TSE: 8869 - Meiwa Estate Company Limited

Yield per half year: +8.39%
Dividend yield: +8.15%
Sector: Real Estate

Reporting Meiwa Estate Company Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								23.68
Выручка, млрд ¥	48.11	49.97	40.53	50.11	57.21	62.32	71.25	71.25	56.28	11.94
Чистая прибыль, млрд ¥	2.04	2.03	0.496	2.72	2.6	4.42	2.78	2.78	2.60	41.16
EV, млрд ¥	26.8	18.56	14.83	26.86	35.3	43.36	-32.48	-32.48	17.57	-216.98
EBIT, млрд ¥	2.92	2.86	1.64	3.63	-49.06	-50.22	4.97	4.97	-17.8080	24.83
EBITDA, млрд ¥	3.13	3.13	1.84	3.69	4.37	6.16	5.22	5.22	4.26	23.19
Баланс стоимость, млрд ¥	22.41	23.71	23.44	25.82	26.57	30	124.26	124.26	46.02	39.60
FCF, млрд ¥	-0.258	4.3	-0.274	-5.65	-7.01	0.215	-2.44	-2.44	-3.0318	54.86
Операционный денежный поток, млрд ¥	-0.179	4.59	-0.219	-5.55	-6.89	0.419	-1.83	-1.83	-2.8140	52.90
Операционная прибыль, млрд ¥	2.99	3.01	1.64	3.63	4.17	5.94	4.97	4.97	4.07	24.83
Операционные расходы, млрд ¥	6.91	7.56	7.5	7.69	8.76	9.71	10.56	10.56	8.84	7.08
CAPEX, млрд ¥	0.079	0.294	0.055	0.096	0.119	0.204	0.61	0.61	0.2168	61.81

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥			6.03	10.44	5 372.08	14.06	15.99	7.44	33.76	21.25	13.57	23.43	19.89	25.79
Чистая прибыль, млрд ¥			-0.898	-0.018	762.82	0.585	0.525	-0.902	2.57	1.57	0.071	0.558	0.7734	-190.84
EV, млрд ¥			52.42	61.06	6 926.78	52.94	57.48	71.8	50.81	50.93	70.91	82.55	65.40	2.83
EBIT, млрд ¥		0.822	-0.751	0.332	870.13	0.935	0.79	-0.771	3.83	2.12	0.584		1.31	-5.86
EBITDA, млрд ¥		0.725	-0.849	0.229	905.95	0.996	0.851	-0.711	3.89	2.18	0.642		1.37	-5.48
Баланс стоимость, млрд ¥			25.33	25.32	4 713.27	29.85	30.31	29.41	31.97	32.61	32.68	33.24	31.98	2.48
FCF, млрд ¥				16.63	0.122	0.122	0.122	0.12					3.42	-62.70
Операционный денежный поток, млрд ¥	-6.9		-16.24	16.63	0.122	0.122	0.122	0.12					3.42	-62.70
Операционная прибыль, млрд ¥			-0.751	0.332	870.13	0.934	0.789	-0.771	4.02	2.12	0.584	1.31	1.45	-211.18
Операционные расходы, млрд ¥			2.27	2.28	473.24	2.58	2.54	2.65	2.79	2.72	2.68	2.89	2.75	1.75
CAPEX, млрд ¥	0.119		0.146		0.204								0.1563	19.68

	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 ¥	17.18	24.15	23.6	22.65	27.7	34.15	34.55	34.55	28.53	7.92
Short Term Investments ¥		0.22	0.206	0.228	1.33	1.46	0.35	0.35	0.7148	11.18
Total Receivables ¥		1	0.962	0.943	0.833	0.599	0.588	0.588	0.7850	-9.38
Total Current Assets ¥		59.63	69.41	66.25	85.84	104.24	115.07	115.07	88.16	10.64
Чистые активы, млрд ¥	52.82	59.63	69.41	66.25	7.66	7.54		7.54	42.10	-33.87
Активы, млрд ¥	62.53	71.2	80.43	76.05	95.71	116.54	124.26	124.26	98.60	9.09
Short Term Debt ¥		8.64	10.74	14.62	16.88	16.54	38.29	38.29	19.41	28.95
Long Term Debt ¥		19.85	18.26	18.03	31.86	41.51	38.29	38.29	29.59	15.96
Задолженность, млрд ¥	40.12	47.49	57	50.24	69.14	86.54	3.54	3.54	53.29	-42.64
Чистый долг, млрд ¥	8.1	4.34	5.4	9.93	20.95	23.71	-32.48	-32.48	5.50	-243.17
Долг, млрд ¥	25.28	28.49	29	32.59	48.74	58.05	2.07	2.07	34.09	-41.02
Расходы на обслуживание долга ¥		0.451	0.481	0.474	0.607	0.883	1	1	0.6890	15.76
Чист. проц. доходы, млрд ¥				0.474	0.601	0.899		0.899	0.6580	23.78
Амортизация, млрд ¥		0.265	0.299	0.211	53.43	56.38	0.245	0.245	22.11	-3.91
Себестоимость, млрд ¥			31.39	38.79	44.28	46.66	55.72	55.72	43.37	12.16
Товарно материальные запасы ¥		33.76	43.4	42.05	56.66	68.39	78.69	78.69	57.84	12.64

