HANKYU HANSHIN REIT, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 140,500 JPY | +0.21% |
|
+1.15% | +1.08% |
| Mar. 27 | Hankyu Hanshin REIT Completes 6.5 Billion Yen Purchase of Osaka Store | MT |
| Mar. 27 | Hankyu Hanshin REIT, Inc. Announces Acquisition of Domestic Real Estate | CI |
Valuation
| Fiscal Period: May | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 87,794 | 102,751 | 94,617 | 107,408 | 103,932 | 98,371 |
| Enterprise Value (EV) 1 | 151,025 | 171,997 | 165,499 | 177,522 | 175,026 | 173,434 |
| P/E ratio | 22.4 x | 23.3 x | 21.1 x | 26.1 x | 24.8 x | 23.3 x |
| Yield | - | - | 4.44% | 3.83% | 4% | - |
| Capitalization / Revenue | 8.2 x | 8.63 x | 8.11 x | 9.43 x | 9.18 x | 8.55 x |
| EV / Revenue | 14.1 x | 14.4 x | 14.2 x | 15.6 x | 15.5 x | 15.1 x |
| EV / EBITDA | 23.3 x | 24.1 x | 24 x | 26 x | 26.1 x | 25.4 x |
| EV / FCF | - | 53,290,956 x | -12,913,488 x | 32,762,746 x | 47,386,620 x | - |
| FCF Yield | - | 0% | -0% | 0% | 0% | - |
| Price to Book | 1.1 x | 1.19 x | 1.09 x | 1.24 x | 1.2 x | 1.13 x |
| Nbr of stocks (in thousands) | 639 | 695 | 695 | 695 | 695 | 695 |
| Reference price 2 | 137,500 | 147,800 | 136,100 | 154,500 | 149,500 | 141,500 |
| Announcement Date | 2/27/19 | 2/27/20 | 3/24/21 | 3/18/22 | 3/17/23 | 8/23/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: May | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 10,710 | 11,910 | 11,671 | 11,392 | 11,317 | 11,503 |
| EBITDA 1 | 6,474 | 7,132 | 6,908 | 6,821 | 6,709 | 6,826 |
| EBIT 1 | 4,680 | 5,128 | 4,866 | 4,734 | 4,766 | 4,873 |
| Operating Margin | 43.7% | 43.06% | 41.69% | 41.55% | 42.12% | 42.36% |
| Earnings before Tax (EBT) 1 | 3,877 | 4,416 | 4,484 | 4,117 | 4,190 | 4,216 |
| Net income 1 | 3,875 | 4,414 | 4,481 | 4,114 | 4,187 | 4,214 |
| Net margin | 36.18% | 37.06% | 38.4% | 36.11% | 37% | 36.63% |
| EPS 2 | 6,150 | 6,349 | 6,446 | 5,917 | 6,023 | 6,061 |
| Free Cash Flow | - | 3,228 | -12,816 | 5,418 | 3,694 | - |
| FCF margin | - | 27.1% | -109.81% | 47.56% | 32.64% | - |
| FCF Conversion (EBITDA) | - | 45.25% | - | 79.43% | 55.06% | - |
| FCF Conversion (Net income) | - | 73.12% | - | 131.72% | 88.21% | - |
| Dividend per Share | - | - | 6,048 | 5,917 | 5,980 | - |
| Announcement Date | 2/27/19 | 2/27/20 | 3/24/21 | 3/18/22 | 3/17/23 | 8/23/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: May | 2019 S1 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,506 | 6,078 | 5,955 | 6,460 | 5,950 | 5,686 | 5,707 | 5,697 | 5,680 | 5,823 | 5,906 | 5,942 | 6,108 | 6,092 |
| EBITDA 1 | 3,305 | 3,564 | 3,565 | 3,718 | 3,528 | - | - | 3,364 | - | 3,421 | 3,375 | 3,389 | 3,517 | 3,515 |
| EBIT 1 | 2,395 | 2,603 | 2,563 | 2,696 | 2,509 | 2,419 | 2,315 | 2,398 | 2,428 | 2,445 | 2,386 | 2,406 | 2,523 | 2,534 |
| Operating Margin | 43.49% | 42.83% | 43.04% | 41.73% | 42.17% | 42.54% | 40.57% | 42.09% | 42.75% | 41.99% | 40.4% | 40.49% | 41.31% | 41.59% |
| Earnings before Tax (EBT) 1 | 1,992 | 2,233 | 2,209 | 2,334 | 2,149 | 2,093 | 2,024 | 2,090 | - | 2,117 | 2,053 | 2,050 | 2,126 | 2,128 |
| Net income 1 | 1,990 | 2,232 | 2,207 | 2,333 | 2,147 | 2,091 | 2,022 | 2,088 | 2,099 | 2,115 | 2,047 | 2,048 | 2,126 | 2,126 |
| Net margin | 36.15% | 36.72% | 37.06% | 36.11% | 36.08% | 36.78% | 35.44% | 36.65% | 36.95% | 36.32% | 34.67% | 34.47% | 34.8% | 34.91% |
| EPS 2 | 3,117 | 3,215 | 3,176 | 3,356 | 3,089 | 3,008 | 2,909 | 2,961 | 3,019 | 3,042 | 2,945 | 2,946 | 3,057 | 3,058 |
| Dividend per Share 2 | 2,952 | 3,211 | 3,176 | 3,039 | 3,009 | 3,008 | 2,909 | 2,961 | 3,019 | 3,043 | 2,945 | 3,033 | 3,057 | 3,058 |
| Announcement Date | 1/24/19 | 7/19/19 | 1/23/20 | 7/16/20 | 1/21/21 | 10/2/21 | 1/21/22 | 7/20/22 | 1/20/23 | 7/19/23 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: May | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 63,231 | 69,246 | 70,883 | 70,114 | 71,093 | 75,063 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 9.767 x | 9.709 x | 10.26 x | 10.28 x | 10.6 x | 11 x |
| Free Cash Flow | - | 3,228 | -12,816 | 5,418 | 3,694 | - |
| ROE (net income / shareholders' equity) | 5.09% | 5.34% | 5.39% | 4.75% | 4.83% | 4.86% |
| ROA (Net income/ Total Assets) | 1.92% | 1.97% | 2.28% | 1.73% | 1.74% | 1.76% |
| Assets 1 | 201,303 | 223,970 | 196,897 | 238,434 | 240,636 | 240,054 |
| Book Value Per Share 2 | 124,961 | 124,393 | 124,625 | 124,525 | 124,679 | 124,702 |
| Cash Flow per Share 2 | 7,411 | 6,694 | 7,074 | 8,140 | 6,691 | 7,533 |
| Capex 1 | 832 | 1,496 | 18,286 | 864 | 9,201 | 5,368 |
| Capex / Sales | 7.77% | 12.56% | 156.69% | 7.58% | 81.31% | 46.67% |
| Announcement Date | 2/27/19 | 2/27/20 | 3/24/21 | 3/18/22 | 3/17/23 | 8/23/23 |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| +1.08% | 621M | |
| -6.46% | 46.25B | |
| -8.31% | 20.33B | |
| -3.56% | 13.07B | |
| +16.05% | 11.53B | |
| -4.85% | 9.68B | |
| -0.83% | 8.48B | |
| -14.19% | 8.38B | |
| +1.38% | 7.63B | |
| -18.42% | 5.53B |
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