TSE: 3289 - Tokyu Fudosan Holdings Corporation

Yield per half year: +1.39%
Dividend yield: +4.96%
Sector: Real Estate

Reporting Tokyu Fudosan Holdings Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							588.21
Выручка, млрд ¥	901.88	963.2	907.74	989.05	1 005.84	1 103.05	1 103.05	993.78	2.75
Чистая прибыль, млрд ¥	37.46	38.61	21.67	35.13	48.23	68.55	68.55	42.44	12.17
EV, млрд ¥	1 541.01	1 576.18	1 751.19	1 749.66	1 767.57	896.15	896.15	1548.15	-10.68
EBIT, млрд ¥	70.62	79.31	56.52	-772.69	-735.27	120.24	120.24	-250.3780	8.68
EBITDA, млрд ¥	95.18	110.12	97.78	132.54	160.16	169.92	169.92	134.10	9.06
Баланс стоимость, млрд ¥	561.41	583.29	596.67	631.79	684.63	3 030.75	3 030.75	1105.43	39.04
FCF, млрд ¥	44.52	-7.72	100.41	30.19	10.11	-88.85	-88.85	8.83	63.01
Операционный денежный поток, млрд ¥	44.52	-6.66	100.41	76.45	94.74	156.47	156.47	84.28	-288.01
Операционная прибыль, млрд ¥	80.21	79.31	56.52	83.82	110.41	120.24	120.24	90.06	8.68
Операционные расходы, млрд ¥	113.24	122.39	108.28	110.09	86.74	95.8	95.8	104.66	-4.78
CAPEX, млрд ¥	74.96	1.06	100.27	46.26	84.63	245.32	245.32	95.51	197.09

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		224.71	196.73	57 083.09	253.1	237.59	227.13	385.23	267.18	236.09	259.98	275.12	2.74
Чистая прибыль, млрд ¥		12.51	4	2 712.78	25.29	13.05	7.11	23.09	18.9	6.16	22.37	15.53	25.76
EV, млрд ¥		1 896.49	1 837.06	275 829.48	1 829.89	1 899.24	2 080.77	2 253.71	2 176.64	2 137.96	2 217.08	2173.23	1.28
EBIT, млрд ¥		20.99	16.12	7 590.4	23.96	23.52	17.31	25.39	31.64	18.91	37.3	26.11	16.60
EBITDA, млрд ¥		20.92	16.45	7 427.35	35.61	35.34	30.02	38.89	44.06	32.64	49.72	39.07	10.62
Баланс стоимость, млрд ¥		684.35	691.04	107 337.11	703.83	735.45	736.34	750.15	769.23	784.31	762.33	760.47	0.70
FCF, млрд ¥			5 289.69	5 286.9	23.3	23.64	25.42					2129.79	-65.62
Операционный денежный поток, млрд ¥	61.27	-9.36	8 164.69	8 160.38	23.3	23.64	25.42					3279.49	-68.48
Операционная прибыль, млрд ¥		20.99	16.12	7 590.4	34.53	23.52	17.31	44.89	31.64	18.91	37.3	30.01	16.60
Операционные расходы, млрд ¥		20.83	19.35	4 170.22	20.57	21.96	21.91	31.37	22.9	23.59	24.36	24.83	2.14
CAPEX, млрд ¥	11.45	47.97	2 875	2 873.49								1451.98	298.02

