Mori Hills REIT Investment Corporation

TSE

3234

Stock

Yield per half year: +5.29%
Dividend yield: 7.73%
Sector: Real Estate

Reporting Mori Hills REIT Investment Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								281.32
Выручка, млрд ¥	17.25	18.99	19.23	19.66	21.02	22.43	22.35	22.35	20.94	3.05
Чистая прибыль, млрд ¥	9.48	10.64	10.84	11.16	11.96	12.83	12.63	12.63	11.88	3.10
EV, млрд ¥	404.75	445.67	513.33	457.31	451.98	459.22	435.2	435.2	463.41	-3.25
EBIT, млрд ¥	12.37	11.92	12.06	12.2	12.79	13.63	13.68	13.68	12.87	2.55
EBITDA, млрд ¥	12.37	13.65	13.8	14.14	14.95	15.82	15.84	15.84	14.91	2.80
OIBDA, млрд ¥			15.01	15.31	16.07	16.89	16.89	16.89	16.03	2.39
Баланс стоимость, млрд ¥	179.37	195.34	195.5	200.82	202.8	204.8	205.58	205.58	201.90	1.01
FCF, млрд ¥	-11.34	-18.2	11.79	0.2914	7.4	17.31	16.96	16.96	10.75	7.54
Операционный денежный поток, млрд ¥	11.31	13.31	12.69	13.12	16.22	18.09	17.91	17.91	15.61	7.13
Операционная прибыль, млрд ¥	10.72	11.92	12.06	12.33	13.07	13.9	13.68	13.68	13.01	2.55
Операционные расходы, млрд ¥	6.52	7.07	7.18	7.33	1.1	1.53	1.48	1.48	3.72	-27.08
CAPEX, млрд ¥	22.65	0.62	0.693	1.02	8.82	0.7887	0.9503	0.9503	2.45	6.52

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	9.84		9.82		11.2		1 851.75	821.38	11.22	5.67	11.33	5.52	11.03	8.95	-0.34
Чистая прибыль, млрд ¥	5.58		5.51		6.44		929.25	479.6	6.42	3.14	6.29	3.17	6.34	5.07	-0.25
EV, млрд ¥	486.63		455.67		478.62		68 082.14	67 423.36	450.79	427.46	419.79	413.67	416.99	425.74	-1.55
EBIT, млрд ¥			3.04	3.49	3.49	3.47	1 006.94	479.68	6.95	3.15	6.29		6.88	100.59	-57.21
EBITDA, млрд ¥							1 165.68	-39.64	8.05	-0.2561	-0.5123	3.44	7.96	3.74	-0.22
OIBDA, млрд ¥									8.58	0.000582	0.0012	3.71	8.49	4.16	-0.21
Баланс стоимость, млрд ¥	200.82		201.66		202.8		29 764.68	30 580.28	204.8	204.78	204.78	205.58	205.58	205.10	0.08
FCF, млрд ¥							1 319.91	664.41	8.21	4.62	8.86	4.34	3.58	5.92	-15.30
Операционный денежный поток, млрд ¥				4.87	4.87	4.6	1 333.99	664.41	8.9	4.62	9.23	4.34	8.68	7.15	-0.50
Операционная прибыль, млрд ¥	6.16		6.09		6.99		1 006.94	519.32	6.95	3.4	6.8	3.44	6.88	5.49	-0.20
Операционные расходы, млрд ¥							332.4	311.38	2.09	2.32	4.53	2.08	4.15	3.03	14.70
CAPEX, млрд ¥	13.5	0.3675	0.3675	0.3675	0.3675		14.07		0.6917		0.3739		0.7634	3.25	15.74