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				17.88	17.58	5 365.16	33.74	32.69	20.27	34.55	32.86	20.62	17.3	25.12	-3.12
Short Term Investments ¥				0.246	0.252	40.07	1.46	0.256		0.35				8.48	6.79
Total Receivables ¥				0.59	0.914	94.11	0.641	0.536	0.91	0.588	0.439	0.607	0.143	0.5374	-30.93
Total Current Assets ¥			86.1	86.87	95.08	16 378.46	110.68	107.56	102.27	115.07		107.47	120.36	110.55	2.27
Чистые активы, млрд ¥	73.46	85.84	86.1	86.87	95.08	1 185.31	6.84							292.04	-39.74
Активы, млрд ¥				97.21	105.82	18 310.4	121.53	117.23	111.97	124.26	123.25	119.39	132.53	122.28	3.43
Short Term Debt ¥				22.08	22.29	2 598.13	23.26	23.72	24.03	20.78	22.83	31.77	31.9	26.26	5.83
Long Term Debt ¥		31.77	33.23	34.01	40.17	6 522.19	39.31	39.69	39.53	38.29				1335.80	-64.21
Задолженность, млрд ¥				71.87	80.5	13 597.13	91.68	86.92	82.56	92.29	90.64	86.71	99.29	90.30	3.76
Чистый долг, млрд ¥				38.21	44.88	3 725.31	28.83	30.72	43.29	24.74	29.32	48.26	58.61	40.84	6.25
Долг, млрд ¥				56.09	62.46	9 090.47	62.57	63.41	63.56	59.29	62.18	68.87	75.91	65.96	3.62
Расходы на обслуживание долга ¥	0.158	0.172	0.194	0.21	0.238	37.87	0.24	0.251	0.26	0.252				7.77	-63.30
Чист. проц. доходы, млрд ¥	0.001			0.21	0.238	41.32								10.44	1325.74
Амортизация, млрд ¥				-0.098	-0.103	35.82	0.061	0.061	0.06	0.063	0.059	0.058	-1.31	-0.2140	-285.28
Себестоимость, млрд ¥							10.54	12.66	5.56	26.96	16.38	10.31	19.24	15.69	28.18
Товарно материальные запасы ¥			59.76	67.68	75.58	10 744.78	75.09	73.29	79.69	78.69		85.33	101.38	83.68	6.70

	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	82.03	81.71	19.92	109.3	110.01	188.29	23448566.61		23448566.61	4689798.83	1537.44
Цена акции ао					713	1216	1021	1042	1042	998.00	9.95
Число акций ао, млн		24.89	24.89	24.89	23.61	23.45	0.000119		0.000119	19.37	-91.37
FCF/акцию	-10.36	172.61	-11.01	-226.84	-297.04	9.17	-20598650.93		-20598650.93	-4119835.3300	1696.43

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	-38.3	-0.7677	32532.67	24.95	22.39	-38.47	109.73	67.09	3.03	23.8		33.04	-190.84
Цена акции ао											1042	1042.00	0.00
FCF/акцию			5.2	5.2	5.2	5.12						5.18	-0.39

	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, %	9.38	8.82	2.1	11.05	9.92	15.61	3.61		3.61	7.48	8.46	11.44
ROA, %	3.22	3.04	0.6542	3.48	3.02	4.16	2.31		2.31	3.79	2.72	28.70
ROIC, %			1.66	6.14	4.54	6.12			6.12	6.80	4.62	38.57
ROS, %			1.22	5.43	4.54	7.08	3.9	3.9	3.9	30.62	4.97	-6.40
ROCE, %	8.2	6.47	3.87	8.15	-82.9	-69.44	4.01	4.12	4.12	4.34	-27.2120	-12.75
Ebit margin, %			-91.58	-85.6	-85.76	-80.58	6.98	6.98	6.98		-47.5960	-160.57
Рентаб EBITDA, %	6.51	6.26	4.53	7.36	7.64	9.88	7.32	7.32	7.32	45.30	7.90	-0.11
Чистая рентаб, %	4.24	4.07	1.22	5.43	4.54	7.08	3.9		3.9	30.62	4.43	26.17
Operation Margin, %			4.04	7.24	7.29	9.53	6.98	6.98	6.98	34.78	7.60	-0.73

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %		-3.51	-0.0699	18.47	2.15	1.86	-3.07	8.54	5.12	0.2263	1.74	7.48	2.51	-189.27
ROA, %		-0.9292	-0.0177	4.37	0.4915	0.4398	-0.7871	2.18	1.27	0.0585	0.443	3.79	0.6329	-189.14
ROS, %					4.16	3.28	-12.12	7.62	7.4	0.5231	2.38	30.62	1.16	-172.21
ROCE, %	1.51	-1.3	0.5393	8.54	1.39	1.13	-1.09	5.42	2.71	0.7473		4.34	1.78	-7.94
Ebit margin, %					6.65	4.94	-10.36	11.34	9.98	4.3			4.04	-2.74
Рентаб EBITDA, %	6.22	-14.08	2.19	16.86	7.08	5.32	-9.56	11.53	10.26	4.73		45.30	4.46	-2.32
Чистая рентаб, %		-14.89	-0.17	14.2	4.16	3.28	-12.12	7.62	7.4	0.5231	2.38	30.62	1.16	-172.21
Operation Margin, %					6.64	4.93	-10.36	11.91	9.98	4.3	5.59	34.78	4.28	-188.39

