Stock 3481 MITSUBISHI ESTATE LOGISTICS REIT INVESTMENT CORPORATION
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Financials Mitsubishi Estate Logistics REIT Investment Corporation

Equities

3481

JP3048480002

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 11:30:00 02/05/2024 am IST 		5-day change 1st Jan Change
4,06,000 JPY -0.37% Intraday chart for Mitsubishi Estate Logistics REIT Investment Corporation +0.25% +8.41%
16/04 Mitsubishi Estate Logistics REIT's Asset Manager Acquires MJ Logipark Ichinomiya 1 for 5.85 billion Yen MT
15/04 Mitsubishi Estate Logistics REIT Investment Corporation Decides to Acquire a Property in the Form of Trust Beneficiary Interest CI

Valuation

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Capitalization 1 54,377 79,890 1,32,724 2,02,999 2,15,294 1,98,373
Enterprise Value (EV) 1 71,409 1,01,187 1,64,594 2,57,603 2,93,126 2,97,064
P/E ratio 27.1 x 33 x 40.1 x 43 x 36.4 x 28.3 x
Yield - - - 2.58% 3.04% -
Capitalization / Revenue 12.4 x 15.8 x 19.9 x 22.2 x 19 x 13.2 x
EV / Revenue 16.3 x 20 x 24.6 x 28.1 x 25.9 x 19.8 x
EV / EBITDA 24 x 29 x 35.2 x 40.1 x 36.9 x 29 x
EV / FCF 234 x 54.2 x 72.1 x 131 x 86.4 x 34 x
FCF Yield 0.43% 1.85% 1.39% 0.76% 1.16% 2.94%
Price to Book 1 x 1.29 x 1.63 x 1.74 x 1.54 x 1.24 x
Nbr of stocks (in thousands) 214 246 306 391 450 503
Reference price 2 2,54,100 3,25,000 4,34,000 5,19,000 4,78,500 3,94,000
Announcement Date 28/11/18 28/11/19 27/11/20 29/11/21 29/11/22 29/11/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Net sales 1 4,372 5,060 6,684 9,156 11,306 15,020
EBITDA 1 2,976 3,484 4,670 6,418 7,954 10,234
EBIT 1 2,108 2,508 3,460 4,762 5,970 7,600
Operating Margin 48.22% 49.57% 51.77% 52.01% 52.81% 50.6%
Earnings before Tax (EBT) 1 2,004 2,422 3,308 4,456 5,522 7,012
Net income 1 2,004 2,422 3,308 4,455 5,520 7,012
Net margin 45.84% 47.87% 49.49% 48.65% 48.83% 46.68%
EPS 2 9,364 9,853 10,817 12,075 13,132 13,927
Free Cash Flow 1 304.8 1,867 2,284 1,968 3,394 8,732
FCF margin 6.97% 36.9% 34.17% 21.5% 30.02% 58.13%
FCF Conversion (EBITDA) 10.24% 53.6% 48.91% 30.67% 42.67% 85.32%
FCF Conversion (Net income) 15.21% 77.1% 69.05% 44.18% 61.48% 124.52%
Dividend per Share - - - 13,383 14,527 -
Announcement Date 28/11/18 28/11/19 27/11/20 29/11/21 29/11/22 29/11/23
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 2,530 3,200 3,342 4,203 4,953 5,029 6,277 7,150 7,511 7,746 9,131 9,006 7,650 7,915
EBITDA - - - - - - - - 5,118 - - - - -
EBIT 1 1,254 1,749 1,729 2,205 2,556 2,640 3,330 3,834 3,800 4,035 5,109 5,078 3,880 4,028
Operating Margin 49.55% 54.66% 51.74% 52.45% 51.6% 52.51% 53.05% 53.62% 50.6% 52.09% 55.95% 56.38% 50.72% 50.88%
Earnings before Tax (EBT) 1 1,213 1,633 1,655 2,074 2,382 2,541 2,981 3,433 3,508 3,720 4,733 4,708 3,535 3,651
Net income 1 1,212 1,632 1,654 2,073 2,382 2,540 2,980 3,432 3,507 3,719 4,730 4,732 3,535 3,650
Net margin 47.89% 51% 49.49% 49.32% 48.08% 50.52% 47.47% 48.01% 46.69% 48.01% 51.8% 52.54% 46.21% 46.12%
EPS 2 4,930 5,563 5,410 5,958 6,108 6,495 6,627 7,046 6,965 7,386 9,393 9,397 7,020 7,250
Dividend per Share 2 5,524 5,907 6,003 6,619 6,764 7,174 7,353 7,628 7,832 7,748 9,393 9,397 7,810 8,062
Announcement Date 17/10/19 17/04/20 15/10/20 15/04/21 15/10/21 15/04/22 14/10/22 17/04/23 18/10/23 15/04/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Net Debt 1 17,032 21,297 31,870 54,604 77,832 98,691
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.723 x 6.113 x 6.824 x 8.508 x 9.785 x 9.643 x
Free Cash Flow 1 305 1,867 2,284 1,968 3,394 8,732
ROE (net income / shareholders' equity) 7.08% 4.15% 4.6% 4.5% 4.31% 4.68%
ROA (Net income/ Total Assets) 3.23% 1.91% 2.07% 1.97% 1.82% 1.9%
Assets 1 62,132 1,26,634 1,59,807 2,25,770 3,02,815 3,68,723
Book Value Per Share 2 2,54,986 2,52,401 2,66,985 2,97,622 3,10,318 3,17,525
Cash Flow per Share 2 8,734 10,687 11,458 11,939 9,428 8,924
Capex 1 150 152 94 57,800 175 212
Capex / Sales 3.43% 3% 1.41% 631.25% 1.55% 1.41%
Announcement Date 28/11/18 28/11/19 27/11/20 29/11/21 29/11/22 29/11/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial REITs

1st Jan change Capi.
MITSUBISHI ESTATE LOGISTICS REIT INVESTMENT CORPORATION Stock Mitsubishi Estate Logistics REIT Investment Corporation
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Industrial REITs
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