TSE: 8803 - Heiwa Real Estate Co., Ltd.

Yield per half year: +12.99%
Dividend yield: +4.29%
Sector: Real Estate

Reporting Heiwa Real Estate Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								138.85
Выручка, млрд ¥	32.7	39.48	46.64	35.05	57.82	44.52	44.43	44.43	45.69	-0.97
Чистая прибыль, млрд ¥	5.29	6.17	7.05	7.12	8.71	9.14	8.45	8.45	8.09	3.69
EV, млрд ¥	224.67	257.75	261	325.72	328.67	337.15	-18.18	-18.18	246.87	-158.69
EBIT, млрд ¥	9.09	10.95	10.9	11.23	-27.17	-17.28	13.02	13.02	-1.8600	3.62
EBITDA, млрд ¥	13.75	15.72	16.07	16.65	18.03	16.45	18.81	18.81	17.20	3.20
Баланс стоимость, млрд ¥	104.9	109.07	107.3	118.64	119.28	119.32	405.98	405.98	174.10	30.49
FCF, млрд ¥	-3.43	-34.91	16.88	-22.83	13.82	-16.66	1.32	1.32	-1.4940	-39.93
Операционный денежный поток, млрд ¥	13.48	-12.78	28.68	8.29	34.19	23.95	19.11	19.11	22.84	-7.80
Операционная прибыль, млрд ¥	9.44	9.34	10.9	11.23	12.62	10.78	13.02	13.02	11.71	3.62
Операционные расходы, млрд ¥	3.87	4.21	4.19	4.13	5.07	5.49	5.55	5.55	4.89	5.78
CAPEX, млрд ¥	16.91	22.13	11.81	31.13	20.37	40.61	18.26	18.26	24.44	9.11

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	7.57	7.18	1 946.55	15.03	13.16	7.52	8.72	10.58	8.18	8.19	8.64	1.72
Чистая прибыль, млрд ¥	2.05	1.43	544.89	5	1.66	0.955	0.836	2.09	1.34	1.51	1.35	9.60
EV, млрд ¥	324.29	331.82	52 575.29	336.85	332.79	337.23	338.8	345.79	340.23	360.24	344.46	1.33
EBIT, млрд ¥	0.853	1.28	619.68	5.21	2.81	1.7	2.07	2.96	2.29	2.23	2.25	5.58
EBITDA, млрд ¥	2.05	1.89	616.69	6.61	4.22	3.15	3.58	4.42	3.71	3.69	3.71	3.22
Баланс стоимость, млрд ¥	117.22	116.32	18 747.83	122.02	124.49	122.42	125.65	114.88	114.91	114.11	118.39	-1.40
FCF, млрд ¥		2.87	466.33	2.81	2.83	2.91					95.55	0.28
Операционный денежный поток, млрд ¥	15.49	2.87	466.33	2.81	2.83	2.91					95.55	0.28
Операционная прибыль, млрд ¥	0.853	1.28	619.68	6.45	2.81	1.7	2.34	2.96	2.29	2.23	2.30	5.58
Операционные расходы, млрд ¥	1.31	1.18	268.52	1.31	1.24	1.23	1.77	1.33	1.32	1.36	1.40	2.03
CAPEX, млрд ¥	13.8		6 381.1								3197.45	2050.35

	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 ¥	12.88	9.81	15.77	29.69	23.21	20.91	26.32	26.32	23.18	10.79
Short Term Investments ¥		3.13	13	0.016	5.01	7	2.66	2.66	5.54	-27.19
Total Receivables ¥		1.56	1.12	1.63	1.81	1.97	2.11	2.11	1.73	13.50
Total Current Assets ¥		56.27	59.01	67.94	53.55	46.63	53.26	53.26	56.08	-2.03
Чистые активы, млрд ¥	32.02	56.27	59.01	67.94	249.38	279.53		279.53	142.43	37.79
Активы, млрд ¥	302.79	335.57	339.55	381.35	376.21	398.33	405.98	405.98	380.28	3.64
Short Term Debt ¥		30.17	14.08	38.1	21.2	23.18	201.57	201.57	59.63	70.28
Long Term Debt ¥		154.5	168.9	173.62	185.03	203.72	201.57	201.57	186.57	3.60
Задолженность, млрд ¥	197.9	226.5	232.25	262.72	256.93	279.01	21.49	21.49	210.48	-37.88
Чистый долг, млрд ¥	142.9	174.86	167.21	182.04	179.03	201.14	-18.19	-18.19	142.25	-164.17
Долг, млрд ¥	155.79	184.67	182.98	211.73	206.24	226.89	8.13	8.13	167.19	-46.35
Расходы на обслуживание долга ¥		1.25	1.26	1.33	1.41	1.48	1.66	1.66	1.43	5.67
Чист. проц. доходы, млрд ¥	0.003	0.007	0.014	0.01	0.005	0.006	0.017	0.006	0.0104	3.96
Амортизация, млрд ¥		4.77	5.17	5.42	45.2	33.74	5.79	5.79	19.06	2.29
Себестоимость, млрд ¥			31.55	19.69	40.13	28.24	25.86	25.86	29.09	-3.90
Товарно материальные запасы ¥		38.42	25.45	31.1	19.87	14.45	21.21	21.21	22.42	-3.58