	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	9.16	6.99	19.02	6.22	5.53	4.45	4.7E-5		4.7E-5	30.25	7.04	-92.44
P/BV	0.8341	0.5995	0.4025	0.6557	0.5402	0.655	0		0	2.01	0.5706	1.79
P/S	0.3886	0.2845	0.2328	0.3378	0.2509	0.3153	0		0	8.43	0.2843	2.08
P/FCF						110.14	-9.69	-9.69	-9.69	26.48	30.25	-144.48
E/P						0.1867	0.1174	0.1174	0.1174	0.25	0.1405	-14.33
EV/EBIT			-0.3996	-0.6262	-0.7195	-0.8634	-6.53	-6.53	-6.53		-3.0538	59.82
EV/EBITDA	8.56	5.94	8.08	7.29	8.08	7.04	-6.22		-6.22	21.56	4.85	-194.90
EV/S			0.366	0.5361	0.617	0.6958	-0.4559	-0.4559	-0.4559	12.34	0.1874	-196.81
EV/FCF			-54.14	-4.76	-5.03	201.67	13.3	13.3	13.3	126.50	43.70	-222.81
Debt/EBITDA	8.07	9.12	15.81	8.84	11.16	9.42	0.3968	0.3968	0.3968	8.72	6.04	-46.24
Netdebt/Ebitda			2.94	2.69	4.8	3.85	-6.22	-6.22	-6.22	4.15	-0.2200	-218.25
Debt/Ratio			0.3606	0.4293	0.5092	0.4981	0.0167	0.0167	0.0167	0.36	0.2940	-47.76
Debt/Equity			1.24	1.26	1.83	1.94	0.0167	0.0293	0.0293	167.75	1.02	-52.87
Debt/Net Income			58.47	12	18.77	13.15	0.7447	0.7447	0.7447	12.41	9.08	-42.65
PEG								0	0
Бета						2.75	0.2424	-0.2125	-0.2125	68.57	0.9266	-142.59
Индекс Альтмана						1.11	0.7428	0.7456	0.7456	20.03	0.8661	-12.42

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	5.64	6.09			4.62	5.33	4.5		9.38	5.74	6.83	5.01			30.25	6.29	2.17
P/BV			0.5609	0.639	0.6792	0.8075	0.8827	0.9694	0.8154	0.6629	0.693	0.7202			2.01	0.7722	-5.77
P/S			0.283	0.3121	0.327	0.3724	0.3582	0.3978	0.3659	0.2756	0.2979	0.2602			8.43	0.3195	-8.14
EV/EBIT						56.62	72.76	-93.13	13.27	24.01	121.41					27.66	10.78
EV/EBITDA		11.07	19.74	21.76	7.51	8.29	7.17	10.24	10.1	8.2	11.81				21.56	9.50	10.50
EV/S						3.77	3.59	9.65	1.5	2.4	5.22	3.52			12.34	4.46	-18.27
EV/FCF						433.9	471.12	598.34							126.50	501.12	11.31
Debt/EBITDA	18.01	69.54		272.76	10.03	62.82	74.52	-89.39	15.23	28.52	107.28				8.72	27.23	7.56
Netdebt/Ebitda						28.95	36.1	-60.88	6.35	13.45	75.17				4.15	14.04	15.80
Debt/Ratio						0.5148	0.541	0.5676	0.4771	0.5045	0.5769	0.5728			0.36	0.5398	0.18
Debt/Equity						2.1	2.09	2.16	1.85	1.91	2.11	2.28			167.75	2.06	1.09
Debt/Net Income						106.96	120.79	-70.46	23.04	39.53	970.04	136.04			12.41	219.64	-214.06
Бета													-0.716	-0.2229	68.57	-0.4694	-44.20
Индекс Альтмана													0.7456	0.7456	20.03	0.7456	0.00

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		0.746	0.746	0.746	0.373	0.87	0.82	0.975			0.975		0.7568	5.50
Дивиденд	15	30	30	30	15	5	35	45	40		40		28.00	21.67
Див доход, ао, %	2.29	3.5	4.78	5.08	2.8	0.8651	6.58	9.55	8.15		8.15	126.52	5.59	23.82
Дивиденды / прибыль, %			36.53	36.68	150.4	13.71	33.5	18.57	35.06		35.06	72.32	50.25	-25.27
Dividend Coverage Ratio										2.85	2.85		2.85	0.00

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.87	0.819	0.82		0.8363	-1.95
Дивиденды / прибыль, %	41.33		16.89	72.32	29.11	-36.07

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	562	562	0.00

	CAGR 5

	CAGR 5