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	3.74	3.92	6.58	8.31	10.64	16.05	18.22	18.22	11.96	22.59
Short Term Investments ¥	6.01	6.3	4.98						5.76	-6.07
Total Receivables ¥	0.451	0.37	0.292	0.2843	0.1695	0.2244	0.4709	0.4709	0.2882	10.03
Total Current Assets ¥	10.63	11.02	12.27	11.5	16.16	21.99	24.01	24.01	17.19	14.37
Чистые активы, млрд ¥	10.63	11.02	12.27	11.5	366.62	362.16		52 544.09	152.71	101.07
Активы, млрд ¥	362.35	392.26	392.26	404.95	412.89	414.89	413.26	413.26	407.65	1.05
Short Term Debt ¥		27.92	21.52	22	15.2	18.8	21.33	21.33	19.77	-0.18
Long Term Debt ¥	142.62	151.3	161.22	164.22	177.22	173.62	168.59	168.59	168.97	0.90
Задолженность, млрд ¥	182.98	196.92	196.75	204.13	210.1	210.09	207.69	207.69	205.75	1.09
Чистый долг, млрд ¥	164.38	175.3	172.65	177.91	181.78	176.37	171.7	171.7	176.08	-0.11
Долг, млрд ¥		179.22	179.22	186.22	192.42	192.42	189.92	189.92	188.04	1.17
Расходы на обслуживание долга ¥		0.8814	0.8771	0.849	0.8283	0.8032	0.82	0.82	0.8355	-1.34
Чист. проц. доходы, млрд ¥	0.8507	0.0011	0.0001	0.00025	0.0155	0.0207		0.0207	0.0075	79.85
Амортизация, млрд ¥		2.13	2.08	2.13	2.17	2.19	2.16	2.16	2.15	0.76
Себестоимость, млрд ¥			939.55	963.53	6.85	6.99	7.18	7.18	384.82	-62.27
Товарно материальные запасы ¥			5.4	5.22	21.11	5.71	23.1	23.1	12.11	33.73

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥	8.31		6.95		10.64		1 928.64	2 396.48	16.05	16.33	16.33	18.22	18.22	17.03	2.57
Total Receivables ¥		0.1956	0.1956	0.1695	0.1695	0.2271	32.95	33.51	0.2244		0.2229		0.4709	13.48	-57.24
Total Current Assets ¥				16.16	16.16	19.5	2 828.88	2 396.48	21.99	16.33	16.33	18.22	24.01	19.38	1.77
Чистые активы, млрд ¥	13.71	12.74	12.74	16.16	16.16	362.16	112.59	53 790.75	360.24					10928.38	86.05
Активы, млрд ¥	404.95		411.26		412.89		60 247.66	61 950.86	414.89	413.06	413.06	413.26	413.26	413.51	-0.08
Short Term Debt ¥			15.5		15.2		2 959.71		18.8		17.8		21.33	606.57	7.01
Long Term Debt ¥	164.22		176.92		177.22		24 957.59		173.62		172.62		168.59	5129.93	-0.99
Задолженность, млрд ¥	204.13		209.6		210.1		30 482.98	31 370.58	210.09	208.29	208.29	207.69	207.69	208.41	-0.23
Чистый долг, млрд ¥	177.91		185.47		181.78		25 988.66	23 528.66	176.37	156.3	156.3	150.37	171.7	162.21	-0.54
Долг, млрд ¥			192.42		192.42		27 917.3	25 925.14	192.42	172.63	172.63	168.59	189.92	179.24	-0.26
Расходы на обслуживание долга ¥							77.45		0.5247		1.02			26.33	-76.38
Чист. проц. доходы, млрд ¥	0.4237		0.431		0.4145		65							16.57	251.94
Амортизация, млрд ¥							158.74	-519.32	1.1	-3.4	-6.8		1.08	-105.4680	-129.08
Себестоимость, млрд ¥							828.65		4.15	0.2095	11.64		11.48	171.23	-57.51
Товарно материальные запасы ¥							867.29		5.71		5.66		23.1	225.44	-59.60

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	5412.71	5673.23	5781.57	5822.49	6239.5	6694.44	6592.35		6592.35	6226.07	2.66
Цена акции ао					157400	140200	123900	130900	130900	138100.00	-4.50
Число акций ао, млн	1.75	1.87	1.87	1.92	1.92	1.92	1.92		1.92	1.91	0.53
FCF/акцию	-6477.04	-9704.76	6290.04	152.05	3863.83	9030.31	8851.75		8851.75	5637.60	7.07

