Stock 2989 TOKAIDO REIT, INC.
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Financials Tokaido REIT, Inc.

Equities

2989

JP3049110004

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 11:30:00 24/05/2024 am IST 		5-day change 1st Jan Change
1,25,200 JPY -0.24% Intraday chart for Tokaido REIT, Inc. -2.42% -0.32%
01/05 Certain Shares of Tokaido REIT, Inc. are subject to a Lock-Up Agreement Ending on 1-MAY-2024. CI
17/01 Tokaido REIT, Inc. agreed to acquire Socio Kariya Imaokacho from MIRAI HOLDINGS Co., Ltd. for ¥1.13 billion. CI

Valuation

Fiscal Period: January 2022 2023 2024
Capitalization 1 18,776 21,711 30,191
Enterprise Value (EV) 1 33,587 44,168 52,265
P/E ratio 15.7 x 18.4 x 18.6 x
Yield - - -
Capitalization / Revenue 8.48 x 6.72 x 9.2 x
EV / Revenue 15.2 x 13.7 x 15.9 x
EV / EBITDA 22.5 x 19.5 x 23.2 x
EV / FCF - -15,94,572 x 8,08,43,387 x
FCF Yield - -0% 0%
Price to Book 1.07 x 1.23 x 1.21 x
Nbr of stocks (in thousands) 177 177 243
Reference price 2 1,06,200 1,22,800 1,24,500
Announcement Date 27/10/22 30/10/23 26/04/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: January 2022 2023 2024
Net sales 1 2,215 3,232 3,280
EBITDA 1 1,495 2,264 2,250
EBIT 1 1,321 1,932 1,898
Operating Margin 59.64% 59.78% 57.87%
Earnings before Tax (EBT) 1 1,197 1,620 1,624
Net income 1 1,196 1,620 1,624
Net margin 54% 50.12% 49.51%
EPS 2 6,744 6,680 6,697
Free Cash Flow - -27,699 646.5
FCF margin - -857.02% 19.71%
FCF Conversion (EBITDA) - - 28.73%
FCF Conversion (Net income) - - 39.81%
Dividend per Share - - -
Announcement Date 27/10/22 30/10/23 26/04/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: January 2022 S1 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 244 1,116 1,147 1,616 1,655 1,910 1,940
EBITDA - - - - - - -
EBIT 1 119 622 635 966 923 1,085 1,070
Operating Margin 48.77% 55.73% 55.36% 59.78% 55.77% 56.81% 55.15%
Earnings before Tax (EBT) -204 - - - - - -
Net income 1 -204 560 567 810 812 908 943
Net margin -83.61% 50.18% 49.43% 50.12% 49.06% 47.54% 48.61%
EPS -4,346 - - - - 3,261 3,387
Dividend per Share - - - - - 3,261 3,387
Announcement Date 15/09/21 16/09/22 17/03/23 15/09/23 - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: January 2022 2023 2024
Net Debt 1 14,811 22,457 22,074
Net Cash position 1 - - -
Leverage (Debt/EBITDA) 9.907 x 9.919 x 9.811 x
Free Cash Flow - -27,699 647
ROE (net income / shareholders' equity) - 7.6% 7.62%
ROA (Net income/ Total Assets) - 2.87% 2.8%
Assets 1 - 56,507 57,928
Book Value Per Share 2 99,186 99,525 1,03,254
Cash Flow per Share 2 4,449 4,638 3,406
Capex 1 833 28,304 332
Capex / Sales 37.61% 875.74% 10.12%
Announcement Date 27/10/22 30/10/23 26/04/24
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

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Industrial REITs
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  4. Financials Tokaido REIT, Inc.