MITSUI FUDOSAN CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,440 JPY | +3.89% |
|
+2.71% | +24.97% |
| May. 31 | Mitsui Fudosan Logistics Park Secures 1.5 Billion Yen Loan to Repay Debt | MT |
| May. 13 | Japanese shares fall ahead of earnings reports; rising yields weigh | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,733,070 | 1,825,729 | 2,418,345 | 2,490,269 | 2,318,784 | 4,036,500 | - | - |
| Enterprise Value (EV) 1 | 5,464,479 | 5,123,213 | 5,852,152 | 6,011,075 | 6,232,958 | 4,616,427 | 8,357,741 | 8,342,228 |
| P/E ratio | 16.2 x | 9.93 x | 18.7 x | 14.2 x | 11.9 x | 20.5 x | 16.8 x | 15.3 x |
| Yield | 1.58% | 2.35% | 1.75% | 2.1% | 2.5% | 1.7% | 2.03% | 2.18% |
| Capitalization / Revenue | 1.47 x | 0.96 x | 1.2 x | 1.19 x | 1.02 x | 1.94 x | 1.63 x | 1.56 x |
| EV / Revenue | 2.94 x | 2.69 x | 2.92 x | 2.86 x | 2.75 x | 1.94 x | 3.37 x | 3.22 x |
| EV / EBITDA | 16 x | 13.8 x | 19.4 x | 16.9 x | 14.5 x | 9.75 x | 17.1 x | 15.6 x |
| EV / FCF | -31.4 x | -17.5 x | -15.5 x | 97.9 x | -50.1 x | -26.1 x | 261 x | 309 x |
| FCF Yield | -3.18% | -5.7% | -6.45% | 1.02% | -1.99% | -3.83% | 0.38% | 0.32% |
| Price to Book | 1.17 x | 0.75 x | 0.95 x | 0.89 x | 0.8 x | 1.48 x | 1.25 x | 1.18 x |
| Nbr of stocks (in thousands) | 2,946,706 | 2,928,194 | 2,886,427 | 2,851,453 | 2,800,464 | 2,802,152 | - | - |
| Reference price 2 | 927.5 | 623.5 | 837.8 | 873.3 | 828.0 | 1,440 | 1,440 | 1,440 |
| Announcement Date | 5/10/19 | 5/12/20 | 5/14/21 | 5/13/22 | 5/10/23 | 5/10/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,861,195 | 1,905,642 | 2,007,554 | 2,100,870 | 2,269,103 | 2,383,289 | 2,483,463 | 2,588,592 |
| EBITDA 1 | 341,181 | 372,051 | 301,966 | 356,478 | 430,703 | 473,416 | 489,723 | 533,812 |
| EBIT 1 | 262,147 | 280,617 | 203,770 | 244,978 | 305,405 | 339,690 | 353,647 | 388,648 |
| Operating Margin | 14.08% | 14.73% | 10.15% | 11.66% | 13.46% | 14.25% | 14.24% | 15.01% |
| Earnings before Tax (EBT) 1 | 242,043 | 261,217 | 191,820 | 262,403 | 295,930 | 334,065 | 355,146 | 371,897 |
| Net income 1 | 168,661 | 183,972 | 129,576 | 176,986 | 196,998 | 224,647 | 237,927 | 259,508 |
| Net margin | 9.06% | 9.65% | 6.45% | 8.42% | 8.68% | 9.43% | 9.58% | 10.03% |
| EPS 2 | 57.10 | 62.78 | 44.81 | 61.48 | 69.30 | 80.19 | 85.62 | 94.06 |
| Free Cash Flow 1 | -173,805 | -292,185 | -377,404 | 61,412 | -124,326 | -319,000 | 32,000 | 27,000 |
| FCF margin | -9.34% | -15.33% | -18.8% | 2.92% | -5.48% | -13.76% | 1.29% | 1.04% |
| FCF Conversion (EBITDA) | - | - | - | 17.23% | - | - | 6.53% | 5.06% |
| FCF Conversion (Net income) | - | - | - | 34.7% | - | - | 13.45% | 10.4% |
| Dividend per Share 2 | 14.67 | 14.67 | 14.67 | 18.33 | 20.67 | 28.00 | 29.25 | 31.36 |
| Announcement Date | 5/10/19 | 5/12/20 | 5/14/21 | 5/13/22 | 5/10/23 | 5/10/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 888,776 | 1,016,866 | 797,401 | 1,210,153 | 548,159 | 996,862 | 470,044 | 633,964 | 1,104,008 | 576,716 | 480,330 | 1,057,046 | 569,347 | 642,710 | 1,212,057 | 561,364 | 603,881 | 1,165,245 | 533,770 | 684,274 | 1,218,044 | 577,272 | 568,574 | 1,185,000 | 573,908 | 890,803 |
| EBITDA | 161,981 | - | - | - | - | - | - | - | - | 106,255 | - | 190,713 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 118,604 | 162,013 | 64,189 | 139,581 | 65,857 | 100,977 | 53,552 | 90,449 | 144,001 | 77,114 | 54,404 | 131,518 | 81,798 | 92,089 | 173,887 | 80,410 | 99,324 | 179,734 | 65,560 | 94,396 | 159,956 | 87,760 | 79,675 | 177,500 | 80,914 | 97,844 |
