Nomura Real Estate Master Fund, Inc.

TSE

3462

Stock

Yield per half year: +0.6307%
Dividend yield: 5.13%
Sector: Real Estate

Reporting Nomura Real Estate Master Fund, Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								762.92
Выручка, млрд ¥	68.95	72.05	74.5	75.58	76.54	102.29	84.46	84.46	82.67	2.54
Чистая прибыль, млрд ¥	21.42	23.25	24.99	25.45	25.88	30.7	30.65	30.65	27.53	4.17
EV, млрд ¥	1 091.61	1 273	1 078.57	1 271.61	1 262.92	1 291.15	1 215.15	1 215.15	1223.88	2.41
EBIT, млрд ¥	26.5	27.36	28.97	29.22	29.39	35.05	35.11	35.11	31.55	3.92
EBITDA, млрд ¥	40.46	42.65	44.74	45.54	45.98	51.74	51.9	51.9	47.98	3.01
OIBDA, млрд ¥			48.73	49.31	49.5	21.05	56.36	56.36	44.99	2.95
Баланс стоимость, млрд ¥	571.84	600.91	625.51	619.9	615.13	614.69	606.2	606.2	616.29	-0.63
FCF, млрд ¥	0.7576	-23.58	-5.72	19.34	12.4	33.43	35.67	35.67	19.02	-244.21
Операционный денежный поток, млрд ¥	57.14	42.58	41.5	43.32	50.64	65.19	75.74	75.74	55.28	12.79
Операционная прибыль, млрд ¥	26.5	27.36	28.97	29.22	29.39	0.0011	35.11	35.11	24.54	3.92
Операционные расходы, млрд ¥	42.45	12.84	13.22	13.39	13.44	13.89	6.65	6.65	12.12	-12.84
CAPEX, млрд ¥	56.39	66.16	47.22	23.98	38.24	31.76	40.08	40.08	36.26	-3.23

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	19.14	19.14	19.14	19.99	46.58	21.82	55.7	19.69	39.38	71.78	41.67	26.89
Чистая прибыль, млрд ¥	6.47	6.47	6.47	6.97	13.95	8.37	16.75	6.48	12.96	17.69	12.45	16.14
EV, млрд ¥	1 203.46	914.65	1 287.06	1 255.56	1 169.25	1 248.36	1 282.66	1 272.67	1 188.71	1 214.38	1241.36	-0.55
EBIT, млрд ¥	7.35	7.35	7.35	8.06	16.11	9.47	18.93	7.59	15.17	19.94	14.22	16.06
EBITDA, млрд ¥	8.66	8.66	8.66	12.21	24.41	13.67	27.33	11.79	23.57	28.32	20.94	15.68
OIBDA, млрд ¥						14.76	29.52	12.89	25.78	30.58	22.71	15.68
Баланс стоимость, млрд ¥	616.88	153.78	615.13	613.54	613.54	614.69	614.69	611.61	611.61	606.2	611.76	-0.28
FCF, млрд ¥	3.1	3.1	3.1	4.26	23.82	18.77	9.61	11.21	-1.93	25.42	12.62	6.25
Операционный денежный поток, млрд ¥	12.66	12.66	12.66	13.82	27.64	18.77	37.55	11.21	22.41	53.33	28.65	23.23
Операционная прибыль, млрд ¥	7.35	7.35	7.35	8.06	16.11	9.47	18.93	7.59	15.17	19.94	14.22	16.06
Операционные расходы, млрд ¥	1.83	1.83	1.83	1.64	1.64	1.68	1.68	1.65	3.29	3.36	2.33	14.87
CAPEX, млрд ¥	9.56	9.56	9.56	9.56	3.82		27.94		24.35	27.91	18.72	23.90

