Company Valuation: Mitsui Fudosan Accommodations Fund Inc.

Data adjusted to current consolidation scope
Fiscal Period: February 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 3,04,601 3,05,608 2,85,972 2,90,000 3,47,144 2,99,062 - -
Change - 0.33% -6.43% 1.41% 19.7% -13.85% - -
Enterprise Value (EV) 1 4,58,280 3,05,608 4,39,318 4,43,525 5,04,703 4,57,105 4,54,682 4,52,334
Change - -33.31% 43.75% 0.96% 13.79% -9.43% -0.53% -0.52%
P/E 29.7x 28.8x 24.5x 25.5x 28.5x 23.4x 23.3x 22.4x
PBR 1.96x - 1.83x 1.9x 2.27x 1.95x 1.94x 1.93x
PEG - 8.32x 2.48x -9.89x 3.85x 5.07x 38.53x 5.53x
Capitalization / Revenue 12.6x 12.3x 11.2x 11.4x 12.9x 10.5x 10.4x 10.1x
EV / Revenue 18.9x 12.3x 17.1x 17.4x 18.7x 16.1x 15.8x 15.3x
EV / EBITDA 30x 19.7x 27x 27.7x 29.6x 25.4x 25.2x 24.2x
EV / EBIT 41.1x 26.4x 35.4x 36.4x 38.1x 32x 31.1x 29.5x
EV / FCF -68.4x - 40.6x 39.7x 66.3x 27.5x 28.1x 27.6x
FCF Yield -1.46% - 2.46% 2.52% 1.51% 3.63% 3.56% 3.62%
Dividend per Share 2 4,104 4,215 4,421 22,570 4,729 4,826 5,031 5,234
Rate of return 3.39% 3.47% 3.89% 19.6% 3.43% 4.06% 4.23% 4.41%
EPS 2 4,074 4,215 4,632 4,513 4,847 5,071 5,101 5,308
Distribution rate 101% 100% 95.4% 500% 97.6% 95.2% 98.6% 98.6%
Net sales 1 24,203 24,778 25,635 25,531 26,922 28,464 28,741 29,605
EBITDA 1 15,252 15,550 16,256 15,993 17,038 17,994 18,034 18,685
EBIT 1 11,154 11,561 12,426 12,193 13,234 14,301 14,603 15,311
Net income 1 10,256 10,611 11,661 11,363 12,203 12,765 12,842 13,361
Net Debt 1 1,53,679 - 1,53,346 1,53,525 1,57,559 1,58,042 1,55,619 1,53,272
Reference price 2 1,21,000.00 1,21,400.00 1,13,600.00 1,15,200.00 1,37,900.00 1,18,800.00 1,18,800.00 1,18,800.00
Nbr of stocks (in thousands) 2,517 2,517 2,517 2,517 2,517 2,517 - -
Announcement Date 19/04/22 19/04/23 17/04/24 17/04/25 16/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.37x16.03x25.36x4.07% 186.47Cr
50.47x13.58x23.84x - 5.08TCr
49.72x12.67x19.39x3.65% 1.83TCr
29.57x8.67x16.59x4.11% 1.73TCr
35.13x9.33x16.54x4.74% 1.5TCr
-47x9.01x19.88x3.64% 1.5TCr
31x9.93x20.32x3.38% 1.24TCr
35.16x9x16.87x3.93% 1.21TCr
36.94x10.44x16.99x4.68% 1.19TCr
91.73x9.36x16.73x3.99% 1.09TCr
Average 33.61x 10.80x 19.25x 4.02% 1.65TCr
Weighted average by Cap. 36.86x 11.08x 19.85x 4.01%

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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