Stock 8975 ICHIGO OFFICE REIT INVESTMENT CORPORATION
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Financials Ichigo Office REIT Investment Corporation

Equities

8975

JP3046300004

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
79,300 JPY +0.13% Intraday chart for Ichigo Office REIT Investment Corporation -2.10% -3.88%
Apr. 26 Ichigo Office REIT Investment Secures Fixed Rates for 2 Billion Loans In Swap Deal MT
Apr. 26 An undisclosed buyer acquired the Ichigo Ofuna Building from Ichigo Office REIT Investment Corporation for ¥2.4 billion. CI

Valuation

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Capitalization 1 141,890 170,237 103,429 130,604 126,971 128,485
Enterprise Value (EV) 1 238,167 268,623 200,519 232,437 231,386 236,907
P/E ratio 19.1 x 23.4 x 15 x 20.7 x 19 x 13.5 x
Yield - - - - 5.44% -
Capitalization / Revenue 8.5 x 10.2 x 6.41 x 8.39 x 7.71 x 6.33 x
EV / Revenue 14.3 x 16 x 12.4 x 14.9 x 14 x 11.7 x
EV / EBITDA 22.3 x 25.4 x 19.8 x 24.1 x 23.1 x 18.2 x
EV / FCF 42.3 x -33.9 x 204 x -78.3 x 33.1 x -
FCF Yield 2.36% -2.95% 0.49% -1.28% 3.03% -
Price to Book 1.37 x 1.64 x 0.99 x 1.28 x 1.24 x 1.26 x
Nbr of stocks (in thousands) 1,532 1,532 1,532 1,513 1,513 1,513
Reference price 2 92,600 111,100 67,500 86,300 83,900 84,900
Announcement Date 1/28/19 1/28/20 1/28/21 1/27/22 2/1/23 1/29/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Net sales 1 16,694 16,755 16,124 15,568 16,476 20,295
EBITDA 1 10,703 10,573 10,151 9,643 10,016 13,025
EBIT 1 8,931 8,874 8,474 7,885 8,212 11,104
Operating Margin 53.5% 52.96% 52.56% 50.65% 49.84% 54.71%
Earnings before Tax (EBT) 1 7,422 7,287 6,888 6,322 6,693 9,486
Net income 1 7,422 7,286 6,888 6,322 6,692 9,485
Net margin 44.46% 43.49% 42.72% 40.61% 40.62% 46.74%
EPS 2 4,843 4,755 4,495 4,165 4,422 6,268
Free Cash Flow 1 5,631 -7,934 981.5 -2,970 7,000 -
FCF margin 33.73% -47.35% 6.09% -19.07% 42.48% -
FCF Conversion (EBITDA) 52.61% - 9.67% - 69.89% -
FCF Conversion (Net income) 75.87% - 14.25% - 104.6% -
Dividend per Share - - - - 4,560 -
Announcement Date 1/28/19 1/28/20 1/28/21 1/27/22 2/1/23 1/29/24
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 2025 S1 2025 S2 2026 S1
Net sales 1 8,451 8,304 8,261 7,864 7,725 7,844 8,676 7,801 12,380 7,915 7,925 7,959 7,975 7,957
EBITDA - - - - 4,794 4,850 5,331 - - - - - - -
EBIT 1 4,511 4,363 4,381 4,093 3,923 3,963 4,437 3,776 7,189 3,915 3,752 3,859 3,832 3,864
Operating Margin 53.37% 52.54% 53.04% 52.05% 50.79% 50.52% 51.14% 48.4% 58.07% 49.46% 47.34% 48.49% 48.05% 48.57%
Earnings before Tax (EBT) 1 3,733 3,555 3,576 3,314 3,122 3,201 3,692 3,002 6,391 3,096 2,968 3,055 3,022 3,041
Net income 1 3,732 3,554 3,576 3,313 3,122 3,201 3,691 3,001 6,390 3,096 2,967 3,054 3,022 3,040
Net margin 44.16% 42.8% 43.29% 42.13% 40.41% 40.81% 42.54% 38.47% 51.62% 39.11% 37.44% 38.37% 37.89% 38.21%
EPS 2 2,435 2,319 2,333 2,162 2,050 2,114 2,438 1,983 4,222 2,045 1,961 2,018 1,997 2,009
Dividend per Share 2 2,255 2,150 2,163 2,230 2,132 2,185 2,508 2,052 4,224 2,115 2,030 2,088 2,066 2,079
Announcement Date 6/14/19 12/13/19 6/15/20 12/14/20 6/14/21 12/14/21 6/14/22 12/15/22 6/14/23 1/29/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Net Debt 1 96,277 98,386 97,090 101,833 104,414 108,422
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 8.995 x 9.306 x 9.564 x 10.56 x 10.42 x 8.324 x
Free Cash Flow 1 5,631 -7,934 982 -2,970 7,000 -
ROE (net income / shareholders' equity) 7.24% 7.03% 6.62% 6.12% 6.55% 9.3%
ROA (Net income/ Total Assets) 2.54% 2.48% 2.34% 2.17% 2.24% 3.01%
Assets 1 292,095 294,105 294,491 291,592 298,325 315,025
Book Value Per Share 2 67,361 67,848 68,030 67,678 67,407 67,399
Cash Flow per Share 2 6,084 6,571 7,998 6,225 5,747 4,285
Capex 1 7,890 2,673 498 666 1,390 2,662
Capex / Sales 47.26% 15.95% 3.09% 4.28% 8.44% 13.12%
Announcement Date 1/28/19 1/28/20 1/28/21 1/27/22 2/1/23 1/29/24
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 Office REITs

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Office REITs
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