TOKYU REIT, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 162,400 JPY | +1.00% |
|
+1.06% | -4.69% |
| Apr. 02 | Tokyu REIT Secures Environment, Energy Efficiency Certifications for Tokyo Properties | MT |
| Mar. 15 | Tokyu Reit, Inc. Provides Dividend Guidance for the Period Ending July 2024 | CI |
Valuation
| Fiscal Period: July | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 149,084 | 192,880 | 129,239 | 199,528 | 190,241 | 183,887 |
| Enterprise Value (EV) 1 | 237,218 | 284,419 | 218,260 | 298,954 | 280,154 | 282,823 |
| P/E ratio | 28.8 x | 32.8 x | 17.4 x | 24.4 x | 16.7 x | 16.5 x |
| Yield | 3.53% | 3.05% | - | 3.62% | 4.09% | 4.14% |
| Capitalization / Revenue | 10.5 x | 13.3 x | 8.25 x | 11.6 x | 14 x | 12.8 x |
| EV / Revenue | 16.8 x | 19.6 x | 13.9 x | 17.4 x | 20.6 x | 19.7 x |
| EV / EBITDA | 28.4 x | 33.3 x | 22.6 x | 27 x | 38.6 x | 35.5 x |
| EV / FCF | 30.3 x | 38.2 x | - | -13.7 x | 68.6 x | 46.9 x |
| FCF Yield | 3.3% | 2.62% | - | -7.31% | 1.46% | 2.13% |
| Price to Book | 1.31 x | 1.7 x | 1.12 x | 1.73 x | 1.59 x | 1.5 x |
| Nbr of stocks (in thousands) | 978 | 978 | 978 | 978 | 978 | 978 |
| Reference price 2 | 152,500 | 197,300 | 132,200 | 204,100 | 194,600 | 188,100 |
| Announcement Date | 10/25/18 | 11/12/19 | 10/30/20 | 11/17/21 | 11/18/22 | 11/20/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: July | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 14,149 | 14,532 | 15,661 | 17,222 | 13,585 | 14,375 |
| EBITDA 1 | 8,346 | 8,543 | 9,674 | 11,076 | 7,264 | 7,963 |
| EBIT 1 | 6,265 | 6,541 | 7,710 | 9,078 | 5,489 | 6,146 |
| Operating Margin | 44.28% | 45.01% | 49.23% | 52.71% | 40.4% | 42.75% |
| Earnings before Tax (EBT) 1 | 5,172 | 5,886 | 7,435 | 8,166 | 11,411 | 11,145 |
| Net income 1 | 5,171 | 5,886 | 7,435 | 8,166 | 11,410 | 11,145 |
| Net margin | 36.55% | 40.5% | 47.47% | 47.42% | 83.99% | 77.53% |
| EPS 2 | 5,289 | 6,021 | 7,605 | 8,353 | 11,671 | 11,400 |
| Free Cash Flow 1 | 7,823 | 7,451 | - | -21,842 | 4,084 | 6,033 |
| FCF margin | 55.29% | 51.27% | - | -126.83% | 30.06% | 41.97% |
| FCF Conversion (EBITDA) | 93.73% | 87.22% | - | - | 56.22% | 75.76% |
| FCF Conversion (Net income) | 151.29% | 126.59% | - | - | 35.79% | 54.13% |
| Dividend per Share 2 | 5,389 | 6,022 | - | 7,381 | 7,955 | 7,790 |
| Announcement Date | 10/25/18 | 11/12/19 | 10/30/20 | 11/17/21 | 11/18/22 | 11/20/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: July | 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 | 7,366 | 8,123 | 8,203 | 8,611 | 8,066 | 11,641 | 8,671 | 11,322 | 8,924 | 9,014 | 9,564 | 7,611 | 7,415 | 7,670 |
| EBITDA 1 | 4,336 | 5,037 | 5,299 | 5,535 | - | - | 5,552 | - | 5,640 | 5,713 | 5,897 | 4,139 | - | - |
| EBIT 1 | 3,349 | 4,049 | 4,325 | 4,538 | 3,981 | 7,481 | 4,732 | 7,332 | 4,683 | 4,793 | 5,068 | 3,253 | 3,130 | 3,384 |
| Operating Margin | 45.47% | 49.85% | 52.72% | 52.7% | 49.36% | 64.26% | 54.57% | 64.76% | 52.48% | 53.17% | 52.99% | 42.74% | 42.21% | 44.12% |
| Earnings before Tax (EBT) 1 | 2,858 | 3,582 | 3,856 | 4,084 | 3,540 | 7,072 | 4,340 | 6,886 | 4,261 | 4,335 | 4,591 | 2,792 | 2,699 | 2,953 |
| Net income 1 | 2,857 | 3,580 | 3,855 | 4,083 | 3,540 | 7,071 | 4,339 | 6,885 | 4,260 | 4,360 | 4,625 | 2,802 | 2,699 | 2,953 |
| Net margin | 38.79% | 44.07% | 47% | 47.42% | 43.89% | 60.74% | 50.04% | 60.81% | 47.74% | 48.37% | 48.35% | 36.82% | 36.4% | 38.5% |
| EPS 2 | 2,923 | 3,662 | 3,944 | 4,176 | 3,621 | 7,233 | 4,438 | 7,042 | 4,357 | 4,460 | 4,730 | 2,866 | 2,760 | 3,020 |
| Dividend per Share 2 | 2,923 | 3,298 | 3,551 | 3,760 | 3,621 | 3,950 | 4,005 | 4,040 | 3,750 | 3,756 | 3,754 | 3,518 | 3,400 | 3,400 |
| Announcement Date | 9/12/19 | 3/16/20 | 9/12/20 | 3/16/21 | 10/8/21 | 3/17/22 | 9/14/22 | 3/16/23 | 9/14/23 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: July | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 88,134 | 91,539 | 89,021 | 99,426 | 89,913 | 98,936 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.56 x | 10.72 x | 9.202 x | 8.977 x | 12.38 x | 12.42 x |
| Free Cash Flow 1 | 7,823 | 7,451 | - | -21,843 | 4,084 | 6,033 |
| ROE (net income / shareholders' equity) | 4.56% | 5.18% | 6.5% | 7.1% | 9.71% | 9.2% |
| ROA (Net income/ Total Assets) | 1.78% | 1.87% | 2.2% | 2.52% | 1.49% | 1.65% |
| Assets 1 | 289,871 | 315,316 | 338,416 | 324,266 | 764,438 | 676,192 |
| Book Value Per Share 2 | 116,118 | 116,302 | 117,687 | 118,313 | 122,276 | 125,631 |
| Cash Flow per Share 2 | 5,489 | 778.0 | 3,047 | 2,224 | 3,158 | 5,691 |
| Capex 1 | 1,916 | 6,036 | 2,310 | 28,580 | 19,482 | 20,953 |
| Capex / Sales | 13.54% | 41.54% | 14.75% | 165.95% | 143.41% | 145.76% |
| Announcement Date | 10/25/18 | 11/12/19 | 10/30/20 | 4/23/21 | 11/18/22 | 11/20/23 |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -4.69% | 1.01B | |
| -15.09% | 12.04B | |
| -7.21% | 5.46B | |
| -1.91% | 5.28B | |
| -11.21% | 5.15B | |
| -1.70% | 4.54B | |
| +0.51% | 4.5B | |
| -9.21% | 4.49B | |
| +3.97% | 3.86B | |
| -15.40% | 3.1B |
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