Stock 8976 DAIWA OFFICE INVESTMENT CORPORATION
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Financials Daiwa Office Investment Corporation

Equities

8976

JP3046310003

Commercial REITs

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-05-10 am EDT 		5-day change 1st Jan Change
582,000 JPY -0.51% Intraday chart for Daiwa Office Investment Corporation 0.00% -12.48%
Apr. 08 Daiwa Office Investment Registers for Government's Environmental Management System MT
Apr. 01 Daiwa Office Investment Completes Acquisition of S-GATE FIT Nihonbashi Bakurocho MT

Valuation

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 404,323 294,634 348,495 323,781 323,781 278,346 - -
Enterprise Value (EV) 1 577,392 467,234 520,553 480,572 489,010 460,976 460,106 459,344
P/E ratio 31.6 x 21.3 x 24.3 x 23.3 x 24.4 x 21.8 x 19.9 x 19.3 x
Yield 3.13% 4.58% 3.92% 4.09% 4.05% 4.84% 5.06% 5.2%
Capitalization / Revenue 14.5 x 10.1 x 12 x 11.4 x 11.3 x 10.1 x 9.62 x 9.45 x
EV / Revenue 20.7 x 16 x 18 x 16.9 x 17 x 16.7 x 15.9 x 15.6 x
EV / EBITDA 32.5 x 25 x 27.2 x 25.9 x 27.2 x 26.3 x 24.8 x 24.2 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.59 x 1.15 x 1.37 x 1.31 x 1.31 x 1.13 x 1.13 x 1.13 x
Nbr of stocks (in thousands) 492 492 488 478 478 478.3 - -
Reference price 2 822,000 599,000 714,000 677,000 677,000 582,000 582,000 582,000
Announcement Date 1/21/20 1/20/21 1/20/22 1/20/23 1/22/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 27,928 29,123 28,937 28,366 28,696 27,556 28,927 29,448
EBITDA 1 17,740 18,702 19,120 18,563 17,996 17,531 18,519 19,003
EBIT 1 14,093 15,029 15,489 14,986 14,412 13,744 14,679 15,115
Operating Margin 50.46% 51.6% 53.52% 52.83% 50.22% 49.88% 50.74% 51.33%
Earnings before Tax (EBT) 1 12,784 13,813 14,335 13,989 13,251 12,269 13,170 13,626
Net income 1 12,783 13,812 14,349 14,005 13,291 12,769 13,967 14,322
Net margin 45.77% 47.43% 49.59% 49.37% 46.32% 46.34% 48.28% 48.63%
EPS 2 25,987 28,079 29,342 29,004 27,792 26,718 29,308 30,179
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 25,698 27,412 28,000 27,700 27,400 28,162 29,457 30,242
Announcement Date 1/21/20 1/20/21 1/20/22 1/20/23 1/22/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S2 2025 S1 2025 S2 2026 S1 2026 S2
Net sales 1 14,273 14,850 15,055 13,882 14,475 13,891 15,050 13,646 13,911 14,256 14,563 14,342 14,359
EBITDA 1 9,155 9,547 9,958 9,163 - 8,853 9,462 8,534 8,720 - - - -
EBIT 1 7,313 7,716 8,138 7,351 7,923 7,063 7,665 6,747 6,717 7,107 7,330 7,255 7,260
Operating Margin 51.24% 51.96% 54.05% 52.95% 54.74% 50.84% 50.93% 49.44% 48.29% 49.85% 50.33% 50.58% 50.56%
Earnings before Tax (EBT) 1 6,688 7,125 7,551 6,785 7,494 6,495 7,100 6,151 5,994 6,315 6,392 6,490 6,449
Net income 1 6,687 7,124 7,550 6,799 7,493 6,512 7,099 6,192 5,982 6,314 6,392 6,490 6,448
Net margin 46.85% 47.98% 50.15% 48.98% 51.77% 46.88% 47.17% 45.38% 43% 44.29% 43.89% 45.25% 44.91%
EPS 2 13,595 14,484 15,412 13,930 13,930 13,561 14,843 12,947 12,524 13,339 13,733 13,570 13,483
Dividend per Share 2 13,595 13,817 14,000 14,000 14,000 13,700 13,700 13,700 13,708 13,725 13,700 13,700 13,700
Announcement Date 7/17/20 1/20/21 7/19/21 1/20/22 7/21/22 1/20/23 7/21/23 1/22/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 173,069 172,600 172,059 156,791 165,229 182,630 181,760 180,997
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 9.756 x 9.229 x 8.999 x 8.446 x 9.181 x 10.42 x 9.815 x 9.525 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 5.02% 5.41% 5.64% 5.59% - 5.05% 5.43% 5.58%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 518,203 519,462 519,655 517,484 517,551 514,422 513,140 513,535
Cash Flow per Share - - - - - - - -
Capex 1 16,619 11,257 3,816 14,471 - 12,988 1,793 1,875
Capex / Sales 59.51% 38.66% 13.19% 51.02% - 47.13% 6.2% 6.37%
Announcement Date 1/21/20 1/20/21 1/20/22 1/20/23 1/22/24 - - -
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 Daiwa Office 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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Office REITs
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