TSE: 8951 - Nippon Building Fund Inc.

Yield per half year: +1.61%
Dividend yield: +6.24%
Sector: Real Estate

Reporting Nippon Building Fund Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							1 050
Выручка, млрд ¥	74.1	77.66	80.34	96.55	99.58	123.28	123.28	95.48	9.68
Чистая прибыль, млрд ¥	28.53	30.94	32.79	43.16	45.73	38.85	38.85	38.29	4.66
EV, млрд ¥	1 377.7	1 545.34	1 313.96	1 650.54	1 564.77	1 614.62	1 614.62	1537.85	0.88
EBIT, млрд ¥	31.81	33.65	35.47	45.78	48.4	41.41	41.41	40.94	4.24
EBITDA, млрд ¥	45.89	48.05	49.51	60.58	64.05	57.26	57.26	55.89	3.57
Баланс стоимость, млрд ¥	540.47	541.98	666.62	672.29	706.52	706.25	706.25	658.73	5.44
FCF, млрд ¥	8.56	8.09	-0.3066	-176.28	-25.29	103.2	26.33	-18.1173	66.40
Операционный денежный поток, млрд ¥	108.08	52.56	53.61	151.46	82.85	108.6	83.84	89.82	15.62
Операционная прибыль, млрд ¥	31.81	33.65	35.47	45.78	48.4	41.41	41.41	40.94	4.24
Операционные расходы, млрд ¥	3.25	3.35	3.48	4.34	4.31	20.13	1.28	7.12	43.14
CAPEX, млрд ¥	99.52	44.47	53.92	327.74	108.14	5.4	57.52	107.93	-34.41

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥			52.22	23.56	62.19	23.5	69.15	23.61	54.14	25.12	50.24	50.81	40.78	16.57
Чистая прибыль, млрд ¥			25.44	10.14	20.29	9.67	9.67	9.76	9.76	11.67	23.34	22.67	15.44	18.36
EV, млрд ¥			1 717.39	1 682.4	1 591.72	1 514.99	1 551.72	1 604.42	1 614.62	1 604.9	1 565.78	1 601.69	1598.28	-0.03
EBIT, млрд ¥			13.41	10.8	21.6	10.32	20.64	10.38	20.77	12.32	24.65	24.07	18.44	18.32
EBITDA, млрд ¥	11.44			14.76	29.52	14.26	28.52	14.37	28.74	16.29	32.58	32.03	24.80	17.39
Баланс стоимость, млрд ¥			709.15	706.52	706.52	706.3	706.3	706.25	706.25	710.03	710.03	710.44	708.60	0.12
FCF, млрд ¥	-44.07			22.02	25.24	23.68	-4.76	18.24	31.09	36.06	-12.67		13.59	21.63
Операционный денежный поток, млрд ¥		-24.47	38.81	22.02	44.03	23.68	47.36	18.24	36.49	36.06	72.11		42.05	8.77
Операционная прибыль, млрд ¥			26.81	10.8	21.6	10.32	20.64	10.38	20.77	12.32	24.64	24.07	18.44	18.32
Операционные расходы, млрд ¥	0.9548			4.05	0.3855	4.15	4.15	4.12	0.3268	4.18	8.35	8.19	5.03	14.73
CAPEX, млрд ¥	81.93	44.67	89.35		18.79	81.93	52.12		5.4		48.73		41.39	21.00

