Stock 3476 MIRAI CORPORATION
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Financials MIRAI Corporation

Equities

3476

JP3048370005

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
45,050 JPY +0.67% Intraday chart for MIRAI Corporation -1.85% +3.68%
Apr. 26 Mirai Fixes Interest Rate on 1.5 Billion Yen Bank Loan from Mitsubishi UFJ Financial MT
Apr. 25 Industrial & Infrastructure Fund to Redevelop Narashino, Japan Logistics Facility MT

Valuation

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Capitalization 1 60,379 100,434 59,924 87,600 84,852 80,866
Enterprise Value (EV) 1 121,621 169,910 132,369 163,758 164,343 163,366
P/E ratio 15.4 x 20.3 x 12 x 20.8 x 18.4 x 17.6 x
Yield - - - - 5.39% 5.52%
Capitalization / Revenue 7.33 x 9.4 x 5.8 x 9 x 7.84 x 7.08 x
EV / Revenue 14.8 x 15.9 x 12.8 x 16.8 x 15.2 x 14.3 x
EV / EBITDA 25.5 x 25.9 x 21.3 x 29.4 x 25.9 x 26.1 x
EV / FCF -16.6 x 41.6 x -5.6 x -10.7 x -8.25 x 40.8 x
FCF Yield -6.01% 2.4% -17.8% -9.31% -12.1% 2.45%
Price to Book 0.98 x 1.42 x 0.79 x 1.16 x 1.05 x 0.99 x
Nbr of stocks (in thousands) 1,357 1,582 1,662 1,662 1,771 1,771
Reference price 2 44,500 63,500 36,050 52,700 47,900 45,650
Announcement Date 1/30/19 1/30/20 1/29/21 1/28/22 1/27/23 1/26/24
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Net sales 1 8,240 10,680 10,335 9,728 10,828 11,425
EBITDA 1 4,760 6,562 6,211 5,574 6,346 6,264
EBIT 1 3,895 5,434 5,008 4,359 5,046 4,874
Operating Margin 47.27% 50.88% 48.46% 44.81% 46.6% 42.66%
Earnings before Tax (EBT) 1 3,629 4,946 4,972 4,217 4,570 4,682
Net income 1 3,628 4,944 4,970 4,216 4,569 4,601
Net margin 44.03% 46.29% 48.09% 43.33% 42.19% 40.27%
EPS 2 2,892 3,126 3,012 2,536 2,603 2,597
Free Cash Flow 1 -7,306 4,085 -23,618 -15,250 -19,929 4,003
FCF margin -88.66% 38.25% -228.51% -156.76% -184.05% 35.04%
FCF Conversion (EBITDA) - 62.25% - - - 63.91%
FCF Conversion (Net income) - 82.63% - - - 87%
Dividend per Share - - - - 2,580 2,520
Announcement Date 1/30/19 1/30/20 1/29/21 1/28/22 1/27/23 1/26/24
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 5,340 5,448 - 4,973 5,114 5,275 5,666 6,308 5,744 5,880 6,070
EBITDA - - - - - - - - - - -
EBIT 1 - 2,865 - 2,321 2,397 2,548 2,612 2,820 2,468 2,520 2,640
Operating Margin - 52.59% - 46.67% 46.88% 48.29% 46.09% 44.71% 42.96% 42.86% 43.49%
Earnings before Tax (EBT) - 2,595 - - - - - - - - -
Net income 1 2,473 2,594 2,377 2,072 2,143 2,245 2,324 2,447 2,153 2,123 2,269
Net margin 46.31% 47.61% - 41.66% 41.91% 42.55% 41.02% 38.79% 37.49% 36.11% 37.38%
EPS 1,563 1,583 1,429 - - - - - - - -
Dividend per Share 1,563 1,561 - - - - - - - - -
Announcement Date 12/10/19 6/15/20 12/14/20 6/15/21 12/13/21 6/17/22 12/15/22 6/14/23 12/15/23 - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: October 2018 2019 2020 2021 2022 2023
Net Debt 1 61,242 69,476 72,445 76,158 79,491 82,500
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 12.86 x 10.59 x 11.66 x 13.66 x 12.53 x 13.17 x
Free Cash Flow 1 -7,306 4,085 -23,618 -15,250 -19,929 4,003
ROE (net income / shareholders' equity) 6.32% 7.46% 6.79% 5.59% 5.84% 5.67%
ROA (Net income/ Total Assets) 1.91% 2.38% 2% 1.7% 1.89% 1.75%
Assets 1 189,860 207,313 247,952 247,905 241,939 262,452
Book Value Per Share 2 45,392 44,843 45,709 45,305 45,741 45,948
Cash Flow per Share 2 2,180 3,303 1,973 1,529 2,545 1,693
Capex 1 15,355 608 431 662 22,910 10,568
Capex / Sales 186.34% 5.69% 4.17% 6.8% 211.58% 92.5%
Announcement Date 1/30/19 1/30/20 1/29/21 1/28/22 1/27/23 1/26/24
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly revenue - Rate of surprise

Company calendar

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