Company Valuation: KDX Realty Investment Corporation

Data adjusted to current consolidation scope
Fiscal Period: April 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,45,379 2,91,815 2,54,953 6,43,416 6,00,225 6,32,538 - -
Change - -15.51% -12.63% 152.37% -6.71% 5.38% - -
Enterprise Value (EV) 1 5,25,674 4,62,335 2,54,953 11,23,474 10,95,056 11,72,524 11,31,245 11,28,830
Change - -12.05% -44.86% 340.66% -2.53% 7.07% -0.1% -0.21%
P/E 24.1x 23.5x 18.7x 13.3x 17.9x 19.4x 18.3x 18.1x
PBR 1.5x 1.26x 1.11x 1x 0.95x 1.04x 1x 1x
PEG - -1.8x 1.7x 0.3x -0.6x 16.47x 7.83x 18.8x
Capitalization / Revenue 10.5x 9.44x 7.6x 11.6x 7.67x 8.26x 7.71x 7.59x
EV / Revenue 15.9x 15x 7.6x 20.3x 14x 14.7x 13.8x 13.6x
EV / EBITDA 24.6x 23.8x 12.3x 34.8x 22.3x 23.4x 22x 21.4x
EV / EBIT 32.2x 32.4x 16.4x 45.2x 28.1x 29.5x 27.7x 26.8x
EV / FCF 56.2x 46.1x - -83.6x 46.1x 85.9x 25.2x 25.2x
FCF Yield 1.78% 2.17% - -1.2% 2.17% 1.16% 3.97% 3.97%
Dividend per Share 2 7,692 7,000 - 11,672 8,075 8,271 8,586 8,846
Rate of return 3.82% 4.11% - 7.49% 5.43% 5.07% 5.48% 5.65%
EPS 2 8,358 7,238 8,030 11,706 8,322 8,420 8,552 8,634
Distribution rate 92% 96.7% - 99.7% 97% 98.2% 100% 102%
Net sales 1 33,015 30,919 33,557 55,310 78,253 79,718 82,019 83,303
EBITDA 1 21,398 19,441 20,787 32,267 49,026 50,048 51,499 52,679
EBIT 1 16,324 14,284 15,537 24,841 38,926 39,789 40,886 42,076
Net income 1 14,326 12,405 13,657 38,959 33,862 34,017 34,382 34,712
Net Debt 1 1,80,295 1,70,519 - 4,80,058 4,94,831 5,14,135 4,98,707 4,96,292
Reference price 2 2,01,500.00 1,70,250.00 1,50,250.00 1,55,900.00 1,48,600.00 1,56,600.00 1,56,600.00 1,56,600.00
Nbr of stocks (in thousands) 1,714 1,714 1,697 4,127 4,039 4,039 - -
Announcement Date 15/06/21 14/06/22 13/06/23 18/06/24 17/06/25 17/06/26 - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.72x14.23x22.78x5.28% 390.08Cr
24.49x13.36x15.68x5.19% 1.6TCr
23.91x14.46x15.93x4.09% 674.69Cr
8.85x13.78x17.88x6.26% 667.4Cr
14.23x14.6x15.67x5.09% 647.9Cr
9.85x17x20.56x7.83% 612.36Cr
10.66x14.8x15.88x6.89% 593.12Cr
8.66x13.78x17.75x5.87% 579.22Cr
11.51x11.16x12.71x5.66% 468.76Cr
Average 14.54x 14.13x 17.20x 5.8% 692.88Cr
Weighted average by Cap. 16.13x 14.08x 16.85x 5.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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