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	185.09	97.64	190.03	154	170.99	246.25	246.25	171.78	20.32
Short Term Investments ¥	17.48	24.42	20.9	23.6	15.02	16.95	16.95	20.18	-7.04
Total Receivables ¥	33.68	35.94	41.84	39.1	45.77	64.4	64.4	45.41	12.37
Total Current Assets ¥	872.74	889.05	1 004.98	1 036.95	1 115.6	1 359.19	1 359.19	1081.15	8.86
Чистые активы, млрд ¥	872.74	889.05	1 004.98	1 093.43	1 066.46		1 066.46	985.33	4.09
Активы, млрд ¥	2 405.25	2 487.37	2 652.3	2 634.34	2 738.46	3 030.75	3 030.75	2708.64	4.03
Short Term Debt ¥	183.28	253.56	143.96	59.63	166.43	1 422.84	1 422.84	409.28	41.19
Long Term Debt ¥	1 123.89	1 125.46	1 355.09	1 243.25	1 335.13	1 422.84	1 422.84	1296.35	4.80
Задолженность, млрд ¥	1 836.55	1 893.12	2 043.57	1 991.05	2 037.76	77.56	77.56	1608.61	-47.22
Чистый долг, млрд ¥	1 104.72	1 263.4	1 288.74	1 267.72	1 311.95	5.32	5.32	1027.43	-66.51
Долг, млрд ¥	1 289.81	1 361.04	1 478.77	1 421.72	1 501.56	251.57	251.57	1202.93	-28.66
Расходы на обслуживание долга ¥	9.29	10.27	11.9	11.09	10.75	12.02	12.02	11.21	3.20
Чист. проц. доходы, млрд ¥	0.139	0.19	0.226	10.27	0.2	0.412	0.2	2.26	16.74
Амортизация, млрд ¥	24.57	30.81	41.26	905.23	895.43	49.68	49.68	384.48	10.03
Себестоимость, млрд ¥		761.49	742.94	795.15	808.69	887.01	887.01	799.06	3.10
Товарно материальные запасы ¥	580.9	672.27	693.51	758.98	796.78	914.25	914.25	767.16	6.34

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			127.57	121.68	26 807.23	342.03	428.93	207.51	246.25	151.72	146.62	116.4	173.70	-10.92
Short Term Investments ¥			20.62	23.23	2 355.32	14.17	15.67	14.66	16.95	12.97	14.61	29.38	17.71	14.92
Total Receivables ¥			35.97	38.73	7 176.03	35.92	38.49	43.98	56.1	42.23	48.27	52.6	48.64	3.64
Total Current Assets ¥		1 004.67	1 030.07	1 037.53	174 905.56	1 287.69	1 403.19	1 304.62	1 359.19	1 258.07		1 300.56	1325.13	-1.51
Чистые активы, млрд ¥	1 036.95	1 004.67	1 030.07	1 037.53	167 200.24								34261.89	176.37
Активы, млрд ¥			2 698.02	2 739.66	429 338.7	2 839.34	2 986.5	2 976.14	3 030.75	2 943.64	2 971.71	3 032.89	2991.03	0.38
Short Term Debt ¥			178.66	222.61	26 093.25	212.47	298.57	264.58	8.97	185.85	213.65	330.01	200.61	4.52
Long Term Debt ¥	1 243.25	1 254.55	1 294.4	1 282.24	209 323.11	1 372.08	1 373.86	1 380.52	1 422.84				42974.48	-63.15
Задолженность, млрд ¥			1 989.9	2 024.48	319 481.96	2 119.3	2 232.31	2 220.95	2 258.85	2 152.3	2 164.71	2 250.26	2209.41	0.26
Чистый долг, млрд ¥			1 345.49	1 383.17	205 688.61	1 242.52	1 243.51	1 437.59	1 362.87	1 431.31	1 433.82	1 525.97	1438.31	1.20
Долг, млрд ¥			1 473.06	1 504.85	232 495.84	1 584.55	1 672.43	1 645.1	1 609.12	1 583.03	1 580.43	1 642.36	1612.01	-0.03
Расходы на обслуживание долга ¥	2.73	2.65	2.64	2.69	434.13	3.01	2.93	3	3.08				89.23	-62.83
Чист. проц. доходы, млрд ¥	2.55	0.044	0.044	0.052	9.41	13.48	14.74	15.68	0.132				10.69	-57.40
Амортизация, млрд ¥			-0.066	0.325	-163.05	11.65	11.82	12.71	13.5	12.42	13.73	12.42	12.96	-0.46
Себестоимость, млрд ¥						198.01	192.12	187.91	308.98	212.64	193.59	198.32	220.29	1.08
Товарно материальные запасы ¥		776.38	781.3	783.97	124 919.49	793.94	830.05	923.16	914.25	930.46		994.03	918.39	3.67

