TSE: 3481 - Mitsubishi Estate Logistics REIT Investment Corporation

Yield per half year: +1.73%
Dividend yield: +7.43%
Sector: Real Estate

Reporting Mitsubishi Estate Logistics REIT Investment Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							203.16
Выручка, млрд ¥	5.02	6.54	9.16	11.31	14.66	16.91	16.91	11.72	20.92
Чистая прибыль, млрд ¥	2.38	3.29	4.45	5.52	6.94	8.55	8.55	5.75	21.05
EV, млрд ¥	101.19	168.42	258.39	281.43	296.31	173.82	173.82	235.67	0.63
EBIT, млрд ¥	3.5	4.41	5.11	5.97	7.44	9.19	9.19	6.42	15.82
EBITDA, млрд ¥	3.46	4.61	6.31	7.95	10.01	11.91	11.91	8.16	20.90
Баланс стоимость, млрд ¥	62.04	81.65	116.41	139.62	159.87	160.41	160.41	131.59	14.46
FCF, млрд ¥	-8.97	-26.3	-51.87	-39.65	-34.22	-1.4	-1.4	-30.6880	-44.38
Операционный денежный поток, млрд ¥	2.62	2.62	8.5	6.91	12.2	15.29	15.29	9.10	42.31
Операционная прибыль, млрд ¥	2.52	3.48	4.76	5.97	7.63	9.2	9.2	6.21	21.46
Операционные расходы, млрд ¥	2.5	3.06	4.4	1.37	1.79	2.16	2.16	2.56	-6.73
CAPEX, млрд ¥	62.13	57.8	58.09	46.57	46.42	16.7	16.7	45.12	-21.99

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	4.95		5.03		6.28	7.15	3.76	7.51	3.87	7.75	9.17	6.41	19.52
Чистая прибыль, млрд ¥	2.38		2.54		2.98	3.43	1.75	3.51	1.86	3.72	4.83	3.13	22.51
EV, млрд ¥	258.39		221.77		295.38	298.52	312.42	164.06	300.04	168.13	173.82	223.69	-11.07
EBIT, млрд ¥		1.32	1.32	1.66	1.66	3.67	1.9	3.78	2.02	4.03	5.17	3.38	22.17
EBITDA, млрд ¥					4.43	5.08	2.56	5.12	2.7	5.39	6.53	4.46	20.60
Баланс стоимость, млрд ¥	116.41		116.31		139.62	160.2	159.87	159.87	159.64	159.64	160.41	159.89	0.07
FCF, млрд ¥					-43.75	-40.98	3.43	6.76	2.28	-16.5	4.56	0.1060	5.86
Операционный денежный поток, млрд ¥		2.14	2.14	1.32	1.32	5.33	3.43	6.87	2.28	4.57	10.72	5.57	25.60
Операционная прибыль, млрд ¥	2.56		2.63		3.33	3.67	1.9	3.78	2.02	4.03	5.17	3.38	22.17
Операционные расходы, млрд ¥					0.1957	0.2003	0.1183	0.1183	0.1201	0.235	0.309	0.1801	21.17
CAPEX, млрд ¥	14.52		0.1755		46.57	46.31	0.053	0.1066		21.07	6.16	14.74	-33.20

	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 ¥	2.63	3.5	4.67	4.24	4.49	4.68	4.68	4.32	5.98
Short Term Investments ¥	3.2	4.39			0.000995			2.53	-93.23
Total Receivables ¥	0.021	0.028	0.043	1.85	0.0793	0.0931	0.0931	0.4187	27.16
Total Current Assets ¥	8.33	10.73	12.3	14.66	13.87	14.68	14.68	13.25	6.47
Чистые активы, млрд ¥	8.33	10.73	12.3	213.46	257.39		257.39	100.44	98.60
Активы, млрд ¥	88.46	120.48	181.21	228.17	271.36	282.35	282.35	216.71	18.57
Short Term Debt ¥	4	0.95	1.4	6.01	4.78	11.4	11.4	4.91	64.38
Long Term Debt ¥	19.92	34.42	55.66	76.06	98.4	101.65	101.65	73.24	24.18
Задолженность, млрд ¥	26.41	38.83	64.8	88.55	111.49	121.94	121.94	85.12	25.72
Чистый долг, млрд ¥	21.3	31.87	54.6	77.83	98.69	108.37	108.37	74.27	27.73
Долг, млрд ¥	23.92	35.37	59.27	82.07	103.18	113.05	113.05	78.59	26.16
Расходы на обслуживание долга ¥	0.098	0.1344	0.1997	0.2936	0.584	0.6336	0.6336	0.3691	36.36
Чист. проц. доходы, млрд ¥	0.000836	0.0022	0.000928	0.000115	0.000607		0.000607	0.0009	-6.20
Амортизация, млрд ¥	0.974	1.19	1.66	1.98	2.56	2.73	2.73	2.02	18.07
Себестоимость, млрд ¥		2.26	3.3	3.97	5.23	5.56	5.56	4.06	19.73
Товарно материальные запасы ¥		4.4	7	8.57	9.29		9.29	7.31	20.54