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	2913.26	2877.33	3362.16	484911.53	250270.99	3352.16	1641.15	3282.31	1655.02	3310.04			2648.14	-0.25
Цена акции ао											135900	130900	133400.00	-1.86
FCF/акцию				4747.41	2321.92	4282.9	2409.16	4623.21	2264.67	1866.31			3089.25	-15.31

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	5.29	5.68	5.55	5.63	5.92	6.29	6.16		6.16	7.57	5.91	2.11
ROA, %	2.67	2.82	2.76	2.8	2.92	3.1	3.05		3.05	3.82	2.93	2.02
ROIC, %			5.83	5.77	5.97	6.43			6.31	6.80	6.00	2.48
ROS, %			56.36	56.75	56.9	57.21	56.52	56.52	56.52	30.96	56.78	-0.08
ROCE, %	3.69	3.29	3.24	3.19	3.24	3.46	3.51	6.66	6.66	6.10	4.01	15.86
Ebit margin, %			60.95	61.09	60.85	60.8	61.22	61.22	61.22		61.04	0.04
Рентаб EBITDA, %	71.7	71.92	71.72	71.91	71.12	70.54	70.88	70.88	70.88	46.74	71.07	-0.29
Чистая рентаб, %	54.94	56.03	56.36	56.75	56.9	57.21	56.52		56.52	30.96	56.75	0.06
Operation Margin, %			62.68	62.72	62.18	61.99	61.22	61.22	61.22	35.18	61.87	-0.48

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	5.56	5.48	6.37	3.12	1.57	3.14	1.53	3.07	1.55	3.09		7.57	2.48	-0.32
ROA, %	2.76	2.68	3.12	1.54	0.7742	1.55	0.7597	1.52	0.7676	1.53		3.82	1.23	-0.26
ROIC, %				3.07	1.62	3.08	1.68	3.37	1.69	3.19		6.80	2.60	0.70
ROS, %				50.18	58.39	57.28	55.51	55.51	57.49	57.49	56.52	30.96	56.50	0.36
ROCE, %	0.8096	0.7859	0.8854	3.38	1.57	1.72	0.7806	1.54		1.69	6.66	6.10	2.48	31.10
Ebit margin, %						61.97	55.52	55.52		62.35	61.22		59.32	-0.24
Рентаб EBITDA, %				62.95	-4.83	71.8	-4.52	-4.52	62.35	72.1	70.88	46.74	39.26	-273.41
Чистая рентаб, %	56.73	56.15	57.54	50.18	58.39	57.28	55.51	55.51	57.49	57.49		30.96	56.66	0.07
Operation Margin, %				54.38	63.23	61.97	60.04	60.04	62.35	62.35	61.22	35.18	61.20	0.39

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	25.37	25.42	31.43	25.04	22.6	22.05	20.86		20.86	29.78	24.40	-7.87
P/BV	1.34	1.38	1.74	1.39	1.33	1.38	1.28		1.28	1.98	1.42	-5.96
P/S	13.94	14.24	17.71	14.21	12.86	12.61	11.79		11.79	8.33	13.84	-7.82
P/FCF						38.02	16.59	16.58	16.58	24.50	23.73	-24.17
E/P						0.0425	0.0449	0.0449	0.0449	0.17	0.0441	1.85
EV/EBIT			43.8	38.03	35.34	33.68	31.81	31.81	31.81		34.13	-3.51
EV/EBITDA	32.73	32.64	37.21	32.35	30.22	29.03	27.47		27.47	21.50	31.26	-5.89
EV/S			26.69	23.23	21.5	20.48	19.47	19.47	19.47	12.32	20.83	-3.47
EV/FCF			43.53	1567.88	61.08	26.54	25.66	25.66	25.66	117.90	341.36	-56.07
Debt/EBITDA		13.13	12.99	13.17	12.87	12.16	11.99	11.99	11.99	8.58	12.44	-1.86
Netdebt/Ebitda			12.52	12.58	12.16	11.15	10.84	10.84	10.84	4.09	11.51	-2.93
Debt/Ratio			0.4569	0.4599	0.466	0.4638	0.4596	0.4596	0.4596	0.37	0.4618	-0.01
Debt/Equity			0.9167	0.9273	0.9488	0.9396	0.9239	1.01	1.01	0.95	0.9499	1.72
Debt/Net Income			16.53	16.69	16.09	15	15.03	15.03	15.03	12.42	15.57	-2.07
PEG								-0.2518	-0.2518		-0.2518	0.00
Бета						-0.6318	-0.3949	-1.01	-1.01	-56.12	-0.6789	16.93
Индекс Альтмана						2.22	184.64	184.64	184.64	20.04	123.83	336.51

