Stock 8963 INVINCIBLE INVESTMENT CORPORATION
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Financials Invincible Investment Corporation

Equities

8963

JP3046190009

Diversified REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-07-01 EDT 		5-day change 1st Jan Change
66,000 JPY +1.23% Intraday chart for Invincible Investment Corporation -3.79% +8.20%
06-26 Invincible Investment Secures 1 Billion Yen Loan to Repay Debt MT
06-25 Invincible Investment Corporation Obtains New Debt Financing to Refinance Existing Debt CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 377,394 202,110 221,925 310,939 410,964 402,391 - -
Enterprise Value (EV) 1 611,308 443,488 454,110 533,183 670,084 624,701 616,949 625,419
P/E ratio 10.9 x 193 x -85.8 x 51.1 x 19.7 x 18.1 x 17.7 x 16.9 x
Yield 5.46% 0.71% 0.5% 1.96% 5.09% 5.52% 5.65% 5.93%
Capitalization / Revenue 8.22 x 11.4 x 18.2 x 15.9 x 11.8 x 10.1 x 9.87 x 9.55 x
EV / Revenue 13.3 x 25 x 37.2 x 27.2 x 19.3 x 15.6 x 15.1 x 14.8 x
EV / EBITDA 14.6 x 42.9 x 59 x 35.5 x 22.3 x 17.1 x 16.8 x 16.4 x
EV / FCF -37.1 x 16.9 x 45.1 x 49.1 x -21.9 x 16.8 x 16.6 x 15.5 x
FCF Yield -2.69% 5.9% 2.22% 2.04% -4.56% 5.96% 6.02% 6.46%
Price to Book 1.45 x 0.81 x 0.9 x 1.24 x 1.42 x 1.52 x 1.48 x 1.53 x
Nbr of stocks (in thousands) 6,097 6,097 6,097 6,097 6,737 6,097 - -
Reference price 2 61,900 33,150 36,400 51,000 61,000 66,000 66,000 66,000
Announcement Date 2/20/20 2/25/21 2/24/22 3/27/23 2/26/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 45,926 17,750 12,212 19,610 34,733 39,970 40,776 42,152
EBITDA 1 41,968 10,331 7,691 15,031 30,033 36,636 36,774 38,191
EBIT 1 35,043 3,188 -49 8,371 22,944 28,136 28,724 30,023
Operating Margin 76.3% 17.96% -0.4% 42.69% 66.06% 70.39% 70.44% 71.23%
Earnings before Tax (EBT) 1 - - -2,584 6,092 19,948 25,310 27,376 29,502
Net income 1 32,877 1,046 -2,585 6,090 19,945 24,541 25,133 26,380
Net margin 71.59% 5.89% -21.17% 31.06% 57.42% 61.4% 61.64% 62.58%
EPS 2 5,658 172.0 -424.0 998.0 3,101 3,643 3,730 3,916
Free Cash Flow 1 -16,458 26,172 10,070 10,865 -30,561 37,228 37,163 40,416
FCF margin -35.84% 147.45% 82.46% 55.41% -87.99% 93.14% 91.14% 95.88%
FCF Conversion (EBITDA) - 253.34% 130.93% 72.28% - 101.62% 101.06% 105.82%
FCF Conversion (Net income) - 2,502.07% - 178.39% - 151.7% 147.87% 153.21%
Dividend per Share 2 3,381 236.0 181.0 998.0 3,104 3,644 3,730 3,916
Announcement Date 2/20/20 2/25/21 2/24/22 3/27/23 2/26/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 18,587 9,410 8,340 3,806 8,406 7,680 11,930 15,914 18,819 20,871 21,268 22,672 21,880 22,968
EBITDA 1 16,616 5,074 5,257 1,119 - 5,450 9,581 - 16,365 19,120 19,134 20,404 - -
EBIT 1 12,858 1,496 1,690 -2,341 2,292 2,114 6,257 10,356 12,588 14,615 14,159 15,718 15,067 16,236
Operating Margin 69.18% 15.9% 20.26% -61.51% 27.27% 27.53% 52.45% 65.07% 66.89% 70.02% 66.57% 69.33% 68.86% 70.69%
Earnings before Tax (EBT) 1 11,639 424 624 -3,599 1,015 1,016 5,076 8,914 11,033 12,682 12,689 13,789 13,676 14,434
Net income 1 11,638 423 623 -3,599 1,014 1,015 5,075 8,913 11,032 12,769 12,358 13,868 13,215 14,434
Net margin 62.61% 4.5% 7.47% -94.56% 12.06% 13.22% 42.54% 56.01% 58.62% 61.18% 58.1% 61.17% 60.4% 62.85%
EPS 2 1,910 70.00 102.0 -590.0 166.0 166.0 832.0 1,462 1,639 1,895 1,834 2,058 1,961 2,142
Dividend per Share 2 1,725 69.00 167.0 15.00 166.0 166.0 832.0 1,464 1,640 1,898 1,837 2,059 1,961 2,142
Announcement Date 2/20/20 8/25/20 2/25/21 8/25/21 2/24/22 8/25/22 3/27/23 8/24/23 2/26/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 233,914 241,378 232,185 222,244 259,120 222,310 214,558 223,028
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.574 x 23.37 x 30.19 x 14.79 x 8.628 x 6.068 x 5.835 x 5.84 x
Free Cash Flow 1 -16,458 26,172 10,070 10,865 -30,561 37,228 37,163 40,416
ROE (net income / shareholders' equity) 13.7% 0.41% -1.04% 2.45% 7.43% 8.35% 8.27% 8.73%
ROA (Net income/ Total Assets) 6.73% - -0.51% 1.24% 3.79% 4.82% 4.48% 4.64%
Assets 1 488,877 - 505,574 490,117 526,754 508,679 561,468 569,023
Book Value Per Share 2 42,601 40,946 40,370 41,058 43,090 43,431 44,524 43,203
Cash Flow per Share 2 11,836 4,065 2,103 2,032 4,158 5,526 5,516 5,999
Capex 1 1,386 17,480 1,097 1,534 57,117 6,098 6,236 6,406
Capex / Sales 3.02% 98.48% 8.99% 7.82% 164.45% 15.26% 15.29% 15.2%
Announcement Date 2/20/20 2/25/21 2/24/22 3/27/23 2/26/24 - - -
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 Invincible Investment Corporation

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Investor Rating
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EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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