TOKYU REIT, INC. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 160,300 JPY | -0.25% |
|
-1.53% | -5.87% |
| 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: January | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 164,139 | 207,251 | 161,793 | 181,149 | 191,414 | 168,147 |
| Enterprise Value (EV) 1 | 255,678 | 296,272 | 261,219 | 271,062 | 290,350 | 265,806 |
| P/E ratio | 27.9 x | 27.9 x | 19.8 x | 15.9 x | 17.2 x | 19.4 x |
| Yield | 3.59% | - | 4.46% | 4.29% | 3.98% | - |
| Capitalization / Revenue | 11.3 x | 13.2 x | 9.39 x | 13.3 x | 13.3 x | 10.1 x |
| EV / Revenue | 17.6 x | 18.9 x | 15.2 x | 20 x | 20.2 x | 16 x |
| EV / EBITDA | 29.9 x | 30.6 x | 23.6 x | 37.3 x | 36.5 x | 26.2 x |
| EV / FCF | 34.3 x | - | -12 x | 66.4 x | 48.1 x | - |
| FCF Yield | 2.91% | - | -8.36% | 1.51% | 2.08% | - |
| Price to Book | 1.44 x | 1.8 x | 1.4 x | 1.52 x | 1.56 x | 1.36 x |
| Nbr of stocks (in thousands) | 978 | 978 | 978 | 978 | 978 | 978 |
| Reference price 2 | 167,900 | 212,000 | 165,500 | 185,300 | 195,800 | 172,000 |
| Announcement Date | 11/12/19 | 10/30/20 | 11/17/21 | 11/18/22 | 11/20/23 | 4/26/24 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: January | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Net sales 1 | 14,532 | 15,661 | 17,222 | 13,585 | 14,375 | 16,602 |
| EBITDA 1 | 8,543 | 9,674 | 11,076 | 7,264 | 7,963 | 10,153 |
| EBIT 1 | 6,541 | 7,710 | 9,078 | 5,489 | 6,146 | 8,243 |
| Operating Margin | 45.01% | 49.23% | 52.71% | 40.4% | 42.75% | 49.65% |
| Earnings before Tax (EBT) 1 | 5,886 | 7,435 | 8,166 | 11,411 | 11,145 | 8,670 |
| Net income 1 | 5,886 | 7,435 | 8,166 | 11,410 | 11,145 | 8,670 |
| Net margin | 40.5% | 47.47% | 47.42% | 83.99% | 77.53% | 52.22% |
| EPS 2 | 6,021 | 7,605 | 8,353 | 11,671 | 11,400 | 8,869 |
| Free Cash Flow 1 | 7,451 | - | -21,842 | 4,084 | 6,033 | - |
| FCF margin | 51.27% | - | -126.83% | 30.06% | 41.97% | - |
| FCF Conversion (EBITDA) | 87.22% | - | - | 56.22% | 75.76% | - |
| FCF Conversion (Net income) | 126.59% | - | - | 35.79% | 54.13% | - |
| Dividend per Share 2 | 6,022 | - | 7,381 | 7,955 | 7,790 | - |
| Announcement Date | 11/12/19 | 10/30/20 | 11/17/21 | 11/18/22 | 11/20/23 | 4/26/24 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: January | 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 | 9,584 | 7,672 | 7,686 | 7,744 |
| 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 | 5,087 | 3,299 | 3,316 | 3,430 |
| Operating Margin | 45.47% | 49.85% | 52.72% | 52.7% | 49.36% | 64.26% | 54.57% | 64.76% | 52.48% | 53.17% | 53.08% | 43% | 43.15% | 44.3% |
| 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 | 4,633 | 2,860 | 2,872 | 2,980 |
| Net income 1 | 2,857 | 3,580 | 3,855 | 4,083 | 3,540 | 7,071 | 4,339 | 6,885 | 4,260 | 4,360 | 4,648 | 2,851 | 2,872 | 2,980 |
| Net margin | 38.79% | 44.07% | 47% | 47.42% | 43.89% | 60.74% | 50.04% | 60.81% | 47.74% | 48.37% | 48.5% | 37.16% | 37.36% | 38.48% |
| EPS 2 | 2,923 | 3,662 | 3,944 | 4,176 | 3,621 | 7,233 | 4,438 | 7,042 | 4,357 | 4,460 | 4,754 | 2,916 | 2,937 | 3,048 |
| Dividend per Share 2 | 2,923 | 3,298 | 3,551 | 3,760 | 3,621 | 3,950 | 4,005 | 4,040 | 3,750 | 3,756 | 3,753 | 3,488 | 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: January | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 91,539 | 89,021 | 99,426 | 89,913 | 98,936 | 97,659 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.72 x | 9.202 x | 8.977 x | 12.38 x | 12.42 x | 9.619 x |
| Free Cash Flow 1 | 7,451 | - | -21,843 | 4,084 | 6,033 | - |
| ROE (net income / shareholders' equity) | 5.18% | 6.5% | 7.1% | 9.71% | 9.2% | 7.05% |
| ROA (Net income/ Total Assets) | 1.87% | 2.2% | 2.52% | 1.49% | 1.65% | 2.14% |
| Assets 1 | 315,316 | 338,416 | 324,266 | 764,438 | 676,192 | 405,083 |
| Book Value Per Share 2 | 116,302 | 117,687 | 118,313 | 122,276 | 125,631 | 126,393 |
| Cash Flow per Share 2 | 778.0 | 3,047 | 2,224 | 3,158 | 5,691 | 6,998 |
| Capex 1 | 6,036 | 2,310 | 28,580 | 19,482 | 20,953 | 648 |
| Capex / Sales | 41.54% | 14.75% | 165.95% | 143.41% | 145.76% | 3.9% |
| Announcement Date | 11/12/19 | 10/30/20 | 4/23/21 | 11/18/22 | 11/20/23 | 4/26/24 |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -5.69% | 1.01B | |
| -8.24% | 12.99B | |
| -7.08% | 8B | |
| -2.88% | 6.17B | |
| 0.00% | 5.41B | |
| -8.19% | 5.34B | |
| +7.75% | 4.75B | |
| -4.85% | 4.71B | |
| +2.45% | 4.68B | |
| +3.93% | 3.93B |
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