Stock 3472 NIPPON HOTEL & RESIDENTIAL INVESTMENT CORPORATION
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Financials Nippon Hotel & Residential Investment Corporation

Equities

3472

JP3048310001

Specialized REITs

Market Closed - Japan Exchange
Other stock markets
 11:30:00 16/05/2024 am IST 		5-day change 1st Jan Change
76,800 JPY -0.13% Intraday chart for Nippon Hotel & Residential Investment Corporation -2.66% +8.63%
2022 Ooedo Onsen Monogatari Hotels & Resorts Co., Ltd. agreed to acquire Ooedo-Onsen Monogatari Kamoshika-so and Ooedo-Onsen Monogatari Kinosaki from Ooedo Onsen Reit Investment Corporation for ¥3.7 billion. CI
2021 An unknown buyer agreed to acquire Ooedo Onsen Monogatari Nagasaki Hotel Seifu from Ooedo Onsen Reit Investment Corporation for ¥1.6 billion. CI

Valuation

Fiscal Period: November 2018 2019 2020 2021 2022 2023
Capitalization 1 19,816 22,570 16,121 17,651 15,062 14,686
Enterprise Value (EV) 1 33,586 35,899 29,229 29,244 22,784 26,004
P/E ratio 17.2 x 20.1 x 14.8 x 20.7 x 22.1 x 21.3 x
Yield - - 6.28% - - -
Capitalization / Revenue 6.83 x 7.85 x 5.63 x 6.56 x 5.96 x 6.06 x
EV / Revenue 11.6 x 12.5 x 10.2 x 10.9 x 9.01 x 10.7 x
EV / EBITDA 14.8 x 15.9 x 13.1 x 14 x 11.7 x 13.9 x
EV / FCF 32.7 x 22 x 22.9 x - 17.6 x 32.3 x
FCF Yield 3.06% 4.55% 4.37% - 5.69% 3.1%
Price to Book 0.93 x 1.06 x 0.76 x 0.84 x 0.72 x 0.7 x
Nbr of stocks (in thousands) 235 235 235 235 235 235
Reference price 2 84,200 95,900 68,500 75,000 64,000 62,400
Announcement Date 26/02/19 25/02/20 21/01/21 25/02/22 24/02/23 26/02/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November 2018 2019 2020 2021 2022 2023
Net sales 1 2,900 2,875 2,866 2,692 2,528 2,424
EBITDA 1 2,274 2,259 2,234 2,086 1,942 1,874
EBIT 1 1,430 1,396 1,356 1,184 1,060 1,040
Operating Margin 49.31% 48.56% 47.31% 43.96% 41.91% 42.91%
Earnings before Tax (EBT) 1 1,154 1,125 1,090 852.3 681.8 690.9
Net income 1 1,154 1,125 1,090 851.3 680.8 690
Net margin 39.79% 39.11% 38.03% 31.62% 26.93% 28.47%
EPS 2 4,903 4,778 4,631 3,617 2,892 2,932
Free Cash Flow 1 1,027 1,634 1,278 - 1,297 805.5
FCF margin 35.41% 56.85% 44.61% - 51.29% 33.24%
FCF Conversion (EBITDA) 45.15% 72.36% 57.23% - 66.78% 42.99%
FCF Conversion (Net income) 88.97% 145.35% 117.29% - 190.47% 116.73%
Dividend per Share - - 4,299 - - -
Announcement Date 26/02/19 25/02/20 21/01/21 25/02/22 24/02/23 26/02/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1
Net sales 1 1,434 1,440 1,433 1,358 1,348 1,344 1,291 1,237 1,221 1,202 1,300 1,310
EBITDA - 1,131 - - - - - - - - - -
EBIT 1 699 696.9 678 594 - 589 554 505 523 516 570 575
Operating Margin 48.74% 48.39% 47.31% 43.74% - 43.82% 42.91% 40.82% 42.83% 42.93% 43.85% 43.89%
Earnings before Tax (EBT) - 566.5 - 467 - - - - - - - -
Net income 1 559 565.6 545 466 459 392 353 327 349 341 349 394
Net margin 38.98% 39.27% 38.03% 34.32% 34.05% 29.17% 27.34% 26.43% 28.58% 28.37% 26.85% 30.08%
EPS - 2,403 - 1,983 - - - 1,389 - - 1,482 1,674
Dividend per Share - - - 1,996 - - - - - - 1,495 1,687
Announcement Date 19/07/19 21/01/20 21/07/20 20/01/21 20/07/21 20/01/22 20/07/22 20/01/23 20/07/23 22/01/24 - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: November 2018 2019 2020 2021 2022 2023
Net Debt 1 13,770 13,329 13,108 11,593 7,722 11,318
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.055 x 5.901 x 5.868 x 5.559 x 3.977 x 6.04 x
Free Cash Flow 1 1,027 1,635 1,279 - 1,297 806
ROE (net income / shareholders' equity) 6.17% 5.3% 5.14% 4.04% 3.24% 3.29%
ROA (Net income/ Total Assets) 2.62% 2.24% 2.2% 1.99% 1.89% 1.9%
Assets 1 44,105 50,101 49,588 42,789 36,028 36,414
Book Value Per Share 2 90,182 90,109 90,008 89,319 89,005 89,090
Cash Flow per Share 2 9,433 9,467 9,390 10,516 11,332 6,671
Capex 1 574 144 340 103 296 5,254
Capex / Sales 19.79% 5.01% 11.86% 3.83% 11.71% 216.79%
Announcement Date 26/02/19 25/02/20 26/08/20 25/02/22 24/02/23 26/02/24
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 Hospitality REITs

1st Jan change Capi.
NIPPON HOTEL & RESIDENTIAL INVESTMENT CORPORATION Stock Nippon Hotel & Residential Investment Corporation
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Hospitality REITs
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