DAIWA HOUSE REIT INVESTMENT CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 261,700 JPY | +0.23% |
|
-0.04% | +3.97% |
| Apr. 17 | Daiwa House REIT Investment Secures 5 Billion Yen Loan from Major Banks to Repay Debts | MT |
| Apr. 17 | Daiwa House REIT Investment to Commence 3 Billion Yen Buyback Program | MT |
Valuation
| Fiscal Period: August | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 581,830 | 608,292 | 714,798 | 747,040 | 640,784 | 607,144 | - | - |
| Enterprise Value (EV) 1 | 581,830 | 906,623 | 1,044,730 | 1,112,678 | 994,870 | 965,189 | 985,522 | 993,225 |
| P/E ratio | - | 31.4 x | 34 x | 31.2 x | 28.9 x | 28.1 x | 25.4 x | 25.5 x |
| Yield | - | 4.26% | 3.47% | 3.71% | 4.08% | 4.34% | 4.69% | 4.48% |
| Capitalization / Revenue | - | 12.2 x | 13.1 x | 12.5 x | 10.9 x | 10.2 x | 11 x | 11.1 x |
| EV / Revenue | - | 18.2 x | 19.1 x | 18.6 x | 16.9 x | 16.2 x | 17.9 x | 18.2 x |
| EV / EBITDA | - | 29.4 x | 27.1 x | 26.9 x | 24.5 x | 24 x | 27.2 x | 25.4 x |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 1.26 x | 1.25 x | 1.46 x | 1.43 x | 1.23 x | 1.18 x | 1.14 x | 1.14 x |
| Nbr of stocks (in thousands) | 2,075 | 2,196 | 2,196 | 2,320 | 2,320 | 2,320 | - | - |
| Reference price 2 | 280,400 | 277,000 | 325,500 | 322,000 | 276,200 | 261,700 | 261,700 | 261,700 |
| Announcement Date | 4/18/19 | 4/16/20 | 4/20/21 | 4/15/22 | 4/18/23 | 4/16/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: August | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 49,896 | 54,711 | 59,836 | 58,859 | 59,564 | 55,053 | 54,457 |
| EBITDA 1 | 30,832 | 38,556 | 41,387 | 40,646 | 40,270 | 36,234 | 39,069 |
| EBIT 1 | 21,261 | 24,145 | 26,525 | 25,402 | 25,053 | 26,088 | 26,994 |
| Operating Margin | 42.61% | 44.13% | 44.33% | 43.16% | 42.06% | 47.39% | 49.57% |
| Earnings before Tax (EBT) 1 | - | - | - | - | 21,604 | 23,762 | 22,832 |
| Net income 1 | 18,292 | 21,035 | 23,305 | 22,174 | 20,757 | 23,909 | 23,743 |
| Net margin | 36.66% | 38.45% | 38.95% | 37.67% | 34.85% | 43.43% | 43.6% |
| EPS 2 | 8,818 | 9,579 | 10,330 | 9,556 | 9,311 | 10,319 | 10,260 |
| Free Cash Flow | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - |
| Dividend per Share 2 | 11,813 | 11,283 | 11,940 | 11,266 | 11,354 | 12,276 | 11,713 |
| Announcement Date | 4/16/20 | 4/20/21 | 4/15/22 | 4/18/23 | 4/16/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: August | 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 | 23,127 | 24,878 | 25,018 | 26,614 | 28,097 | 29,572 | 30,264 | 29,369 | 29,490 | 29,921 | 29,530 | 31,042 | 31,372 | 30,478 |
| EBITDA 1 | 14,415 | - | 15,365 | 18,731 | 19,825 | 20,370 | 21,017 | 20,298 | 20,349 | 20,534 | 20,535 | 21,084 | 21,020 | - |
| EBIT 1 | 9,960 | 10,702 | 10,559 | 11,574 | 12,571 | 13,116 | 13,409 | 12,661 | 12,741 | 12,915 | 12,914 | 13,560 | 13,324 | 13,298 |
| Operating Margin | 43.07% | 43.02% | 42.21% | 43.49% | 44.74% | 44.35% | 44.31% | 43.11% | 43.2% | 43.16% | 43.73% | 43.68% | 42.47% | 43.63% |
| Earnings before Tax (EBT) 1 | 8,598 | 9,167 | 9,126 | 9,937 | 11,099 | 11,620 | 11,686 | 11,050 | 11,124 | 11,225 | 11,167 | 11,698 | 11,446 | 11,390 |
| Net income 1 | 8,597 | 9,166 | 9,125 | 9,936 | 11,099 | 11,620 | 11,685 | 11,050 | 11,124 | 11,224 | 11,166 | 11,698 | 11,446 | 11,390 |
| Net margin | 37.17% | 36.84% | 36.47% | 37.33% | 39.5% | 39.29% | 38.61% | 37.62% | 37.72% | 37.51% | 37.81% | 37.68% | 36.48% | 37.37% |
| EPS 2 | 4,461 | 4,420 | 4,398 | 4,525 | 5,054 | 5,291 | 5,039 | 4,762 | 4,794 | 4,838 | 4,813 | 5,042 | 4,934 | 4,910 |
| Dividend per Share 2 | 5,427 | 5,773 | 6,040 | 5,427 | 5,856 | 6,118 | 5,822 | 5,617 | 5,649 | 5,643 | 5,666 | 5,768 | 5,952 | 5,752 |
| Announcement Date | 4/18/19 | 10/17/19 | 4/16/20 | 10/16/20 | 4/20/21 | 10/15/21 | 4/15/22 | 10/18/22 | 4/18/23 | 10/18/23 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: August | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | 298,331 | 329,932 | 365,638 | 354,086 | 358,045 | 378,378 | 386,081 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | 9.676 x | 8.557 x | 8.835 x | 8.711 x | 8.891 x | 10.44 x | 9.882 x |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | - | 4.11% | 4.42% | 4.59% | 4.25% | 4.24% | 4.25% | 4.43% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share 2 | 222,741 | 221,851 | 223,400 | 225,938 | 224,159 | 222,199 | 230,281 | 228,769 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | - | 1,645 | 80,640 | - | 2,782 | 15,167 | 34,979 | 19,063 |
| Capex / Sales | - | 3.3% | 147.39% | - | 4.73% | 25.46% | 63.54% | 35.01% |
| Announcement Date | 4/18/19 | 4/16/20 | 4/20/21 | 4/15/22 | 4/18/23 | 4/16/24 | - | - |
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
C
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +3.97% | 3.86B | |
| -15.09% | 12.04B | |
| -13.53% | 7.51B | |
| -1.91% | 5.28B | |
| -7.21% | 5.46B | |
| -11.21% | 5.15B | |
| -9.21% | 4.49B | |
| +0.51% | 4.5B | |
| -1.70% | 4.54B | |
| -15.40% | 3.1B |
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