DAIWA HOUSE INDUSTRY CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,350 JPY | +1.56% |
|
+3.08% | +1.83% |
| Feb. 14 | Indices: Focus on island real estate, from Japan to the UK |  |
| Jan. 29 | Daiwa House Industry Files for Singapore Listing of 200 Billion Yen Worth of Convertible Bonds | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,335,523 | 1,777,883 | 2,119,873 | 2,098,244 | 2,051,729 | 2,783,233 | - | - |
| Enterprise Value (EV) 1 | 2,830,418 | 2,622,365 | 3,066,683 | 3,287,091 | 3,642,146 | 4,407,792 | 4,422,028 | 4,458,595 |
| P/E ratio | 9.85 x | 7.61 x | 10.9 x | 9.31 x | 6.64 x | 10.4 x | 10.2 x | 9.2 x |
| Yield | 3.24% | 4.3% | 3.58% | 3.94% | 4.17% | 3.26% | 3.49% | 3.91% |
| Capitalization / Revenue | 0.56 x | 0.41 x | 0.51 x | 0.47 x | 0.42 x | 0.55 x | 0.54 x | 0.52 x |
| EV / Revenue | 0.68 x | 0.6 x | 0.74 x | 0.74 x | 0.74 x | 0.88 x | 0.86 x | 0.84 x |
| EV / EBITDA | 6.39 x | 5.75 x | 7.04 x | 6.8 x | 6.29 x | 8.63 x | 8.21 x | 7.67 x |
| EV / FCF | 45.3 x | -11.7 x | 76 x | -25.1 x | -12.7 x | 12.3 x | 203 x | 110 x |
| FCF Yield | 2.21% | -8.55% | 1.32% | -3.98% | -7.9% | 8.15% | 0.49% | 0.91% |
| Price to Book | 1.46 x | 1.03 x | 1.16 x | 1.04 x | 0.9 x | 1.18 x | 1.1 x | 1.02 x |
| Nbr of stocks (in thousands) | 663,689 | 664,009 | 654,080 | 655,497 | 658,872 | 639,824 | - | - |
| Reference price 2 | 3,519 | 2,678 | 3,241 | 3,201 | 3,114 | 4,350 | 4,350 | 4,350 |
| Announcement Date | 5/13/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,143,505 | 4,380,209 | 4,126,769 | 4,439,536 | 4,908,199 | 5,019,903 | 5,130,109 | 5,307,090 |
| EBITDA 1 | 443,215 | 456,321 | 435,524 | 483,584 | 578,834 | 511,043 | 538,774 | 581,339 |
| EBIT 1 | 372,195 | 381,114 | 357,121 | 383,256 | 465,370 | 393,441 | 419,410 | 458,479 |
| Operating Margin | 8.98% | 8.7% | 8.65% | 8.63% | 9.48% | 7.84% | 8.18% | 8.64% |
| Earnings before Tax (EBT) 1 | 352,230 | 349,683 | 311,210 | 353,300 | 440,496 | 403,120 | 404,200 | 442,240 |
| Net income 1 | 237,439 | 233,603 | 195,076 | 225,272 | 308,399 | 271,546 | 272,264 | 300,566 |
| Net margin | 5.73% | 5.33% | 4.73% | 5.07% | 6.28% | 5.41% | 5.31% | 5.66% |
| EPS 2 | 357.3 | 351.8 | 297.2 | 343.8 | 469.1 | 418.1 | 425.3 | 472.9 |
| Free Cash Flow 1 | 62,448 | -224,200 | 40,334 | -130,987 | -287,845 | 359,300 | 21,800 | 40,600 |
| FCF margin | 1.51% | -5.12% | 0.98% | -2.95% | -5.86% | 7.16% | 0.42% | 0.77% |
| FCF Conversion (EBITDA) | 14.09% | - | 9.26% | - | - | 70.31% | 4.05% | 6.98% |
| FCF Conversion (Net income) | 26.3% | - | 20.68% | - | - | 132.32% | 8.01% | 13.51% |
| Dividend per Share 2 | 114.0 | 115.0 | 116.0 | 126.0 | 130.0 | 142.0 | 152.0 | 170.0 |
| Announcement Date | 5/13/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/12/23 | - | - | - |
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 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,179,389 | 2,200,820 | 1,966,448 | 2,160,321 | 1,121,524 | 2,042,182 | 1,105,003 | 1,292,351 | 2,397,354 | 1,007,795 | 1,253,534 | 2,261,329 | 1,160,352 | 1,486,518 | 2,646,870 | 1,214,595 | 1,330,232 | 2,544,827 | 1,211,637 | 1,283,114 | 2,550,173 | 1,280,582 | 1,377,375 | 1,261,670 | - |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 127,233 | - | - | 138,035 | - | 133,673 | 136,483 | 133,695 | - |
