DAIWA HOUSE INDUSTRY CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,440 JPY | +2.07% |
|
+2.35% | +3.93% |
| 14/02 | Indices: Focus on island real estate, from Japan to the UK |  |
| 29/01 | Daiwa House Industry Files for Singapore Listing of 200 Billion Yen Worth of Convertible Bonds | MT |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 23,35,523 | 17,77,883 | 21,19,873 | 20,98,244 | 20,51,729 | 28,40,817 | - | - |
| Enterprise Value (EV) 1 | 28,30,418 | 26,22,365 | 30,66,683 | 32,87,091 | 36,42,146 | 44,65,376 | 44,79,612 | 45,16,179 |
| 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 | 0.57 x | 0.55 x | 0.54 x |
| EV / Revenue | 0.68 x | 0.6 x | 0.74 x | 0.74 x | 0.74 x | 0.89 x | 0.87 x | 0.85 x |
| EV / EBITDA | 6.39 x | 5.75 x | 7.04 x | 6.8 x | 6.29 x | 8.74 x | 8.31 x | 7.77 x |
| EV / FCF | 45.3 x | -11.7 x | 76 x | -25.1 x | -12.7 x | 12.4 x | 205 x | 111 x |
| FCF Yield | 2.21% | -8.55% | 1.32% | -3.98% | -7.9% | 8.05% | 0.49% | 0.9% |
| 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) | 6,63,689 | 6,64,009 | 6,54,080 | 6,55,497 | 6,58,872 | 6,39,824 | - | - |
| Reference price 2 | 3,519 | 2,678 | 3,241 | 3,201 | 3,114 | 4,350 | 4,350 | 4,350 |
| Announcement Date | 13/05/19 | 14/05/20 | 14/05/21 | 13/05/22 | 12/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 41,43,505 | 43,80,209 | 41,26,769 | 44,39,536 | 49,08,199 | 50,19,903 | 51,30,109 | 53,07,090 |
| EBITDA 1 | 4,43,215 | 4,56,321 | 4,35,524 | 4,83,584 | 5,78,834 | 5,11,043 | 5,38,774 | 5,81,339 |
| EBIT 1 | 3,72,195 | 3,81,114 | 3,57,121 | 3,83,256 | 4,65,370 | 3,93,441 | 4,19,410 | 4,58,479 |
| Operating Margin | 8.98% | 8.7% | 8.65% | 8.63% | 9.48% | 7.84% | 8.18% | 8.64% |
| Earnings before Tax (EBT) 1 | 3,52,230 | 3,49,683 | 3,11,210 | 3,53,300 | 4,40,496 | 4,03,120 | 4,04,200 | 4,42,240 |
| Net income 1 | 2,37,439 | 2,33,603 | 1,95,076 | 2,25,272 | 3,08,399 | 2,71,546 | 2,72,264 | 3,00,566 |
| 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 | -2,24,200 | 40,334 | -1,30,987 | -2,87,845 | 3,59,300 | 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 | 13/05/19 | 14/05/20 | 14/05/21 | 13/05/22 | 12/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: Marzo | 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 | 21,79,389 | 22,00,820 | 19,66,448 | 21,60,321 | 11,21,524 | 20,42,182 | 11,05,003 | 12,92,351 | 23,97,354 | 10,07,795 | 12,53,534 | 22,61,329 | 11,60,352 | 14,86,518 | 26,46,870 | 12,14,595 | 13,30,232 | 25,44,827 | 12,11,637 | 12,83,114 | 25,50,173 | 12,80,582 | 13,77,375 | 12,61,670 | - |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,27,233 | - | - | 1,38,035 | - | 1,33,673 | 1,36,483 | 1,33,695 | - |
| EBIT 1 | 2,09,324 | 1,71,790 | 1,56,024 | 2,01,097 | 1,01,921 | 1,60,361 | 93,505 | 1,29,390 | 2,22,895 | 59,694 | 94,945 | 1,54,639 | 68,086 | 2,42,645 | 3,10,731 | 93,075 | 98,088 | 1,91,163 | 93,817 | 1,06,248 | 2,01,137 | 1,03,691 | 1,06,501 | 1,03,713 | - |
| 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 | 2,07,448 | - | 1,43,971 | - | 1,03,056 | 1,63,539 | 92,471 | 97,290 | - | 57,715 | 1,00,292 | 1,58,007 | 64,662 | 2,17,827 | - | 90,843 | 1,40,433 | 2,31,276 | 91,873 | 82,476 | - | - | - | - | - |
| Net income 1 | 1,47,390 | 86,213 | 91,329 | 1,03,747 | 68,997 | 1,07,582 | 59,912 | 57,778 | 1,17,690 | 36,533 | 69,461 | 1,05,994 | 60,269 | 1,42,136 | 2,02,405 | 60,007 | 94,481 | 1,54,488 | 61,796 | 54,975 | 1,18,612 | 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 | 08/11/19 | 14/05/20 | 11/11/20 | 14/05/21 | 09/11/21 | 09/11/21 | 10/02/22 | 13/05/22 | 13/05/22 | 09/08/22 | 10/11/22 | 10/11/22 | 10/02/23 | 12/05/23 | 12/05/23 | 07/08/23 | 10/11/23 | 10/11/23 | 09/02/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 4,94,895 | 8,44,482 | 9,46,810 | 11,88,847 | 15,90,417 | 16,24,559 | 16,38,794 | 16,75,362 |
| 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 | -2,24,200 | 40,334 | -1,30,987 | -2,87,845 | 3,59,300 | 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 | 27,64,133 | 28,46,876 | 27,94,929 | 31,65,729 | 39,44,064 | 52,47,261 | 52,35,848 | 54,64,836 |
| 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 | 2,93,151 | 3,73,851 | 3,72,904 | 4,25,807 | 5,18,143 | 4,63,333 | 5,25,000 | 5,30,000 |
| Capex / Sales | 7.07% | 8.54% | 9.04% | 9.59% | 10.56% | 9.23% | 10.23% | 9.99% |
| Announcement Date | 13/05/19 | 14/05/20 | 14/05/21 | 13/05/22 | 12/05/23 | - | - | - |
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. | |
|---|---|---|
| +3.93% | 17.76B | |
| -5.17% | 48.07B | |
| +10.19% | 24.1B | |
| +15.77% | 14.64B | |
| +17.52% | 12.67B | |
| +1.02% | 6.31B | |
| +5.75% | 6.12B | |
| -9.82% | 6B | |
| +13.23% | 5.99B | |
| -18.77% | 5.56B |
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