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	16.11	10.7	133.73	21.75	11.48	18.88	18.88	39.31	12.03
Short Term Investments ¥	4.09							4.09	0.00
Total Receivables ¥	0.869	0.736	0.292	0.309	0.3149	0.2664	0.2664	0.3837	-18.39
Total Current Assets ¥	21.41	17.06	134.9	26.97	17.17	19.79	19.79	43.18	3.01
Чистые активы, млрд ¥	21.41	17.06	134.9	26.97	862.22	6.74	862.22	209.58	-16.95
Активы, млрд ¥	1 024.89	1 042.75	1 197.44	1 306.86	1 368.74	1 385.62	1 385.62	1260.28	5.85
Short Term Debt ¥	61.13	56	10	41	60	56	56	44.60	0.00
Long Term Debt ¥	357	377.5	414.5	509.5	517.5	536.5	536.5	471.10	7.28
Задолженность, млрд ¥	484.43	500.78	530.81	634.56	662.22	679.37	679.37	601.55	6.29
Чистый долг, млрд ¥	402.01	422.8	325.77	528.75	566.02	573.62	573.62	483.39	6.29
Долг, млрд ¥	418.13	433.5	459.5	550.5	577.5	592.5	592.5	522.70	6.45
Расходы на обслуживание долга ¥	3.21	2.67	2.38	2.6	2.52	2.5	2.5	2.53	-1.31
Чист. проц. доходы, млрд ¥	0.0034	0.00032	0.000423	0.0008	0.0016		0.0016	0.0013	-13.99
Амортизация, млрд ¥	14.09	14.4	14.03	14.79	15.65	15.85	15.85	14.94	1.94
Себестоимость, млрд ¥		40.66	41.39	46.42	46.87	80.59	80.59	51.19	14.66
Товарно материальные запасы ¥		4.71		4.23	4.58	19.79	19.79	8.33	43.17

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			6.98	16.06	11.48	9.96	5.54	18.88	18.88	17.9	17.9	25.63	19.84	6.30
Total Receivables ¥			0.323	0.314	0.3149	0.333	0.334	0.266	0.2664	0.336	0.336	0.283	0.2975	1.25
Total Current Assets ¥			12.82	17.17	17.17	10.92	10.92	19.78	19.79	19.2	19.2	26.84	20.96	6.29
Чистые активы, млрд ¥	26.97	12.82	12.82	1 309.1	862.22	1 332.36	1 332.36						969.77	153.13
Активы, млрд ¥			1 367.72	1 368.74	1 368.74	1 385.92	1 385.92	1 385.62	1 385.62	1 383.88	1 383.88	1 382.96	1384.39	-0.04
Short Term Debt ¥			77	60	60	52	52	56	49.47	30	30	58	44.69	0.70
Long Term Debt ¥	509.5		497.5		517.5		542.5		536.5				520.70	1.04
Задолженность, млрд ¥			658.57	662.22	662.22	679.63	679.63	679.37	679.37	673.85	673.85	672.51	675.79	-0.20
Чистый долг, млрд ¥			567.52	561.44	566.02	584.54	588.96	573.62	573.62	569	569	560.67	569.18	-0.46
Долг, млрд ¥			574.5	577.5	577.5	594.5	594.5	592.5	592.5	586.9	586.9	586.3	589.02	-0.21
Расходы на обслуживание долга ¥	0.6502				1.27	0.6502	1.27		1.23			2.93	1.47	18.20
Чист. проц. доходы, млрд ¥	1.31		1.28		1.27								1.29	-1.03
Амортизация, млрд ¥	-0.0062			3.96	7.92	3.94	7.87	3.99	7.97	3.97	7.94	7.96	6.37	14.81
Себестоимость, млрд ¥				8.73	40.21	9.04	47.55	9.11	33.04	8.62	17.24	18.55	17.31	15.28
Товарно материальные запасы ¥					4.58		4.41		19.79				9.59	62.88

	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	20204.9	21910.42	19840.25	25774.98	5384.22	4567.69			22838.45	15495.51	-26.92
Цена акции ао					588000	122200	122400	129000	129000	240400.00	-31.56
Число акций ао, млн	1.41	1.41	1.65	1.65	8.49	8.5			1.7	4.34	43.23
FCF/акцию	6059.92	5730.01	-185.56	-105284.22	-2978.1	12133.75			15477.63	-18116.8240	16.19

