XJPX8975
Market cap799mUSD
Jan 16, Last price
79,900.00JPY
1D
-0.25%
1Q
-2.32%
Jan 2017
5.13%
IPO
32.85%
Name
Ichigo Office REIT Investment Corp
Chart & Performance
Profile
Ichigo Office (8975) is a specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential. Ichigo Office seeks to drive higher earnings and sustainable growth for its shareholders by increasing the value of its assets through a broad array of value-add activities, including tailored tenant services, structural building improvements, and targeted tenant leasing. Ichigo Office is managed by Ichigo Investment Advisors, the asset management subsidiary of Ichigo, a major Japanese real estate owner/operator. Ichigo Investment Advisors works to grow value on behalf of shareholders by deploying its deep experience and know-how in developing, operating, and managing Japanese real estate. The mid-size offices in which we invest produce stable cashflows, supporting stable dividends for shareholders. Also, this economically-sensitive asset class provides upside for shareholders via the possibility of higher rent income as the Japanese economy shows signs of emerging from multiple decades of deflation. Furthermore, because the market for mid-size offices in Japan is relatively inefficient and has less participation by other major real estate companies, who tend to focus on larger assets, there is a significant opportunity to add value and increase the profitability of the assets we acquire.
Valuation
Title JPY in thousands, except ratios and share amounts | FY | FY | FY | FY | FY | FY | FY | FY | FY |
---|---|---|---|---|---|---|---|---|---|
2023‑10 | 2022‑10 | 2021‑10 | 2020‑10 | 2019‑10 | 2018‑10 | 2017‑10 | 2016‑10 | 2015‑10 | |
Income | |||||||||
Revenues | 20,294,703 23.17% | 16,476,445 5.83% | |||||||
Cost of revenue | 8,842,566 | 8,111,043 | |||||||
Unusual Expense (Income) | |||||||||
NOPBT | 11,452,137 | 8,365,402 | |||||||
NOPBT Margin | 56.43% | 50.77% | |||||||
Operating Taxes | 1,210 | 1,210 | |||||||
Tax Rate | 0.01% | 0.01% | |||||||
NOPAT | 11,450,927 | 8,364,192 | |||||||
Net income | 9,485,875 41.75% | 6,692,023 5.85% | |||||||
Dividends | (9,495,934) | (7,101,889) | |||||||
Dividend yield | 7.39% | 5.59% | |||||||
Proceeds from repurchase of equity | |||||||||
BB yield | |||||||||
Debt | |||||||||
Debt current | 7,092,000 | 17,270,250 | |||||||
Long-term debt | 107,815,000 | 95,841,000 | |||||||
Deferred revenue | |||||||||
Other long-term liabilities | 10,578,789 | 10,639,454 | |||||||
Net debt | 108,490,845 | 104,362,509 | |||||||
Cash flow | |||||||||
Cash from operating activities | 17,057,698 | 9,795,084 | |||||||
CAPEX | (11,478,742) | (5,249,225) | |||||||
Cash from investing activities | (11,538,652) | (5,187,594) | |||||||
Cash from financing activities | (7,700,184) | (5,243,889) | |||||||
FCF | (3,123,966) | 16,673,236 | |||||||
Balance | |||||||||
Cash | 6,485,000 | 8,697,113 | |||||||
Long term investments | (68,845) | 51,628 | |||||||
Excess cash | 5,401,420 | 7,924,919 | |||||||
Stockholders' equity | 70,772,943 | 82,945,127 | |||||||
Invested Capital | 222,083,981 | 217,760,742 | |||||||
ROIC | 5.21% | 3.86% | |||||||
ROCE | 5.03% | 3.71% | |||||||
EV | |||||||||
Common stock shares outstanding | 1,513 | 1,513 | |||||||
Price | 84,900.00 1.19% | 83,900.00 -2.78% | |||||||
Market cap | 128,484,858 1.19% | 126,971,491 -2.78% | |||||||
EV | 236,975,703 | 231,334,000 | |||||||
EBITDA | 13,374,744 | 10,169,362 | |||||||
EV/EBITDA | 17.72 | 22.75 | |||||||
Interest | 968,581 | 893,726 | |||||||
Interest/NOPBT | 8.46% | 10.68% |