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				21.21	23.24	3 285.06	23.62	30.56	20.08	26.32	14.09	14.54	18.76	18.76	-1.35
Short Term Investments ¥				6.01	1	1 099.68	7.01	8.01	8.01	2.66	2	0.544	0.654	2.77	-39.41
Total Receivables ¥				1.83	2.28	309.05	2.39	3	3.44	2.67	3.18	2.11	2.6	2.80	-5.45
Total Current Assets ¥			44.85	41.52	39.67	7 326.49	45.96	48.67	41	53.26	39.89		42.96	45.16	-2.46
Чистые активы, млрд ¥	40.95	53.55	44.85	41.52	39.67	43 919.01	281.89							8865.39	44.43
Активы, млрд ¥				372.44	385.31	62 585.92	400.43	404.7	400.47	405.98	393.64	390.14	402.35	398.52	0.09
Short Term Debt ¥				20.06	18	3 641.25	21.5	21.98	24.56	17.31	23.79	22.54	21	21.84	-3.08
Long Term Debt ¥		181.03	183.74	183.14	199.11	32 008.25	203.16	198.92	197.82	201.57				6561.94	-63.71
Задолженность, млрд ¥				255.22	268.99	43 838.1	278.41	280.21	278.04	280.33	278.76	275.23	288.25	280.12	0.72
Чистый долг, млрд ¥				181.98	193.86	31 602.41	201.04	190.34	202.3	196.36	208.98	205.56	214.67	205.57	1.19
Долг, млрд ¥				203.2	217.11	34 887.46	224.65	220.9	222.38	222.67	223.07	220.1	233.43	224.33	0.97
Расходы на обслуживание долга ¥	0.353	0.349	0.358	0.364	0.37	60.96	0.403	0.415	0.418	0.428				12.52	-62.91
Чист. проц. доходы, млрд ¥	0.002	0.003		0.002	0.002	0.3142	157.75	0.6285	0.7856	0.005				31.90	-56.31
Амортизация, млрд ¥				-0.029	0.117	-2.99	1.41	1.41	1.46	1.51	1.46	1.42	1.46	1.46	0.00
Себестоимость, млрд ¥							7.27	9.12	4.6	6.37	6.29	4.57	4.6	5.29	0.00
Товарно материальные запасы ¥			10.74	10.66	10.64	2 270.54	11.33	6.48	8.46	21.21	19.29		19.75	15.04	24.97

	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	132.57	158.73	184.82	189.74	236.75	254.27	35788403.71		35788403.71	7157853.86	1041.30
Цена акции ао					3665	3770	4360	4880	4880	4168.75	7.42
Число акций ао, млн		38.9	38.12	37.51	36.77	35.93	0.000236		0.000236	29.67	-90.91
FCF/акцию	-86.04	-897.52	442.63	-608.65	375.72	-463.66	5590614.54		5590614.54	1118072.12	561.13

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	56.58	39.36	15226.16	139.74	46.33	26.68	23.36	59.82	40.54	45.16		39.11	11.10
Цена акции ао											4880	4880.00	0.00
FCF/акцию		80.2	82.94	78.52	79.02	81.42						80.42	0.30

	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, %	5.22	5.77	6.51	6.3	7.32	7.66	3.22		3.22	7.48	6.20	-13.13
ROA, %	1.78	1.93	2.09	1.97	2.3	2.36	2.1		2.1	3.79	2.16	0.10
ROIC, %			3.24	3.08	3.83	3.8			3.8	6.80	3.49	4.07
ROS, %			15.11	20.31	15.06	20.52	19.02	19.02	19.02	30.60	18.79	-1.30
ROCE, %	3.29	3.64	3.44	3.31	-7.86	-4.75	3.35	3.39	3.39	3.02	-0.5120	0.48
Ebit margin, %			-42.92	-21.44	-46.99	-38.82	29.31	29.31	29.31		-9.7260	-206.45
Рентаб EBITDA, %	42.06	39.82	34.46	47.51	31.19	36.95	42.33	42.33	42.33	45.60	40.06	-2.28
Чистая рентаб, %	16.17	15.64	15.11	20.31	15.06	20.52	19.02		19.02	30.60	18.00	4.71
Operation Margin, %			23.38	32.04	21.82	24.22	29.31	29.31	29.31	34.81	27.34	-1.77

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %	1.73	1.21	2.95	4.1	1.39	0.7873	0.6805	1.71	1.11	1.27	7.48	1.11	10.04
ROA, %	0.5547	0.3772	0.8851	1.25	0.4119	0.2372	0.2073	0.5235	0.3414	0.3806	3.79	0.3380	9.92
ROS, %				33.28	12.6	12.69	9.59	19.78	16.35	18.42	30.60	15.37	7.74
ROCE, %	0.2486	0.3656	1.12	4.27	0.765	0.4595	0.5559	0.7985	0.6109	0.5913	3.02	0.6032	5.17
Ebit margin, %					21.33	22.55	23.76	28	28.01	27.2		25.90	3.82
Рентаб EBITDA, %	27.06	26.33	31.68	44.01	32.07	41.92	41.06	41.79	45.38	45.03	45.60	43.04	1.44
Чистая рентаб, %	27.14	19.91	27.99	33.28	12.6	12.69	9.59	19.78	16.35	18.42	30.60	15.37	7.74
Operation Margin, %				42.9	21.32	22.55	26.89	27.99	28.01	27.18	34.81	26.52	3.81

