Company Valuation: Mitsubishi Estate Logistics REIT Investment Corporation

Data adjusted to current consolidation scope
Fiscal Period: August 2020 2021 2022 2023 2024 2025
Market Cap 1 132,724 202,999 215,294 198,373 190,317 182,742
Change - 52.95% 6.06% -7.86% -4.06% -3.98%
Enterprise Value (EV) 1 164,594 257,603 293,126 297,064 298,687 301,036
Change - 56.51% 13.79% 1.34% 0.55% 0.79%
P/E 39.6x 43x 36.4x 28.1x 22.3x 21.3x
PBR 1.63x 1.74x 1.54x 1.24x 1.19x 1.16x
PEG - 4.3x 4.16x 4.21x 1x 22.59x
Capitalization / Revenue 20.3x 22.2x 19x 13.5x 11.3x 10.7x
EV / Revenue 25.2x 28.1x 25.9x 20.3x 17.7x 17.6x
EV / EBITDA 34.9x 40.1x 36.9x 29.1x 25x 24.9x
EV / EBIT 47.3x 54.1x 49.1x 38.9x 32.5x 32.2x
EV / FCF -5.74x 131x 86.4x - -33.1x 37.1x
FCF Yield -17.4% 0.76% 1.16% - -3.02% 2.7%
Dividend per Share 2 - 4,461 4,842 - - 6,003
Rate of return - 2.58% 3.04% - - 4.93%
EPS 2 3,656 4,025 4,377 4,670 5,662 5,715
Distribution rate - 111% 111% - - 105%
Net sales 1 6,542 9,156 11,306 14,660 16,914 17,149
EBITDA 1 4,712 6,418 7,954 10,197 11,925 12,113
EBIT 1 3,479 4,762 5,970 7,634 9,201 9,352
Net income 1 3,286 4,455 5,520 6,938 8,552 8,600
Net Debt 1 31,870 54,604 77,832 98,691 108,370 118,294
Reference price 2 144,666.67 173,000.00 159,500.00 131,333.33 126,000.00 121,800.00
Nbr of stocks (in thousands) 917 1,173 1,350 1,510 1,510 1,500
Announcement Date 11/27/20 11/29/21 11/29/22 11/29/23 11/27/24 11/27/25
1JPY in Million2JPY
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.01B
33.76x18.29x24.03x3.37% 121B
30.97x13.98x17.69x4.43% 65.81B
36.76x14.71x15.18x5.87% 52.4B
18.07x15.3x17.4x1.14% 37.31B
16.22x25.16x27.55x3.54% 16.56B
26.49x10.61x14.62x4.74% 15.21B
8.26x11.77x14.4x6.15% 14.51B
17.73x15.95x23.19x5.42% 13.77B
29.35x11.22x16.38x4.16% 13.35B
Average 24.18x 15.22x 18.94x 4.31% 35.06B
Weighted average by Cap. 29.01x 15.98x 19.84x 4%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Mitsubishi Estate Logistics REIT Investment Corporation

Historical PBR trend

Valuation ratios - PBR - Mitsubishi Estate Logistics REIT Investment Corporation

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Mitsubishi Estate Logistics REIT Investment Corporation

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Mitsubishi Estate Logistics REIT Investment Corporation

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