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	27.67	24.35	24.83	15.05	15.26	14.26	14.13	13.82	13.84	12.94			29.78	13.80	-1.92
P/BV	1.54	1.34	1.46	1.41	1.44	1.34	1.32	1.29	1.28	1.19			1.98	1.28	-2.35
P/S	15.7	13.74	14.12	8.25	8.36	7.8	7.72	7.82	7.81	7.31			8.33	7.69	-1.29
P/FCF												16.58	24.50	16.58	0.00
E/P												0.0449	0.17	0.0449	0.00
EV/EBIT						64.86	135.89	66.73		60.62		31.81		71.98	-13.28
EV/EBITDA				58.41	-1700.89	28.99	27.46	59.81	38.57	39.24			21.50	38.81	6.24
EV/S				36.77	82.09	40.19	75.45	37.05	74.98	37.79		19.47	12.32	48.95	-23.73
EV/FCF				51.58	101.48	54.92	92.59	47.38	95.32	116.59		25.66	117.90	75.51	-22.64
Debt/EBITDA				23.95	-654.01	23.89	-673.99	-336.99	49.01	23.87		11.99	8.58	-185.2220	-144.67
Netdebt/Ebitda				22.29	-593.56	21.9	-610.21	-305.11	43.72	21.58		10.84	4.09	-167.8360	-144.66
Debt/Ratio				0.4634	0.4185	0.4638	0.4179	0.4179	0.4079	0.4596		0.4596	0.37	0.4326	1.92
Debt/Equity				0.9379	0.8478	0.9396	0.843	0.843	0.8201	0.9239		1.01	0.95	0.8880	3.68
Debt/Net Income				30.04	54.06	29.95	54.89	27.45	53.16	29.94		15.03	12.42	36.09	-22.82
PEG												-0.2518		-0.2518	0.00
Бета											-1.86	-1.01	-56.12	-1.4350	-26.31
Индекс Альтмана											184.64	184.64	20.04	184.64	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		9.22	10.11	10.75	10.84	11.16	11.63	12.71			1776.86		11.42	3.41
Дивиденд	5069	5216	5412	5672	5781	2094.86	38.98	6634	6390		6390		4187.77	2.02
Див доход, ао, %	3.36	3.83	3.85	3.2	4.16	1.9	6.08	7.16	7.7		7.73	5.48	5.40	13.10
Дивиденды / прибыль, %			97.31	95.02	99.13	97.14	93.58	90.66	100.61		100.61	73.18	96.22	0.30
Dividend Coverage Ratio										0.0071	0.0071		0.0071	0.00

	2021Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд			2.8	2.8	2.9	842.27	434.88	5.82	3.21	6.42	3.14	6.29			4.98	1.57
Дивиденды / прибыль, %	49.93	50.6		43.52		90.64	90.68	90.67	102.1	102.1	99.12	99.12		73.18	98.62	1.80
Dividend Coverage Ratio													0.0071		0.0071	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	4.68	68.67	41.96	3.52	4.25	4.25	-1.91

	2023Q3	2024Q1	2024Q3	CAGR 5
CAPEX/Выручка, %	6.17	3.3	6.92	3.90

	CAGR 5