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS		14955.95	5963.58	11927.69	5683.45	1136.69	1147.15	1147.15	1372.38	2744.75	2665		1815.29	18.36
Цена акции ао												129000	129000.00	0.00
FCF/акцию	-26668.44		12943.04	14839.1	13918.94	-559.59	2144.98	3655.13	4239.29	-1489.75			1598.01	21.63

	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, %	5.28	5.72	5.43	12.84	6.63	5.5			5.5	7.55	7.22	-0.78
ROA, %	2.79	2.99	2.93	6.6	3.42	2.82			2.8	3.81	3.75	-1.16
ROIC, %		6.36	6.24	7	6.61					6.80	6.55	0.97
ROS, %		39.84	40.81	44.7	45.92	31.51	31.51	31.51	31.51	30.93	37.03	-6.75
ROCE, %	3.35	3.46	3.12	3.66	3.74	3.15		5.86	5.86	6.00	3.91	13.44
Ebit margin, %		43.27	44.15	47.42	48.61	33.59		33.59	33.59		41.47	-5.32
Рентаб EBITDA, %	61.93	61.87	61.62	62.74	64.32	46.44		46.44	46.44	46.17	56.31	-5.50
Чистая рентаб, %	38.5	39.84	40.81	44.7	45.92	31.51			31.51	30.93	40.56	-4.58
Operation Margin, %		43.33	44.15	47.42	48.61	33.59	33.59	33.59	33.59	35.14	39.36	-6.66

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	6.39	2.05	3.44	1.37	1.37	1.38	1.38	1.65	3.3	3.2		7.55	2.18	18.32
ROA, %	3.72	0.7414	1.48	0.6976	0.6976	0.704	0.7041	0.8429	1.69	1.64		3.81	1.12	18.43
ROIC, %		1.68	1.79	1.5	2.25	1.5	2.26	1.65	2.55			6.80	2.04	2.53
ROS, %		43.05	0.0027	41.15	13.98	41.32	18.02	46.47	46.47	44.61	31.51	30.93	37.42	11.82
ROCE, %		0.8476	1.68	1.46	1.58	0.7909	1.58	0.9317	1.86	1.81	5.86	6.00	2.41	29.97
Ebit margin, %					29.85	43.97	38.36	49.06	49.06	47.38	33.59		43.49	-2.62
Рентаб EBITDA, %		62.64	47.46	60.69	41.24	60.85	53.09	64.86	64.86	63.03	46.44	46.17	58.46	-2.64
Чистая рентаб, %	48.72	43.05	32.62	41.15	13.98	41.32	18.02	46.47	46.47	44.61		30.93	39.38	1.54
Operation Margin, %		45.84	32.62	43.93	29.85	43.97	38.36	49.06	49.06	47.37	33.59	35.14	43.49	-2.62

	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	34.2	36.28	30.14	25.99	21.84	26.8			26.8	29.88	28.21	-5.88
P/BV	1.81	2.07	1.48	1.67	1.41	1.47			1.47	1.99	1.62	-6.62
P/S	13.17	14.45	12.3	11.62	10.03	8.44			8.44	8.37	11.37	-10.20
P/FCF						-41.52	39.88	39.88	39.88	24.43	12.75	-198.67
E/P						0.0436	0.037	0.037	0.037	0.17	0.0392	-5.32
EV/EBIT		45.99	33.72	35.73	32.33	38.99	38.99	38.99	38.99		37.01	1.76
EV/EBITDA	30.02	32.16	26.54	27.25	24.43	28.2			28.2	21.95	27.72	-2.59
EV/S		19.9	14.9	16.94	15.71	13.1	13.1	13.1	13.1	12.37	14.39	-5.01
EV/FCF		191	-3902.85	-9.28	-61.87	15.65	61.33	61.33	61.33	117.90	13.43	-245.89
Debt/EBITDA	9.11	9.02	9.28	9.09	9.02	10.35	10.35	10.35	10.35	8.71	9.83	2.63
Netdebt/Ebitda		8.8	6.58	8.73	8.84	10.02	10.02	10.02	10.02	4.20	9.53	2.79
Debt/Ratio		0.4157	0.3837	0.4212	0.4219	0.4276	0.4276	0.4276	0.4276	0.37	0.4252	0.30
Debt/Equity		0.7999	0.6893	0.8188	0.8174	0.8389	0.6872	0.9619	0.9619	0.95	0.8248	3.27
Debt/Net Income		14.01	14.02	12.76	12.63	15.25	15.25	15.25	15.25	12.44	14.23	3.63
PEG								0.000887	0.000887		0.0009	0.00
Бета						0.4762	-0.8738	-0.7086	-0.7086	51.45	-0.3687	-214.17
Индекс Альтмана						2.06	2.05	2.05	2.05	20.04	2.05	-0.16