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	56.84	53.7	30.13	48.84	67.21	96.07		96.07	59.19	12.34
Цена акции ао				628	901.4	967.6	1055.5	1055.5	888.13	13.86
Число акций ао, млн	659.06	719.04	719.2	719.32	717.52	713.53		713.53	717.72	-0.15
FCF/акцию	67.55	-10.73	139.62	41.97	14.1	-124.52		-124.52	12.09	63.28

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	17.38	5.56	3801.94	35.45	18.29	9.96	32.37	26.52	8.63	31.33		21.76	25.76
Цена акции ао											1055.5	1055.50	0.00
FCF/акцию		46.88	47.26	32.66	33.13	35.63						39.11	-5.34

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	7.28	6.75	3.67	5.72	7.33	3.69		3.69	7.48	5.43	-11.38
ROA, %	1.64	1.58	0.8432	1.33	1.8	2.38		2.38	3.79	1.59	8.54
ROIC, %		2.55	1.58	2.34	3.14			3.14	6.80	2.40	5.34
ROS, %		4.01	2.39	3.55	4.79	6.21	6.21	6.21	30.62	4.63	21.04
ROCE, %	3.59	3.95	2.51	-35.19	-31.52	4	4.07	4	4.34	-11.2260	10.15
Ebit margin, %		-80.33	-82.57	-78.12	-73.1	10.9	10.9	10.9		-42.3980	-166.70
Рентаб EBITDA, %	10.55	11.43	10.77	13.4	15.92	15.4	15.4	15.4	45.30	14.18	7.41
Чистая рентаб, %	4.15	4.01	2.39	3.55	4.79	6.21		6.21	30.62	4.19	9.14
Operation Margin, %		8.23	6.23	8.47	10.98	10.9	10.9	10.9	34.78	9.50	11.84

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %	1.96	0.6101	2.58	3.59	1.87	1	3.19	2.56	0.8174	2.93	7.48	2.10	23.99
ROA, %	0.471	0.1471	0.6317	0.8908	0.4481	0.2383	0.7689	0.6327	0.2083	0.7452	3.79	0.5187	25.61
ROS, %				9.99	5.49	3.13	5.99	7.07	2.61	8.61	30.62	5.48	22.43
ROCE, %	0.9383	0.7116	2.11	3.33	0.989	0.717	1.03	1.27	0.7224	1.43	4.34	1.03	14.81
Ebit margin, %					9.9	7.62	6.59	11.84	8.01	14.35		9.68	13.50
Рентаб EBITDA, %	9.31	8.36	13.01	14.07	14.87	13.22	10.1	16.49	13.83	19.12	45.30	14.55	7.66
Чистая рентаб, %	5.57	2.03	4.75	9.99	5.49	3.13	5.99	7.07	2.61	8.61	30.62	5.48	22.43
Operation Margin, %				13.64	9.9	7.62	11.65	11.84	8.01	14.35	34.78	10.69	13.50