	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 ¥	74.56	60.37	62.54	50.21	31.61	51.03	32.47	32.47	45.57	-12.29
Short Term Investments ¥	12.48	13.05							12.77	2.26
Total Receivables ¥	0.9258	1.35	1.07	0.7223	0.7587	0.7812	0.9466	0.9466	0.8558	-2.42
Total Current Assets ¥	76.76	76.45	77.71	65.12	47.06	53.45	48.29	48.29	58.33	-9.08
Чистые активы, млрд ¥	76.76	76.45	77.71	65.12	1 053.95	1 053.53		1 053.53	465.35	68.99
Активы, млрд ¥	1 118.64	1 164.77	1 197.77	1 192.51	1 187.58	1 192.13	1 183.18	1 183.18	1190.63	-0.24
Short Term Debt ¥	63.66	71.39	61.14	55.09	64.47	49.94	71.37	71.37	60.40	3.14
Long Term Debt ¥	433.5	439.39	456.75	462.71	453.03	471.44	449.93	449.93	458.77	-0.30
Задолженность, млрд ¥	546.81	563.86	572.26	572.61	572.45	577.44	576.97	576.97	574.35	0.16
Чистый долг, млрд ¥	422.6	450.4	455.35	467.59	485.86	468.35	488.83	488.83	473.20	1.43
Долг, млрд ¥	433.5	510.78	517.89	517.8	517.47	519.38	521.3	521.3	518.77	0.13
Расходы на обслуживание долга ¥		4.15	3.99	3.74	3.51	3.47	3.57	3.57	3.66	-2.20
Чист. проц. доходы, млрд ¥	0.0013	0.0022	4.85	4.63	4.41	0.0011		0.0011	2.78	-12.94
Амортизация, млрд ¥		15.3	15.77	16.32	16.59	16.7	16.78	16.78	16.43	1.25
Себестоимость, млрд ¥		30.89	31.4	32.08	32.93	65.03	42.69	42.69	40.83	6.34
Товарно материальные запасы ¥		0	0	13.69	0	0		0	13.69	0.00

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥	37.69	7.9	31.61	53.09	53.09	51.03	51.03	45.1	45.1	32.47	44.95	-8.65
Total Receivables ¥	0.5771	0.7587	0.7587	0.7235	0.7235	0.7812	0.7812	0.7494	0.7494	0.9466	0.8016	3.92
Total Current Assets ¥	52.19	11.76	47.06	55.29	55.29	53.45	53.45	47.48	47.48	48.29	50.03	-2.01
Чистые активы, млрд ¥	52.19	11.76	47.06	1 045.83	451.42	1 053.53	1 053.53				730.27	86.21
Активы, млрд ¥	1 187.42	296.9	1 187.58	1 185.1	1 185.1	1 192.13	1 192.13	1 187.29	1 187.29	1 183.18	1188.40	-0.15
Short Term Debt ¥	58.62		64.44	55.46	55.44	49.94	49.94	59.85	59.85	71.37	58.19	7.40
Long Term Debt ¥	459.14		453.03		461.99		471.44		461.52	449.93	459.58	-0.14
Задолженность, млрд ¥	570.54	143.11	572.45	571.56	571.56	577.44	577.44	575.67	575.67	576.97	576.64	-0.02
Чистый долг, млрд ¥	480.07	121.46	485.86	464.35	464.33	470.35	468.35	476.27	476.24	488.83	476.01	0.77
Долг, млрд ¥	517.76	129.37	517.47	517.45	517.42	521.39	519.38	521.37	521.34	521.3	520.96	-0.00
Расходы на обслуживание долга ¥	0.8769	0.8769	0.8769	0.8769	2.17		2.21		4.44		2.11	38.32
Чист. проц. доходы, млрд ¥	2.21		2.19		2.17						2.19	-0.61
Амортизация, млрд ¥	1.31	1.31	1.31	4.15	8.3	4.2	8.4	4.2	8.4	8.38	6.72	14.82
Себестоимость, млрд ¥				10.3	29.54	10.67	35.49	10.46	20.91	50.74	25.65	36.60
Товарно материальные запасы ¥						0	0

	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	4957.3	5243.38	5356.79	5397.05	5487.96	6509.89	6506.4		6506.4	5851.62	3.97
Цена акции ао					163000	165000	137700	143300	143300	152250.00	-3.17
Число акций ао, млн	4.32	4.43	4.66	4.72	4.72	4.72	4.71		4.71	4.71	0.21
FCF/акцию	175.31	-5317.04	-1226.18	4100.94	2630.68	7089.86	7572.59		7572.59	4033.58	-243.93

