | 2/10/23 | 5/10/23 | 8/7/23 | 11/7/23 | 11/7/23 | 2/8/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,087,236 | 1,238,980 | 1,267,843 | 1,244,122 | 1,296,924 | 1,395,648 | 1,427,201 | 1,495,175 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.38 x | 11.1 x | 13.16 x | 9.387 x | 8.098 x | 8.415 x | 8.201 x | 8.272 x |
| Free Cash Flow 1 | -42,092 | -143,019 | -15,620 | 44,667 | 10,765 | -174,866 | 11,042 | 43,503 |
| ROE (net income / shareholders' equity) | 7.3% | 6.7% | 3.7% | 5.7% | 7.3% | 9.33% | 9.41% | 9.39% |
| ROA (Net income/ Total Assets) | 3.09% | 2.76% | 1.81% | 2.76% | 3.71% | 3.64% | 3.67% | 3.8% |
| Assets 1 | 1,213,090 | 1,399,345 | 1,196,070 | 1,275,060 | 1,301,322 | 1,805,712 | 1,921,097 | 1,969,855 |
| Book Value Per Share 2 | 781.0 | 811.0 | 830.0 | 878.0 | 965.0 | 1,033 | 1,101 | 1,172 |
| Cash Flow per Share 2 | 94.10 | 98.70 | 85.50 | 109.0 | 129.0 | 156.0 | 162.0 | 175.0 |
| Capex 1 | 86,614 | 136,359 | 105,970 | 48,818 | 83,974 | 270,000 | 120,000 | 120,000 |
| Capex / Sales | 9.6% | 14.16% | 11.67% | 4.94% | 8.35% | 23.96% | 10.69% | 10.46% |
| Announcement Date | 5/10/19 | 5/20/20 | 5/11/21 | 5/11/22 | 5/10/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
1,150
JPY
Average target price
1,242
JPY
Spread / Average Target
+7.98%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +27.58% | 5.2B | |
| +36.16% | 27.94B | |
| -13.44% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.74% | 19.52B | |
| +28.54% | 16.23B | |
| -14.54% | 14.98B |
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