Stock 8984 DAIWA HOUSE REIT INVESTMENT CORPORATION
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Financials Daiwa House REIT Investment Corporation

Equities

8984

JP3046390005

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-07-01 EDT 		5-day change 1st Jan Change
242,000 JPY -1.55% Intraday chart for Daiwa House REIT Investment Corporation -1.98% -3.85%
06-26 Daiwa House REIT Plans Redevelopment of Castalia Kamiikedai Property MT
06-04 Daiwa House REIT Repurchases Over 1.3 Billion Yen Worth of Units in May MT

Valuation

Fiscal Period: February 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 558,590 614,002 722,680 652,152 567,008 569,716 - -
Enterprise Value (EV) 1 856,921 943,933 1,088,318 1,006,238 925,053 938,370 938,467 936,917
P/E ratio 30.5 x 29.2 x 30.2 x 29.4 x 26.2 x 23.9 x 24.5 x 24 x
Yield 4.39% 4.04% 3.83% 4.01% 4.65% 4.97% 4.71% 4.79%
Capitalization / Revenue 11.2 x 11.2 x 12.1 x 11.1 x 9.52 x 9.81 x 10.1 x 9.99 x
EV / Revenue 17.2 x 17.3 x 18.2 x 17.1 x 15.5 x 16.2 x 16.7 x 16.4 x
EV / EBITDA 27.8 x 24.5 x 26.3 x 24.8 x 23 x 25.1 x 24.6 x 24.1 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.21 x 1.25 x 1.38 x 1.25 x 1.1 x 1.1 x 1.1 x 1.11 x
Nbr of stocks (in thousands) 2,075 2,196 2,320 2,320 2,320 2,318 - -
Reference price 2 269,200 279,600 311,500 281,100 244,400 245,800 245,800 245,800
Announcement Date 20-04-16 21-04-20 22-04-15 23-04-18 24-04-16 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 49,896 54,711 59,836 58,859 59,564 58,069 56,251 57,053
EBITDA 1 30,832 38,556 41,387 40,646 40,270 37,412 38,130 38,956
EBIT 1 21,261 24,145 26,525 25,402 25,053 26,495 26,720 27,306
Operating Margin 42.61% 44.13% 44.33% 43.16% 42.06% 45.63% 47.5% 47.86%
Earnings before Tax (EBT) 1 - - - - 21,604 23,641 22,441 22,653
Net income 1 18,292 21,035 23,305 22,174 20,757 23,780 23,179 23,677
Net margin 36.66% 38.45% 38.95% 37.67% 34.85% 40.95% 41.21% 41.5%
EPS 2 8,818 9,579 10,330 9,556 9,311 10,276 10,024 10,240
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 11,813 11,283 11,940 11,266 11,354 12,214 11,566 11,779
Announcement Date 20-04-16 21-04-20 22-04-15 23-04-18 24-04-16 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February 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 2026 S2
Net sales 1 24,878 25,018 26,614 28,097 29,572 30,264 29,369 29,490 29,921 29,643 31,282 31,635 30,478 30,430
EBITDA 1 - 15,365 18,731 19,825 20,370 21,017 20,298 20,349 - 19,771 21,084 21,020 - -
EBIT 1 10,702 10,559 11,574 12,571 13,116 13,409 12,661 12,741 12,915 12,138 13,685 13,315 13,298 13,327
Operating Margin 43.02% 42.21% 43.49% 44.74% 44.35% 44.31% 43.11% 43.2% 43.16% 40.95% 43.75% 42.09% 43.63% 43.79%
Earnings before Tax (EBT) 1 9,167 9,126 9,937 11,099 11,620 11,686 11,050 11,124 11,225 10,379 11,698 11,446 11,390 11,394
Net income 1 9,166 9,125 9,936 11,099 11,620 11,685 11,050 11,124 11,224 10,378 11,823 11,428 11,390 11,393
Net margin 36.84% 36.47% 37.33% 39.5% 39.29% 38.61% 37.62% 37.72% 37.51% 35.01% 37.79% 36.12% 37.37% 37.44%
EPS 2 4,420 4,398 4,525 5,054 5,291 5,039 4,762 4,794 4,838 4,473 5,102 4,934 4,910 4,911
Dividend per Share 2 5,773 6,040 5,427 5,856 6,118 5,822 5,617 5,649 5,643 5,711 5,773 6,048 5,752 5,753
Announcement Date 19-10-17 20-04-16 20-10-16 21-04-20 21-10-15 22-04-15 22-10-18 23-04-18 23-10-18 24-04-16 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: February 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 298,331 329,932 365,638 354,086 358,045 368,654 368,751 367,201
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 9.676 x 8.557 x 8.835 x 8.711 x 8.891 x 9.854 x 9.671 x 9.426 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 4.11% 4.42% 4.59% 4.25% 4% 4.35% 4.38% 4.53%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 221,851 223,400 225,938 224,159 222,199 224,017 223,642 222,368
Cash Flow per Share - - - - - - - -
Capex 1 1,645 80,640 - 2,782 15,167 34,979 19,063 14,221
Capex / Sales 3.3% 147.39% - 4.73% 25.46% 60.24% 33.89% 24.93%
Announcement Date 20-04-16 21-04-20 22-04-15 23-04-18 24-04-16 - - -
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Daiwa House REIT Investment Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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