	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	15.46	13.43	13.31	20.19	17.19	14.89	0.000111		0.000111	30.00	13.12	-90.36
P/BV	0.7795	0.76	0.874	1.21	1.25	1.14	0		0	1.99	1.05	8.45
P/S	2.5	2.1	2.01	4.1	2.59	3.05	2.1E-5		2.1E-5	8.35	2.35	-89.91
P/FCF						-8.33	105.19	105.19	105.19	26.48	67.35	-332.87
E/P						0.0658	0.0609	0.0609	0.0609	0.25	0.0625	-2.55
EV/EBIT			-13.04	-43.35	-12.1	-19.51	-1.4	-1.4	-1.4		-15.5520	-49.67
EV/EBITDA	16.33	16.4	16.24	19.56	18.23	20.49	-0.9668		-0.9668	22.08	14.71	-156.88
EV/S			5.6	9.29	5.68	7.57	-0.4092	-0.4092	-0.4092	12.32	4.34	-153.55
EV/FCF			15.47	-14.27	23.79	-20.24	-13.78	-13.78	-13.78	117.12	-7.6560	-0.70
Debt/EBITDA	11.33	11.75	11.38	12.72	11.44	13.79	0.4323	0.4323	0.4323	8.74	7.76	-49.15
Netdebt/Ebitda			10.4	10.93	9.93	12.22	-0.9669	-0.9669	-0.9669	4.20	6.23	-161.57
Debt/Ratio			0.5389	0.5657	0.5482	0.5696	0.02	0.02	0.02	0.37	0.3447	-48.75
Debt/Equity			1.71	1.82	1.73	1.9	0.02	0.0559	0.0559	0.84	1.11	-50.17
Debt/Net Income			25.97	30.31	23.69	24.83	0.9622	0.9622	0.9622	12.52	16.15	-49.84
PEG								0	0
Бета						0.2276	1.28	-1.01	-1.01	71.31	0.1659	-264.33
Индекс Альтмана						1.52	-8.54	-8.55	-8.55	20.03	-5.1900	-277.84

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	17.58	17.4	14.68	11.37	12.33	12.17	16.86	25.03	27.13	25.82			30.00	21.40	16.23
P/BV	1.21	1.19	1.12	1.11	1.14	1.1	1.13	1.19	1.17	1.28			1.99	1.17	3.08
P/S	3.46	3.34	3.02	3.22	2.98	2.8	3.21	3.48	4.06	4.2			8.35	3.55	8.45
EV/EBIT					118.51	198.72	163.59	116.74	148.44	161.76				157.85	-4.03
EV/EBITDA	29.05	31.75	30.08	50.93	16.07	16.33	18.01	22.49	22.88	23.39			22.08	20.62	7.45
EV/S				22.41	25.28	44.82	38.86	32.69	41.58	44.01			12.32	40.39	-0.36
EV/FCF				119.87	117.68	115.73							117.12	117.76	-1.16
Debt/EBITDA	99.22	114.87	56.57	33.97	52.32	70.51	62.2	50.46	59.28	63.33			8.74	61.16	-2.13
Netdebt/Ebitda				30.4	45.08	64.14	54.85	47.27	55.36	58.24			4.20	55.97	-1.91
Debt/Ratio				0.561	0.5458	0.5553	0.5485	0.5667	0.5641	0.5802			0.37	0.5630	0.88
Debt/Equity				1.84	1.77	1.82	1.77	1.94	1.92	2.05			0.84	1.90	2.41
Debt/Net Income				44.92	133.23	232.86	266.35	106.58	164.5	154.79			12.52	185.02	-7.84
Бета											-3.63	-1.48	71.31	-2.5550	-36.15
Индекс Альтмана											-8.55	-8.55	20.03	-8.5500	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	1.19	1.57	2.03	2.37	3.18	3.76	4.01			4.01		3.07	14.59
Дивиденд	15	22	53	63	29.48	104	112	121	77	140		88.70	21.17
Див доход, ао, %	0.7167	1.13	2.01	1.79	1.08	3.65	4.07	4.36	4.21	4.29	6.38	3.47	31.27
Дивиденды / прибыль, %		22.54	25.36	28.77	33.24	36.48	41.16	47.48		47.48	72.54	37.43	10.54
Dividend Coverage Ratio									2.11	2.11		2.11	0.00

	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.97	590.93		296.45	1631.95
Дивиденды / прибыль, %	95.91	108.45	72.54	102.18	6.34

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	253	253	0.00

	CAGR 5

	CAGR 5