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	1371.84	1371.84	1371.84	1479.11	2958.23	1775.83	3551.67	1374.1	2748.2	3759.27			2641.81	16.18
Цена акции ао											144700	143300	144000.00	-0.48
FCF/акцию	657.6	657.6	657.6	903.5	5051.99	3981.76	2037.87	2376.87	-410.02	5402.81			2677.86	6.29

	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, %	3.8	3.97	4.08	4.09	4.19	4.99	5.02		5.02	7.57	4.47	4.23
ROA, %	1.93	2.04	2.12	2.13	2.17	2.58	2.58		2.58	3.82	2.32	4.01
ROIC, %		4.24	4.44	4.42	4.71	5.32				6.80	4.63	4.64
ROS, %		32.27	33.54	33.67	33.81	30.01	36.29	36.29	36.29	30.96	34.01	1.51
ROCE, %	2.54	2.53	2.58	2.6	2.65	3.1	3.2	5.79	5.79	3.43	3.47	17.37
Ebit margin, %			38.89	38.66	38.4	34.26	41.57	41.57	41.57		38.89	1.46
Рентаб EBITDA, %	58.69	59.2	60.05	60.25	60.07	50.59	61.45	61.45	61.45	46.74	58.76	0.40
Чистая рентаб, %	31.07	32.27	33.54	33.67	33.81	30.01	36.29		36.29	30.96	33.46	1.59
Operation Margin, %		37.97	38.89	38.66	38.4	0.0011	41.57	41.57	41.57	35.18	32.04	1.46

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.09	1.93	1.8	1.25	2.27	1.36	2.73	1.06	2.11	2.89		7.57	2.03	16.27
ROA, %	1.09	0.8717	0.8716	0.5879	1.18	0.7045	1.4	0.5446	1.09	1.49		3.82	1.05	16.16
ROIC, %				1.21	2.43	1.35	2.71	1.28	3.98	2.78		6.80	2.42	15.54
ROS, %				34.88	29.94	38.36	30.06	32.91	32.91	24.64	36.29	30.96	31.36	3.84
ROCE, %		0.8743	0.8792	0.7229	2.63	0.8459	1.68	0.6754	1.35	1.79	5.79	3.43	2.26	28.08
Ebit margin, %						43.4	33.99	38.53	38.53	27.78	41.57		36.08	4.11
Рентаб EBITDA, %		45.25	45.25	61.05	52.4	62.65	49.07	59.86	59.86	39.46	61.45	46.74	53.94	4.60
Чистая рентаб, %	33.81	33.81	33.81	34.88	29.94	38.36	30.06	32.91	32.91	24.64		30.96	31.78	-8.47
Operation Margin, %				40.3	34.59	43.4	33.99	38.53	38.53	27.78	41.57	35.18	36.08	4.11

	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	31.23	35.38	24.94	31.59	30.03	26.81	23.7		23.7	29.78	27.41	-1.01
P/BV	1.17	1.37	0.9963	1.3	1.26	1.34	1.2		1.2	1.98	1.22	3.79
P/S	9.7	11.42	8.36	10.64	10.15	8.04	8.6		8.6	8.33	9.16	0.57
P/FCF						61.53	21.39	21.39	21.39	24.43	34.77	-29.69
E/P						0.0339	0.0402	0.0402	0.0402	0.17	0.0381	5.85
EV/EBIT			37.23	43.52	42.97	36.84	34.61	34.61	34.61		38.51	-4.48
EV/EBITDA	26.98	29.84	24.11	27.92	27.47	24.95	23.42		23.42	21.50	25.57	-0.58
EV/S		18.39	14.57	16.82	16.5	12.62	14.39	14.39	14.39	12.32	14.94	-3.07
EV/FCF		-56.2	-189.74	65.75	101.85	38.62	34.07	34.07	34.07	117.90	54.87	-12.32
Debt/EBITDA	10.71	11.97	11.58	11.37	11.25	10.04	10.05	10.05	10.05	8.58	10.55	-2.44
Netdebt/Ebitda		10.56	10.18	10.27	10.57	9.05	9.42	9.42	9.42	4.09	9.75	-1.71
Debt/Ratio		0.4385	0.4324	0.4342	0.4357	0.4357	0.4406	0.4406	0.4406	0.37	0.4374	0.29
Debt/Equity		0.85	0.828	0.8353	0.8412	0.845	0.8599	0.9518	0.9518	0.82	0.8666	2.65
Debt/Net Income		21.97	20.73	20.35	19.99	16.92	17.01	17.01	17.01	12.42	18.26	-3.52
PEG								0.0033	0.0033		0.0033	0.00
Бета						-0.6455	-1.22	-0.3319	-0.3319	-79.37	-0.7325	-19.89
Индекс Альтмана						2.28	2.32	2.3	2.3	20.04	2.30	0.29