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥	4.67		5.38		4.24	3.89	4.49	4.49	4.33	4.33	4.68	4.46	0.83
Short Term Investments ¥											0.00017	0.0002	0.00
Total Receivables ¥		0.0385	0.0385	1.85	0.07	1.5	0.0793	0.0793	0.0572	0.0572	0.0931	0.0732	3.26
Total Current Assets ¥		12.28	12.28	14.66	14.66	14.52	13.87	13.87	14.39	14.39	14.68	14.24	1.14
Чистые активы, млрд ¥	12.3	12.28	12.28	14.66	14.66	0.1891	257.39	257.39				108.86	77.37
Активы, млрд ¥	181.21		180.4		228.17	273.06	271.36	271.36	281	281	282.35	277.41	0.80
Short Term Debt ¥	1.4		3.31		6.01	10.97	4.78	4.78	10.05	10.05	11.4	8.21	18.99
Long Term Debt ¥	55.66		55.06		76.06	94.4		98.4		103	101.65	94.70	5.97
Задолженность, млрд ¥	64.8		64.1		88.55	112.86	111.49	111.49	121.36	121.36	121.94	117.53	1.81
Чистый долг, млрд ¥	54.6		52.99		77.83	101.48	98.69	98.69	108.72	108.72	108.37	104.64	1.89
Долг, млрд ¥			58.37		82.07	105.37	103.18	103.18	113.05	113.05	113.05	109.10	1.84
Расходы на обслуживание долга ¥					0.1866	0.2382		0.275		0.6328		0.3332	35.70
Чист. проц. доходы, млрд ¥	0.1356		0.1203		0.186	0.2377						0.1699	15.06
Амортизация, млрд ¥					1.26	1.41	0.6587	1.34	0.6798	1.36	1.37	1.08	15.77
Себестоимость, млрд ¥						3.25	1.74	3.5	1.74	3.48	3.99	2.89	18.06
Товарно материальные запасы ¥					8.57	9.13		9.29				9.00	2.73

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	9692.64	10749.21	11389.07	13122.95	14010.26	16989.04		16989.04	13252.11	9.59
Цена акции ао				422000	374500	346500	117700	117700	315175.00	-27.33
Число акций ао, млн	0.2458	0.3058	0.3911	0.4207	0.4953	0.5035		0.5035	0.4233	10.49
FCF/акцию	-36503.84	-86006.85	-132608.89	-94258.56	-69082.22	-2787.78		-2787.78	-76948.8600	-49.63

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	6088.76	6495.16	6622.83	7046.53	3482.54	6965.11	3693.24	7386.49	9602.42			6225.96	22.49
Цена акции ао										116900	117700	117300.00	0.34
FCF/акцию			-97306.44	-84127.05	6822.05	13432.48	4537.81	-32768.64	9058.75			216.49	5.84

	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, %	4.09	8.05	4.5	4.31	4.63	5.34		5.34	7.55	5.37	-7.88
ROA, %	2.91	5.46	2.95	2.7	2.78	3.09		3.09	3.81	3.40	-10.76
ROIC, %		6.35	5.64	5.71	5.68				6.80	5.84	-2.75
ROS, %		50.24	48.65	48.83	47.33	50.57	50.57	50.57	30.93	49.19	0.78
ROCE, %	4.1	3.84	2.91	2.72	2.83	3.43	5.73	5.73	6.00	3.52	14.51
Ebit margin, %		52.32	52.01	52.81	50.76	54.33	54.33	54.33		52.85	0.88
Рентаб EBITDA, %	68.79	70.46	68.94	70.36	68.25	70.44	70.44	70.44	46.17	69.69	0.43
Чистая рентаб, %	47.42	50.24	48.65	48.83	47.33	50.57		50.57	30.93	49.12	0.13
Operation Margin, %		53.18	51.99	52.81	52.07	54.39	54.39	54.39	35.14	53.13	0.91

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	4.41	4.37	4.66	2.14	1.19	2.3	1.18	2.33	3.02		7.55	2.00	20.47
ROA, %	2.63	2.82	2.61	1.26	0.6441	1.29	0.6733	1.32	1.72		3.81	1.13	21.71
ROIC, %				2.54	1.4	2.79	1.4	4.26	3.26		6.80	2.62	18.42
ROS, %				48.01	46.69	46.69	48.01	48.01	52.73	50.57	30.93	49.20	1.61
ROCE, %	0.7951	0.7526	0.8432	2.29	0.7674	1.44	0.7653	1.52	1.94	5.73	6.00	2.28	31.81
Ebit margin, %					50.6	50.36	52.09	52.09	56.34	54.33		53.04	1.53
Рентаб EBITDA, %			70.53	71.05	68.14	68.14	69.64	69.64	71.24	70.44	46.17	69.82	0.67
Чистая рентаб, %	48.08	50.52	47.47	48.01	46.69	46.69	48.01	48.01	52.73		30.93	48.43	2.46
Operation Margin, %				51.34	50.6	50.36	52.09	52.09	56.34	54.39	35.14	53.05	1.55