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	11.65	8.1	21.34	13.72	9.45	13		13	30.25	13.12	9.92
P/BV	0.7672	0.5264	0.7597	0.7492	0.6502	0.3017		0.3017	2.01	0.5974	-10.54
P/S	0.4838	0.3247	0.5094	0.4873	0.453	0.8076		0.8076	8.43	0.5164	19.99
P/FCF					6.37	-6.62	-6.62	-6.62	26.48	-2.2900	-201.29
E/P					0.082	0.1165	0.1165	0.1165	0.25	0.1050	12.42
EV/EBIT		-2.04	-2.34	-2.26	-2.4	7.45	7.01	7.45		1.49	-224.54
EV/EBITDA	16.19	14.31	17.91	13.2	11.04	5.27		5.27	21.56	12.35	-18.11
EV/S		1.64	1.93	1.77	1.76	0.8124	0.7642	0.8124	12.34	1.41	-16.91
EV/FCF		-11.03	12246.06	57.96	174.76	-10.09	-9.49	-10.09	126.50	2491.84	-123.87
Debt/EBITDA	13.55	12.36	15.12	10.73	9.38	1.48	1.48	1.48	8.72	7.64	-37.17
Netdebt/Ebitda		11.47	13.18	9.57	8.19	0.0313	0.0313	0.0313	4.15	6.20	-70.14
Debt/Ratio		0.5544	0.5652	0.5397	0.5483	0.083	0.083	0.083	0.36	0.3638	-31.86
Debt/Equity		2.36	2.51	2.25	2.19	0.083	0.0263	0.083	167.75	1.41	-59.82
Debt/Net Income		35.72	69.18	40.47	31.14	3.67	3.67	3.67	12.41	29.63	-44.42
PEG							-0.2408	-0.2408		-0.2408	0.00
Бета					0.7049	-0.9184	-0.6516	-0.6516	68.57	-0.2884	-197.41
Индекс Альтмана					1.26	121.07	121.08	121.08	20.03	81.14	358.04

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	11.54	12.01	9.32	9.96	11	10.25	13	12	12.73	9.79			30.25	11.55	-0.91
P/BV	0.7781	0.6347	0.6385	0.8158	0.8694	0.8517	1.15	0.9419	0.8725	0.8831			2.01	0.9398	0.73
P/S	0.539	0.4554	0.4471	0.5674	0.6245	0.5945	0.8076	0.6679	0.6305	0.6012			8.43	0.6603	0.22
EV/EBIT					80.76	120.21	88.75	68.8	113.04	59.45				90.05	-13.14
EV/EBITDA	19.51	19.68	16.01	51.38	11.05	12.02	14.95	14.68	14.68	13.41			21.56	13.95	2.21
EV/S				7.23	7.99	9.16	5.85	8.15	9.06	8.53			12.34	8.15	-1.42
EV/FCF				78.52	80.35	81.84							126.50	80.24	1.39
Debt/EBITDA	70.41	91.51	31.3	44.49	47.33	54.8	41.38	35.93	48.42	33.04			8.72	42.71	-9.62
Netdebt/Ebitda				34.89	35.19	47.89	35.05	32.49	43.93	30.69			4.15	38.01	-8.51
Debt/Ratio				0.5581	0.56	0.5528	0.5309	0.5378	0.5318	0.5415			0.36	0.5390	-0.41
Debt/Equity				2.25	2.27	2.23	2.15	2.06	2.02	2.15			167.75	2.12	-0.73
Debt/Net Income				62.65	128.13	231.54	69.68	83.76	256.48	73.41			12.41	142.97	-20.53
Бета											-1.89	-0.6879	68.57	-1.2889	-39.67
Индекс Альтмана											121.08	121.08	20.03	121.08	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		9.14	11.51	11.51	11.51	12.96	20.51			20.51		13.60	12.25
Дивиденд	13.5	15	16	16	8	18	28.5	34	17	34		21.10	16.27
Див доход, ао, %	1.66	2.77	2.12	2.91	1.24	3.46	4.08	4.82	5.11	4.96	126.52	3.74	32.74
Дивиденды / прибыль, %			24.41	29.82	53.13	32.77	26.86	29.93		29.93	72.32	34.50	0.07
Dividend Coverage Ratio									3.34	3.34		3.34	0.00

	2022Q1	2022Q3	2022Q4	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	2.88	6.48	508.08	507.81		256.31	264.40
Дивиденды / прибыль, %	41.92	51.8	81	18.72	72.32	48.36	-18.25

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	21614	21614	0.00

	CAGR 5

	CAGR 5