| Operating Margin | 13.34% | 15.93% | 8.05% | 11.53% | 12.01% | 10.13% | 11.39% | 14.27% | 13.04% | 13.37% | 11.33% | 12.44% | 14.37% | 14.33% | 14.35% | 14.32% | 16.45% | 15.42% | 12.28% | 13.8% | 13.13% | 15.2% | 14.01% | 14.98% | 14.1% | 10.98% |
| Earnings before Tax (EBT) 1 | 106,556 | - | 32,133 | - | 82,219 | 134,300 | 50,471 | 77,632 | - | 84,348 | 77,791 | 162,139 | 65,991 | 67,800 | - | 121,814 | 86,585 | 208,399 | 49,863 | 75,803 | - | 90,750 | 52,500 | 189,500 | 138,000 | 82,000 |
| Net income 1 | 66,324 | 117,648 | 9,040 | 120,536 | 51,934 | 86,326 | 37,177 | 53,483 | 90,660 | 52,919 | 47,225 | 100,144 | 47,027 | 49,827 | 96,854 | 85,851 | 43,442 | 129,293 | 37,164 | 58,190 | 95,354 | 57,752 | 47,115 | 126,500 | 75,316 | 55,000 |
| Net margin | 7.46% | 11.57% | 1.13% | 9.96% | 9.47% | 8.66% | 7.91% | 8.44% | 8.21% | 9.18% | 9.83% | 9.47% | 8.26% | 7.75% | 7.99% | 15.29% | 7.19% | 11.1% | 6.96% | 8.5% | 7.83% | 10% | 8.29% | 10.68% | 13.12% | 6.17% |
| EPS 2 | 22.61 | - | 3.120 | - | 17.99 | 29.91 | 12.91 | 18.66 | - | 18.56 | 16.56 | 35.12 | 16.55 | 17.63 | - | 30.66 | 15.50 | 46.16 | 13.26 | 20.77 | - | 20.68 | 16.79 | 45.52 | 26.86 | 19.70 |
| Dividend per Share 2 | 7.333 | - | 7.333 | - | 7.333 | 7.333 | - | 11.00 | - | - | 10.00 | 10.00 | - | 10.67 | - | - | 11.67 | 11.67 | - | 16.33 | - | - | 14.50 | - | - | 16.00 |
| Announcement Date | 11/7/19 | 5/12/20 | 11/5/20 | 5/14/21 | 11/5/21 | 11/5/21 | 2/4/22 | 5/13/22 | 5/13/22 | 8/4/22 | 11/9/22 | 11/9/22 | 2/10/23 | 5/10/23 | 5/10/23 | 8/4/23 | 11/8/23 | 11/8/23 | 2/9/24 | 5/10/24 | 5/10/24 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,731,409 | 3,297,484 | 3,433,807 | 3,520,806 | 3,914,174 | 4,293,763 | 4,321,241 | 4,305,728 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.006 x | 8.863 x | 11.37 x | 9.877 x | 9.088 x | 9.139 x | 8.824 x | 8.066 x |
| Free Cash Flow 1 | -173,805 | -292,185 | -377,404 | 61,412 | -124,326 | -319,000 | 32,000 | 27,000 |
| ROE (net income / shareholders' equity) | 7.4% | 7.7% | 5.2% | 6.6% | 6.9% | 7.5% | 7.7% | 8.09% |
| ROA (Net income/ Total Assets) | 3.88% | 3.64% | 2.23% | 2.82% | 3.11% | 2.92% | 3.03% | 3.28% |
| Assets 1 | 4,348,850 | 5,052,122 | 5,807,692 | 6,274,831 | 6,328,623 | 7,685,968 | 7,845,889 | 7,905,791 |
| Book Value Per Share 2 | 795.0 | 827.0 | 885.0 | 981.0 | 1,036 | 1,110 | 1,156 | 1,217 |
| Cash Flow per Share 2 | 83.90 | 94.00 | 78.80 | 100.0 | 113.0 | 128.0 | 85.70 | 92.10 |
| Capex 1 | 390,514 | 379,279 | 276,337 | 241,567 | 386,592 | 246,609 | 317,482 | 314,982 |
| Capex / Sales | 20.98% | 19.9% | 13.76% | 11.5% | 17.04% | 10.35% | 12.78% | 12.17% |
| Announcement Date | 5/10/19 | 5/12/20 | 5/14/21 | 5/13/22 | 5/10/23 | 5/10/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
1,440
JPY
Average target price
1,775
JPY
Spread / Average Target
+23.23%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +24.97% | 25.67B | |
| +1.43% | 25.9B | |
| -10.83% | 26.36B | |
| +12.29% | 24.19B | |
| +7.12% | 20.63B | |
| +35.85% | 21.26B | |
| -3.28% | 18.43B | |
| +3.23% | 16.74B | |
| +34.62% | 16.42B | |
| +1.04% | 15.04B |
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