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	38.27	31.26	41.28	29.99	17.12	21.58	17.69	17.48	15.99	13.49			29.78	17.25	-8.97
P/BV	1.17	5.16	1.3	1.29	1.15	1.27	1.32	1.3	1.16	1.2			1.98	1.25	-1.13
P/S	12.77	10.46	13.96	10.22	5.43	7.21	5.65	5.54	5.22	3.89			8.33	5.50	-11.61
P/FCF												21.39	24.43	21.39	0.00
E/P												0.0402	0.17	0.0402	0.00
EV/EBIT						131.82	67.75	167.76	78.35	60.9		34.61		81.87	-12.57
EV/EBITDA	138.99	52.82	49.55	32.89	47.9	20.05	16.53	16.49	15.57	13.34			21.50	16.40	-7.83
EV/S				62.8	25.1	57.21	23.03	64.64	30.19	16.92		14.39	12.32	29.83	-8.98
EV/FCF				294.72	49.08	66.51	133.49	113.56	-614.85	47.77		34.07	117.90	-57.1920	-23.90
Debt/EBITDA		14.94	59.76	42.4	21.2	38.14	19	44.24	22.12	18.4		10.05	8.58	22.76	-11.96
Netdebt/Ebitda				38.05	19.02	34.41	17.13	40.41	20.2	17.26		9.42	4.09	20.88	-11.27
Debt/Ratio				0.4366	0.4366	0.4374	0.4357	0.4391	0.4391	0.4406		0.4406	0.37	0.4390	0.22
Debt/Equity				0.8434	0.8433	0.8482	0.845	0.8525	0.8524	0.8599		0.9518	0.82	0.8723	2.41
Debt/Net Income				74.19	37.09	62.29	31.01	80.47	40.23	29.47		17.01	12.42	39.64	-11.32
PEG												0.0033		0.0033	0.00
Бета											-0.3424	-0.3319	-79.37	-0.3371	-1.55
Индекс Альтмана											2.3	2.3	20.04	2.30	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		23.69	23.97	28.5	31.34	30.8	27.44	29.66			30.8		29.55	0.80
Дивиденд	5002	6065	3645	847	745	509	4.71	3913	6903		6903		2414.94	56.09
Див доход, ао, %	2.83	4.34	2.52	0.4564	0.5047	0.3146	2.36	3.06	5.41		5.13	5.48	2.33	60.71
Дивиденды / прибыль, %			110.6	103.08	114.05	123.12	95.87	89.4	96.79		96.79	73.18	103.85	-3.23
Dividend Coverage Ratio										0.995	0.995		0.9950	0.00

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	7.7	7.7	7.7	6.75	13.5	6.97	13.95	8.02	32.08	13.62			14.93	14.34
Дивиденды / прибыль, %	119.01	119.01	119.01	96.75	96.75	83.28	83.28	123.77	247.54	77.02		73.18	122.98	-1.55
Dividend Coverage Ratio											0.995		0.9950	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, %	63.38	31.73	49.95	31.05	47.45	47.45	-5.63

	2023Q3	2024Q1	2024Q3	CAGR 5
CAPEX/Выручка, %	50.16	61.84	38.88	-8.14

	CAGR 5