Financials Leopalace21 Corporation

Equities

8848

JP3167500002

Real Estate Development & Operations

Delayed Japan Exchange Other stock markets 10:30:00 2024-07-08 pm EDT			5-day change	1st Jan Change
518 ^JPY	+0.78%		-3.18%	+21.03%

May. 28	Leopalace21 Corporation Provides Dividend Guidance for the Interim and Year End of the Fiscal Year Ending March 31, 2025	CI
May. 28	Leopalace21 Corporation Proposes Dividend for the Fiscal Year 2023, Payable on June 28, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	64,934	50,311	66,437	117,472	164,248	163,295	-	-
Enterprise Value (EV) ¹	34,617	30,754	53,757	95,760	126,500	123,226	102,603	81,006
P/E ratio	-0.81 x	-1.8 x	5.6 x	5.93 x	3.95 x	11.2 x	9.41 x	8.98 x
Yield	-	-	-	-	0.97%	1.46%	1.56%	1.65%
Capitalization / Revenue	0.15 x	0.12 x	0.17 x	0.29 x	0.39 x	0.38 x	0.37 x	0.37 x
EV / Revenue	0.08 x	0.08 x	0.13 x	0.24 x	0.3 x	0.29 x	0.23 x	0.18 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-0.62 x	-1.06 x	-15 x	-	6.25 x	14.2 x	3.1 x	2.26 x
FCF Yield	-160%	-94.3%	-6.65%	-	16%	7.06%	32.3%	44.3%
Price to Book	49.8 x	-5.92 x	62.2 x	4.87 x	2.57 x	2.16 x	2.18 x	2 x
Nbr of stocks (in thousands)	244,111	328,828	328,896	329,054	317,695	317,695	-	-
Reference price ²	266.0	153.0	202.0	357.0	517.0	514.0	514.0	514.0
Announcement Date	6/5/20	5/14/21	5/16/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	433,553	408,959	398,366	406,449	422,671	429,500	438,000	442,050
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	-36,473	-29,182	1,774	9,879	23,313	26,950	29,500	32,000
Operating Margin	-8.41%	-7.14%	0.45%	2.43%	5.52%	6.27%	6.74%	7.24%
Earnings before Tax (EBT) ¹	-58,013	-22,925	9,693	2,847	17,005	24,150	28,550	31,050
Net income ¹	-80,224	-23,680	11,854	19,810	42,062	14,600	18,400	20,350
Net margin	-18.5%	-5.79%	2.98%	4.87%	9.95%	3.4%	4.2%	4.6%
EPS ²	-328.8	-84.88	36.04	60.22	130.9	45.95	54.60	57.25
Free Cash Flow ¹	-55,518	-28,987	-3,574	-	20,242	8,700	33,100	35,900
FCF margin	-12.81%	-7.09%	-0.9%	-	4.79%	2.03%	7.56%	8.12%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	48.12%	59.59%	179.89%	176.41%
Dividend per Share ²	-	-	-	-	5.000	7.500	8.000	8.500
Announcement Date	6/5/20	5/14/21	5/16/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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	2025 S2
Net sales ¹	212,036	208,647	200,312	199,550	97,920	100,896	198,816	101,406	101,054	202,460	101,057	102,932	203,989	106,375	105,473	211,848	104,728	106,095	210,823	107,100	105,500	213,300	106,400	110,000	216,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-19,347	-12,616	-16,566	809	3,466	-2,501	965	3,579	3,383	6,962	3,806	-889	2,917	7,622	7,206	14,828	5,181	3,304	8,485	8,250	6,950	15,125	6,050	5,400	11,450
Operating Margin	-9.12%	-6.05%	-8.27%	0.41%	3.54%	-2.48%	0.49%	3.53%	3.35%	3.44%	3.77%	-0.86%	1.43%	7.17%	6.83%	7%	4.95%	3.11%	4.02%	7.7%	6.59%	7.09%	5.69%	4.91%	5.29%
Earnings before Tax (EBT) ¹	-	-17,034	-	1,945	5,627	-	-	2,235	-	5,113	2,228	-	-	7,121	-	12,801	3,323	-	-	7,650	6,550	14,125	5,650	5,000	10,650
Net income ¹	-55,789	-17,571	-6,109	647	5,218	5,989	11,207	1,630	2,061	3,691	1,857	14,262	16,119	6,627	5,223	11,850	3,028	27,184	30,212	7,050	5,850	12,925	5,100	-3,450	1,650
Net margin	-26.31%	-8.42%	-3.05%	0.32%	5.33%	5.94%	5.64%	1.61%	2.04%	1.82%	1.84%	13.86%	7.9%	6.23%	4.95%	5.59%	2.89%	25.62%	14.33%	6.58%	5.55%	6.06%	4.79%	-3.14%	0.76%
EPS ²	-	-71.95	-	1.970	15.86	-	-	4.960	-	11.22	5.650	-	-	20.14	-	36.47	9.670	-	-	21.70	-	40.30	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.500	-	-	-
Announcement Date	6/5/20	11/13/20	5/14/21	11/12/21	2/10/22	5/16/22	5/16/22	8/5/22	11/11/22	11/11/22	2/10/23	5/12/23	5/12/23	8/8/23	11/10/23	11/10/23	2/9/24	5/10/24	5/10/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	30,317	19,557	12,680	21,712	37,748	40,069	60,692	82,289
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-55,518	-28,987	-3,574	-	20,242	8,700	33,100	35,900
ROE (net income / shareholders' equity)	-195%	-	-	157%	95.6%	20.9%	23.4%	24.2%
ROA (Net income/ Total Assets)	-14.9%	-19.1%	-1.4%	4.18%	10.5%	12.7%	14.4%	16.1%
Assets ¹	539,458	124,277	-846,309	473,512	401,213	114,961	128,223	126,398
Book Value Per Share ²	5.340	-25.80	3.250	73.30	201.0	238.0	236.0	257.0
Cash Flow per Share	-279.0	-47.50	64.50	80.20	145.0	-	-	-
Capex ¹	3,879	2,994	2,137	1,745	1,180	250	250	250
Capex / Sales	0.89%	0.73%	0.54%	0.43%	0.28%	0.06%	0.06%	0.06%
Announcement Date	6/5/20	5/14/21	5/16/22	5/12/23	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

Ratings for Leopalace21 Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

514 JPY

Average target price

530 JPY

Spread / Average Target

+3.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
LEOPALACE21 CORPORATION	+21.03%	1.02B
MITSUI FUDOSAN CO., LTD.	+29.18%	26.5B
CHINA RESOURCES LAND LIMITED	-6.43%	25.06B
DLF LIMITED	+15.05%	24.69B
SUN HUNG KAI PROPERTIES LIMITED	-21.43%	23.3B
MITSUBISHI ESTATE CO., LTD.	+33.92%	20.67B
EMAAR PROPERTIES	+0.76%	19.25B
CHINA OVERSEAS LAND & INVESTMENT LTD.	-4.07%	19.05B
MACROTECH DEVELOPERS LIMITED	+50.42%	18.28B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+18.72%	14.84B

Other Real Estate Development & Operations