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E		24.13	23.97	18.33	20.53	24.3	26.27	26.8	25.36	18.28	15.44			29.88	22.43	-10.08
P/BV		1.62	1.59	1.45	1.32	1.36	1.46	1.47	1.46	1.4	1.47			1.99	1.45	0.14
P/S		11.28	10.36	7.05	5.5	5.4	7.37	6.11	6.02	6.51	5.77			8.37	6.36	-4.78
P/FCF													39.88	24.43	39.88	0.00
E/P													0.037	0.17	0.0370	0.00
EV/EBIT						75.18	154.51	77.75	130.23	63.53	66.54		38.99		75.41	-12.89
EV/EBITDA	35.75		27.7	20.2	106.25	17.83	18.51	18.8	18.25	17.02	14.61			21.95	17.44	-4.62
EV/S			71.4	25.59	64.48	22.44	67.94	29.83	63.9	31.17	31.52		13.1	12.37	33.90	-15.18
EV/FCF			76.42	63.06	63.99	-326.04	87.95	51.94	44.51	-123.58			61.33	117.90	24.43	-6.96
Debt/EBITDA			39.13	19.57	41.69	20.85	41.23	20.62	36.02	18.01	18.31		10.35	8.71	20.66	-12.88
Netdebt/Ebitda			38.04	641748.46	40.99	20.65	39.92	19.96	34.92	17.46	17.51		10.02	4.20	19.97	-12.88
Debt/Ratio			0.4219	0.4219	0.429	0.429	0.4276	0.4276	0.4241	0.4241	0.4239		0.4276	0.37	0.4255	0.00
Debt/Equity			0.8174	0.8174	0.8417	0.8417	0.8389	0.8389	0.8266	0.8266	0.8253		0.9619	0.95	0.8559	2.77
Debt/Net Income			56.93	339507.97	61.49	61.49	60.73	60.73	50.28	25.14	25.87		15.25	12.44	35.45	-24.15
PEG													0.000887		0.0009	0.00
Бета												-0.6439	-0.7086	51.45	-0.6763	4.90
Индекс Альтмана												2.05	2.05	20.04	2.05	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		26.85	29.43	31.06	37.48	42.5	39.12				18.74		35.92	5.86
Дивиденд	17264	18499	19933	21571	21986	23532	14195.2	4600	5078.4		5078.4		13878.32	-25.40
Див доход, ао, %	2.58	3.21	2.69	2.54	3.83	1.66	2.82	5.65	6.03		6.24	5.76	4.00	9.50
Дивиденды / прибыль, %			94.12	95.14	94.73	86.86	92.94	100.71			100.71	72.99	94.08	1.14
Dividend Coverage Ratio										2.07	2.07		2.07	0.00

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	9.37	19.58	11.46	11.46	9.78	19.56	9.78	19.56	9.78	9.78			13.69	-12.94
Дивиденды / прибыль, %	86.86	76.96	112.97	56.48	101.17	202.34	100.25	200.5	83.79	41.89		72.99	125.75	-27.02
Dividend Coverage Ratio											2.07		2.07	0.00

	Industry average	5 quarters average	CAGR 5

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