Stock 3451 TOSEI REIT INVESTMENT CORPORATION
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Financials Tosei Reit Investment Corporation

Equities

3451

JP3047830009

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 11:30:00 02/05/2024 am IST 		5-day change 1st Jan Change
1,42,100 JPY +0.92% Intraday chart for Tosei Reit Investment Corporation -1.86% +4.72%
19/01 Tosei Reit Investment Corporation announced that it expects to receive ¥1.648335 billion in funding from Tosei Corporation CI
2023 Tosei Reit Investment Corporation announced that it expects to receive ¥407.03 million in funding from Tosei Corporation CI

Valuation

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Capitalization 1 25,623 39,198 35,310 44,674 49,598 49,696
Enterprise Value (EV) 1 47,721 67,143 69,340 80,522 88,258 88,611
P/E ratio 15.9 x 19.3 x 14 x 18 x 18.9 x 18.3 x
Yield - - - - - -
Capitalization / Revenue 6.25 x 7.81 x 5.7 x 7.08 x 7.22 x 7.06 x
EV / Revenue 11.6 x 13.4 x 11.2 x 12.8 x 12.8 x 12.6 x
EV / EBITDA 19.4 x 21.9 x 18.3 x 21 x 21.6 x 21.2 x
EV / FCF 54.6 x -59.9 x -38.2 x 58.5 x 55.7 x 48.6 x
FCF Yield 1.83% -1.67% -2.62% 1.71% 1.79% 2.06%
Price to Book 1.04 x 1.3 x 0.93 x 1.18 x 1.21 x 1.2 x
Nbr of stocks (in thousands) 234 283 341 341 362 365
Reference price 2 1,09,500 1,38,500 1,03,700 1,31,200 1,37,200 1,36,300
Announcement Date 30/01/19 30/01/20 29/01/21 28/01/22 30/01/23 30/01/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Net sales 1 4,102 5,020 6,194 6,314 6,874 7,042
EBITDA 1 2,454 3,066 3,786 3,834 4,084 4,188
EBIT 1 1,962 2,482 3,066 3,066 3,238 3,312
Operating Margin 47.83% 49.44% 49.5% 48.56% 47.11% 47.03%
Earnings before Tax (EBT) 1 1,610 2,036 2,516 2,486 2,630 2,702
Net income 1 1,610 2,028 2,516 2,480 2,630 2,702
Net margin 39.25% 40.4% 40.62% 39.28% 38.26% 38.37%
EPS 2 6,869 7,166 7,415 7,283 7,275 7,431
Free Cash Flow 1 873.2 -1,122 -1,815 1,376 1,584 1,822
FCF margin 21.29% -22.34% -29.31% 21.78% 23.04% 25.87%
FCF Conversion (EBITDA) 35.58% - - 35.88% 38.78% 43.49%
FCF Conversion (Net income) 54.24% - - 55.46% 60.22% 67.41%
Dividend per Share - - - - - -
Announcement Date 30/01/19 30/01/20 29/01/21 28/01/22 30/01/23 30/01/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 2,511 2,996 3,097 3,312 3,158 3,303 3,437 3,482 3,522 3,530 3,525
EBITDA - - - - - - - - - - -
EBIT 1 1,242 1,501 1,532 1,653 1,533 1,582 1,619 1,630 1,656 1,615 1,635
Operating Margin 49.46% 50.1% 49.47% 49.91% 48.55% 47.91% 47.1% 46.82% 47.03% 45.75% 46.38%
Earnings before Tax (EBT) 1 - 1,244 1,259 1,373 1,244 1,287 - 1,332 1,352 1,310 1,310
Net income 1 1,015 1,243 1,258 1,339 1,241 1,286 1,315 1,331 1,351 1,309 1,309
Net margin 40.41% 41.49% 40.62% 40.44% 39.29% 38.95% 38.27% 38.23% 38.37% 37.08% 37.13%
EPS 2 - 3,698 3,710 3,932 3,643 3,613 3,638 3,682 3,716 3,590 3,590
Dividend per Share 2 - 3,696 3,697 3,750 3,643 3,558 3,638 3,682 3,706 3,612 3,612
Announcement Date 16/12/19 15/06/20 29/01/21 16/06/21 15/12/21 15/06/22 16/12/22 16/06/23 15/12/23 - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Net Debt 1 22,098 27,945 34,030 35,848 38,660 38,915
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 9.005 x 9.114 x 8.988 x 9.35 x 9.466 x 9.292 x
Free Cash Flow 1 873 -1,122 -1,815 1,376 1,584 1,822
ROE (net income / shareholders' equity) 7.31% 7.4% 7.41% 6.55% 6.68% 6.58%
ROA (Net income/ Total Assets) 2.67% 2.72% 2.75% 2.44% 2.44% 2.4%
Assets 1 60,322 74,479 91,524 1,01,594 1,07,655 1,12,457
Book Value Per Share 2 1,05,512 1,06,376 1,11,500 1,11,238 1,12,944 1,13,202
Cash Flow per Share 2 6,425 4,434 4,332 7,788 6,196 6,541
Capex 1 106 2,202 3,660 646 628 618
Capex / Sales 2.58% 43.86% 59.09% 10.23% 9.14% 8.78%
Announcement Date 30/01/19 30/01/20 29/01/21 28/01/22 30/01/23 30/01/24
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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