Stock 8960 UNITED URBAN INVESTMENT CORPORATION
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Financials United Urban Investment Corporation

Equities

8960

JP3045540006

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
152,700 JPY +0.86% Intraday chart for United Urban Investment Corporation +1.33% +5.97%
Mar. 27 An undisclosed buyer agreed to acquire Kawasaki Toshiba Building from United Urban Investment Corporation for ¥19 billion. CI
Feb. 20 An undisclosed buyer entered into an agreement to acquire Plussing Wave Enoshima from United Urban Investment Corporation for ¥2.2 billion. CI

Valuation

Fiscal Period: November 2018 2019 2020 2021 2022 2023
Capitalization 1 552,054 664,206 367,964 450,912 477,803 449,296
Enterprise Value (EV) 1 787,667 912,680 622,863 698,836 759,207 737,143
P/E ratio 23.2 x 28.6 x 19.1 x 26.3 x 24.9 x 22.1 x
Yield 3.88% 3.33% 5.58% 4.34% - -
Capitalization / Revenue 10.1 x 12.8 x 7.74 x 9.59 x 9.83 x 8.91 x
EV / Revenue 14.3 x 17.6 x 13.1 x 14.9 x 15.6 x 14.6 x
EV / EBITDA 20.8 x 27.4 x 21.1 x 24.6 x 25.8 x 24.2 x
EV / FCF 29.2 x 39.9 x 23.7 x 16.7 x - 428 x
FCF Yield 3.42% 2.5% 4.22% 6.01% - 0.23%
Price to Book 1.55 x 1.81 x 1.01 x 1.24 x 1.33 x 1.25 x
Nbr of stocks (in thousands) 3,055 3,118 3,118 3,118 3,099 3,099
Reference price 2 180,700 213,000 118,000 144,600 154,200 145,000
Announcement Date 2/26/19 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November 2018 2019 2020 2021 2022 2023
Net sales 1 54,900 51,933 47,510 47,006 48,617 50,409
EBITDA 1 37,779 33,318 29,543 28,418 29,426 30,455
EBIT 1 29,568 25,134 21,267 20,190 21,249 22,311
Operating Margin 53.86% 48.4% 44.76% 42.95% 43.71% 44.26%
Earnings before Tax (EBT) 1 23,763 22,958 19,285 17,175 19,295 20,299
Net income 1 23,762 22,957 19,283 17,173 19,294 20,299
Net margin 43.28% 44.2% 40.59% 36.53% 39.69% 40.27%
EPS 2 7,778 7,446 6,184 5,507 6,191 6,551
Free Cash Flow 1 26,974 22,854 26,293 41,966 - 1,722
FCF margin 49.13% 44.01% 55.34% 89.28% - 3.42%
FCF Conversion (EBITDA) 71.4% 68.59% 89% 147.67% - 5.66%
FCF Conversion (Net income) 113.51% 99.55% 136.35% 244.37% - 8.49%
Dividend per Share 2 7,003 7,096 6,589 6,282 - -
Announcement Date 2/26/19 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November 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 27,261 24,671 23,565 23,945 24,199 22,807 24,184 24,434 25,053 25,357 25,868 26,833 25,930 26,136
EBITDA 1 17,620 15,698 14,797 14,744 - - 14,656 - 14,971 15,478 16,044 16,143 15,735 -
EBIT 1 13,569 11,565 10,622 10,644 10,785 8,256 10,554 10,627 10,903 11,408 12,010 12,406 11,814 11,766
Operating Margin 49.78% 46.88% 45.08% 44.45% 44.57% 36.2% 43.64% 43.49% 43.52% 44.99% 46.43% 46.24% 45.56% 45.02%
Earnings before Tax (EBT) 1 12,414 10,544 9,634 9,650 9,848 7,327 9,629 9,667 9,930 10,371 10,866 11,236 10,594 10,572
Net income 1 12,413 10,544 9,633 9,650 9,847 7,326 9,628 9,666 9,930 10,370 10,865 11,235 10,594 10,572
Net margin 45.53% 42.74% 40.88% 40.3% 40.69% 32.12% 39.81% 39.56% 39.64% 40.9% 42% 41.87% 40.86% 40.45%
EPS 2 4,063 3,388 3,089 3,094 3,157 2,349 3,087 3,103 3,204 3,346 3,506 3,626 3,419 3,412
Dividend per Share 2 3,661 3,435 3,470 3,119 3,182 3,100 3,112 - 3,229 3,371 3,524 3,800 3,410 3,487
Announcement Date 7/12/19 1/17/20 7/17/20 1/15/21 7/20/21 1/18/22 7/19/22 1/19/23 7/19/23 1/19/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: November 2018 2019 2020 2021 2022 2023
Net Debt 1 235,613 248,475 254,899 247,924 281,404 287,847
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.237 x 7.458 x 8.628 x 8.724 x 9.563 x 9.452 x
Free Cash Flow 1 26,974 22,854 26,293 41,966 - 1,723
ROE (net income / shareholders' equity) 6.7% 6.34% 5.26% 4.71% 5.33% 5.63%
ROA (Net income/ Total Assets) 2.81% 2.36% 1.93% 1.79% 1.87% 1.93%
Assets 1 845,299 971,418 1,001,214 959,191 1,033,324 1,049,682
Book Value Per Share 2 116,537 118,002 117,263 116,491 116,291 116,440
Cash Flow per Share 2 7,153 7,175 13,424 18,141 10,327 11,620
Capex 1 1,542 11,135 21,468 16,633 8,020 5,637
Capex / Sales 2.81% 21.44% 45.19% 35.39% 16.5% 11.18%
Announcement Date 2/26/19 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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Diversified REITs
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