Stock 3492 TAKARA LEBEN REAL ESTATE INVESTMENT CORPORATION
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Financials Takara Leben Real Estate Investment Corporation

Equities

3492

JP3048750008

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-06-03 am EDT 		5-day change 1st Jan Change
99,300 JPY -0.40% Intraday chart for Takara Leben Real Estate Investment Corporation -1.29% -1.49%
2023 Certain Investment Units of Takara Leben Real Estate Investment Corporation are subject to a Lock-Up Agreement Ending on 28-AUG-2023. CI
2023 Takara Leben Real Estate Investment Corporation completed the acquisition of Trust Beneficiary Interests of La Vita SHIN-OKACHIMACHI from Island Ship No. 4 LLC. CI

Valuation

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Capitalization 1 - 41,080 39,266 52,124 61,582 66,506
Enterprise Value (EV) 1 - 70,979 78,269 92,066 116,413 128,989
P/E ratio 103 x 14.7 x 12.6 x 17.1 x 17.5 x 17.9 x
Yield - - - 5.55% 5.72% -
Capitalization / Revenue - 8.14 x 6.74 x 8.78 x 8.13 x 8.87 x
EV / Revenue - 14.1 x 13.4 x 15.5 x 15.4 x 17.2 x
EV / EBITDA - 19.8 x 18.6 x 21.8 x 21 x 24 x
EV / FCF - - -1,732,445 x 47,673,370 x 34,651,861 x -
FCF Yield - - -0% 0% 0% -
Price to Book 0.98 x 1.23 x 0.84 x 1.11 x 1.04 x 0.94 x
Nbr of stocks (in thousands) - 346 463 463 575 691
Reference price 2 91,200 118,900 84,900 112,700 107,100 96,200
Announcement Date 11/27/18 11/27/19 11/27/20 1/18/22 11/25/22 11/28/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Net sales 1 377 5,045 5,825 5,936 7,576 7,499
EBITDA 1 283 3,584 4,200 4,230 5,544 5,382
EBIT 1 201 3,072 3,528 3,570 4,669 4,351
Operating Margin 53.32% 60.88% 60.57% 60.14% 61.64% 58.02%
Earnings before Tax (EBT) 1 34 2,793 3,106 3,122 3,534 3,629
Net income 1 33 2,791 3,105 3,040 3,528 3,578
Net margin 8.75% 55.32% 53.31% 51.22% 46.57% 47.71%
EPS 2 883.5 8,078 6,719 6,574 6,136 5,383
Free Cash Flow - - -45,178 1,931 3,359 -
FCF margin - - -775.55% 32.53% 44.34% -
FCF Conversion (EBITDA) - - - 45.65% 60.6% -
FCF Conversion (Net income) - - - 63.52% 95.22% -
Dividend per Share - - - 6,256 6,128 -
Announcement Date 11/27/18 11/27/19 11/27/20 1/18/22 11/25/22 11/28/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August 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 2,129 2,916 3,076 2,750 2,874 3,061 4,031 3,545 3,612 3,886 3,820 4,330 4,360
EBITDA - - - - - - - - - - - - -
EBIT 1 - 1,760 1,912 1,611 1,703 1,843 2,093 2,020 2,092 2,258 2,225 2,585 2,580
Operating Margin - 60.36% 62.16% 58.58% 59.25% 60.21% 51.93% 56.99% 57.92% 58.11% 58.25% 59.7% 59.17%
Earnings before Tax (EBT) - 1,620 - 1,399 - - - - - - - - -
Net income 1 1,172 1,619 1,706 1,399 1,476 1,563 1,801 1,726 1,717 1,860 1,814 2,114 2,099
Net margin 55.04% 55.52% 55.46% 50.87% 51.37% 51.06% 44.69% 48.69% 47.54% 47.86% 47.49% 48.82% 48.14%
EPS - 4,686 - 3,024 - - - - - - - 2,707 2,688
Dividend per Share - 4,693 - 3,029 - - - - - - - 2,707 2,700
Announcement Date 5/29/19 10/11/19 4/14/20 10/13/20 5/28/21 10/13/21 4/13/22 10/18/22 4/21/23 10/23/23 - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Net Debt 1 33,869 29,899 39,003 39,942 54,830 62,483
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 119.7 x 8.342 x 9.285 x 9.442 x 9.89 x 11.61 x
Free Cash Flow - - -45,179 1,931 3,359 -
ROE (net income / shareholders' equity) - 8.52% 7.76% 6.51% 6.65% 5.52%
ROA (Net income/ Total Assets) - 2.7% 2.64% 2.36% 2.69% 2.05%
Assets 1 - 103,447 117,728 128,608 130,920 174,263
Book Value Per Share 2 92,654 97,036 100,657 101,157 103,053 101,828
Cash Flow per Share 2 2,116 17,601 9,507 7,477 5,991 6,751
Capex 1 65,047 3,153 901 656 28,899 12,075
Capex / Sales 17,253.85% 62.49% 15.47% 11.05% 381.46% 161.03%
Announcement Date 11/27/18 11/27/19 11/27/20 1/18/22 11/25/22 11/28/23
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 Diversified REITs

1st Jan change Capi.
TAKARA LEBEN REAL ESTATE INVESTMENT CORPORATION Stock Takara Leben Real Estate Investment Corporation
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ESSENTIAL PROPERTIES REALTY TRUST, INC. Stock Essential Properties Realty Trust, Inc.
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NOMURA REAL ESTATE MASTER FUND, INC. Stock Nomura Real Estate Master Fund, Inc.
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DAIWA HOUSE REIT INVESTMENT CORPORATION Stock Daiwa House REIT Investment Corporation
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