	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	33.53	41.54	45.75	36.88	28.48	7.65		7.65	29.88	32.06	-28.71
P/BV	1.29	1.67	1.75	1.46	1.24	0.408		0.408	1.99	1.31	-24.56
P/S	15.9	20.87	22.26	18.01	13.48	3.87		3.87	8.37	15.70	-28.61
P/FCF					-5.12	-5.94	-144.74	-144.74	24.43	-51.9333	204.63
E/P					0.0272	0.0342	0.0421	0.0421	0.17	0.0345	15.67
EV/EBIT		47.72	51.86	47.14	39.81	18.92	18.92	18.92		35.33	-18.26
EV/EBITDA	29.28	36.53	40.93	35.38	29.61	14.59		14.59	21.95	31.41	-16.77
EV/S		24.97	26.97	24.89	20.21	10.28	10.28	10.28	12.37	18.53	-17.54
EV/FCF		-6.21	-4.76	-7.1	-8.66	-123.84	-123.84	-123.84	117.90	-53.6400	91.89
Debt/EBITDA	6.94	7.67	9.39	10.32	10.31	9.49	9.49	9.49	8.71	9.80	0.21
Netdebt/Ebitda		6.91	8.65	9.78	9.86	9.1	9.1	9.1	4.20	9.30	1.02
Debt/Ratio		0.2936	0.3271	0.3597	0.3803	0.4004	0.4004	0.4004	0.37	0.3736	4.13
Debt/Equity		0.4332	0.5092	0.5878	0.6454	0.7048	0.7602	0.7602	0.95	0.6415	8.34
Debt/Net Income		10.76	13.31	14.87	14.87	13.22	13.22	13.22	12.44	13.90	-0.14
PEG							0.000256	0.000256		0.0003	0.00
Бета					-0.9677	-1.39	-0.1896	-0.1896	50.95	-0.8491	-41.92
Индекс Альтмана					2.85	2.61	2.44	2.44	20.04	2.63	-5.05

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	43.27	34.29	36.86	19.72	20.53	6.18	17.94	5.48	4.7			29.88	10.97	-25.54
P/BV	1.75	1.45	1.56	1.23	1.34	0.4089	1.2	0.3721	0.408			1.99	0.7458	-21.17
P/S	21.06	16.91	18.04	9.42	9.77	2.92	8.49	2.6	2.31			8.37	5.22	-25.05
P/FCF											-144.74	24.43	-144.7400	0.00
E/P											0.0421	0.17	0.0421	0.00
EV/EBIT					164.42	43.37	148.73	41.67	33.65		18.92		57.27	-15.29
EV/EBITDA			66.74	58.76	21.39	10.73	19.42	10.66	8.81			21.95	14.20	-16.26
EV/S				41.75	83.19	21.84	77.47	21.71	18.96		10.28	12.37	30.05	-13.99
EV/FCF				-7.28	90.96	24.26	131.33	-10.19	38.11		-123.84	117.90	11.93	-238.55
Debt/EBITDA			18.54	20.74	40.32	20.16	41.91	20.96	17.31		9.49	8.71	21.97	-13.99
Netdebt/Ebitda				19.98	38.57	19.28	40.31	20.15	16.59		9.1	4.20	21.09	-13.94
Debt/Ratio				0.3859	0.3803	0.3803	0.4023	0.4023	0.4004		0.4004	0.37	0.3971	1.04
Debt/Equity				0.6578	0.6454	0.6454	0.7081	0.7081	0.7048		0.7602	0.95	0.7053	3.33
Debt/Net Income				30.7	58.85	29.42	60.8	30.4	23.38		13.22	12.44	31.44	-14.78
PEG											0.000256		0.0003	0.00
Бета										18.31	-0.1896	50.95	9.06	-110.18
Индекс Альтмана										2.44	2.44	20.04	2.44	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		2.72	3.67	4.61	5.61	7.15	8.01				5.81	16.89
Дивиденд	565	5857	11016	11910	4864.29	14981	5305	6374.33	6374.33		8686.92	-11.75
Див доход, ао, %	0.2165	2.44	3.09	2.77	1.29	5.5	6.57	8.08	7.43	5.76	4.84	23.88
Дивиденды / прибыль, %			113.99	111.58	103.44	98.73	103.02	93.66	93.66	72.99	102.09	-3.44

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		1.32	1.32	1.4	1.4	3.31	1.92	3.84	1.97	7.88	4.07		3.94	16.21
Дивиденды / прибыль, %	48.39		52.06		47.07	96.39	109.51	109.51	106	212.01	84.16	72.99	124.24	-5.13

	Industry average	5 quarters average	CAGR 5

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