| EBIT 1 | 209,324 | 171,790 | 156,024 | 201,097 | 101,921 | 160,361 | 93,505 | 129,390 | 222,895 | 59,694 | 94,945 | 154,639 | 68,086 | 242,645 | 310,731 | 93,075 | 98,088 | 191,163 | 93,817 | 106,248 | 201,137 | 103,691 | 106,501 | 103,713 | - |
| Operating Margin | 9.6% | 7.81% | 7.93% | 9.31% | 9.09% | 7.85% | 8.46% | 10.01% | 9.3% | 5.92% | 7.57% | 6.84% | 5.87% | 16.32% | 11.74% | 7.66% | 7.37% | 7.51% | 7.74% | 8.28% | 7.89% | 8.1% | 7.73% | 8.22% | - |
| Earnings before Tax (EBT) 1 | 207,448 | - | 143,971 | - | 103,056 | 163,539 | 92,471 | 97,290 | - | 57,715 | 100,292 | 158,007 | 64,662 | 217,827 | - | 90,843 | 140,433 | 231,276 | 91,873 | 82,476 | - | - | - | - | - |
| Net income 1 | 147,390 | 86,213 | 91,329 | 103,747 | 68,997 | 107,582 | 59,912 | 57,778 | 117,690 | 36,533 | 69,461 | 105,994 | 60,269 | 142,136 | 202,405 | 60,007 | 94,481 | 154,488 | 61,796 | 54,975 | 118,612 | 70,736 | 70,776 | 69,079 | - |
| Net margin | 6.76% | 3.92% | 4.64% | 4.8% | 6.15% | 5.27% | 5.42% | 4.47% | 4.91% | 3.63% | 5.54% | 4.69% | 5.19% | 9.56% | 7.65% | 4.94% | 7.1% | 6.07% | 5.1% | 4.28% | 4.65% | 5.52% | 5.14% | 5.48% | - |
| EPS 2 | 222.0 | - | 138.7 | - | 105.3 | 164.3 | 91.41 | 88.14 | - | 55.72 | 105.8 | 161.5 | 91.54 | 216.0 | - | 91.14 | 143.7 | 234.8 | 94.07 | 85.41 | - | 110.6 | 110.6 | 108.0 | - |
| Dividend per Share 2 | 55.00 | - | 50.00 | - | 55.00 | 55.00 | - | 71.00 | - | - | 60.00 | 60.00 | - | 70.00 | - | - | 63.00 | 63.00 | - | 74.50 | - | - | 75.00 | - | 75.00 |
| Announcement Date | 11/8/19 | 5/14/20 | 11/11/20 | 5/14/21 | 11/9/21 | 11/9/21 | 2/10/22 | 5/13/22 | 5/13/22 | 8/9/22 | 11/10/22 | 11/10/22 | 2/10/23 | 5/12/23 | 5/12/23 | 8/7/23 | 11/10/23 | 11/10/23 | 2/9/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 494,895 | 844,482 | 946,810 | 1,188,847 | 1,590,417 | 1,624,559 | 1,638,794 | 1,675,362 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.117 x | 1.851 x | 2.174 x | 2.458 x | 2.748 x | 3.179 x | 3.042 x | 2.882 x |
| Free Cash Flow 1 | 62,448 | -224,200 | 40,334 | -130,987 | -287,845 | 359,300 | 21,800 | 40,600 |
| ROE (net income / shareholders' equity) | 15.5% | 14.1% | 11% | 11.7% | 14.3% | 11.7% | 11.1% | 11.5% |
| ROA (Net income/ Total Assets) | 8.59% | 8.21% | 6.98% | 7.12% | 7.82% | 5.18% | 5.2% | 5.5% |
| Assets 1 | 2,764,133 | 2,846,876 | 2,794,929 | 3,165,729 | 3,944,064 | 5,247,261 | 5,235,848 | 5,464,836 |
| Book Value Per Share 2 | 2,404 | 2,601 | 2,805 | 3,081 | 3,467 | 3,684 | 3,969 | 4,272 |
| Cash Flow per Share 2 | 464.0 | 465.0 | 417.0 | 497.0 | 642.0 | 610.0 | 609.0 | 676.0 |
| Capex 1 | 293,151 | 373,851 | 372,904 | 425,807 | 518,143 | 463,333 | 525,000 | 530,000 |
| Capex / Sales | 7.07% | 8.54% | 9.04% | 9.59% | 10.56% | 9.23% | 10.23% | 9.99% |
| Announcement Date | 5/13/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/12/23 | - | - | - |
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
9
Last Close Price
4,350
JPY
Average target price
4,680
JPY
Spread / Average Target
+7.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.83% | 17.68B | |
| -4.38% | 47.86B | |
| +10.25% | 23.94B | |
| +13.06% | 14.58B | |
| +16.96% | 12.52B | |
| +0.30% | 6.2B | |
| +12.71% | 6.16B | |
| +7.89% | 6.11B | |
| +9.62% | 5.96B | |
| -8.67% | 5.92B |
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