TSE: 8963 - Invincible Investment Corporation

Yield per half year: +7.19%
Dividend yield: +7.80%
Sector: Real Estate

Reporting Invincible Investment Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							345.69
Выручка, млрд ¥	25.75	45.93	17.75	12.21	19.61	34.73	34.73	26.05	-5.44
Чистая прибыль, млрд ¥	15.02	32.88	1.05	-2.59	6.09	19.95	19.95	11.48	-9.51
EV, млрд ¥	460.22	605.23	443.49	454.11	536.18	653.39	653.39	538.48	1.54
EBIT, млрд ¥	16.67	35.04	2.33	-1.23	7.25	21.16	4.41	12.91	-9.60
EBITDA, млрд ¥	22.96	41.11	10.32	6.51	14.77	29.12	15.89	20.37	-6.66
Баланс стоимость, млрд ¥	181.52	254.2	249.64	246.13	250.32	290.31	290.31	258.12	2.69
FCF, млрд ¥	-38.62	-17.08	7.3	11.73	10.86	-33.62	-33.62	-4.1620	14.50
Операционный денежный поток, млрд ¥	34.16	68.78	26.17	12.82	12.4	26.56	26.56	29.35	-17.33
Операционная прибыль, млрд ¥	16.67	35.04	2.33	-1.23	8.37	22.95	22.95	13.49	-8.12
Операционные расходы, млрд ¥	9.08	1.72	2.72	2.76	2.13	2.2	11.79	2.31	5.05
CAPEX, млрд ¥	20.85	85.86	18.87	1.1	1.53	60.17	60.17	33.51	-6.86

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥			8.41		3.84	5.96	5.96	7.96	7.96	9.41	18.82	10.57	21.14	13.58	21.57
Чистая прибыль, млрд ¥			1.01		0.5076	2.54	2.54	4.46	4.46	5.52	11.03	6.45	12.9	8.07	23.67
EV, млрд ¥	507.18		454.11		465.66	262.46	536.18	290.73	567.11	650.39	653.09			539.50	4.02
EBIT, млрд ¥				1.06	1.06	3.13	3.13	5.18	5.18	6.29	12.59	7.32	14.64	9.20	23.10
EBITDA, млрд ¥					2.94	5.01	5.01	7.05	7.05	8.4	16.81	9.49	18.98	12.15	21.90
Баланс стоимость, млрд ¥			246.13		246.21	250.32	250.32	254.02	254.02	290.31	290.31	292.77	292.77	284.04	2.88
FCF, млрд ¥					2.86	3.34	3.34	6.89	6.89	6.39	12.77	10.16	20.33	11.31	24.16
Операционный денежный поток, млрд ¥				2.86	2.86	3.34	3.34	6.89	6.89	6.39	12.77	10.16	20.33	11.31	24.16
Операционная прибыль, млрд ¥			2.29		1.06	3.13	3.13	5.18	5.18	6.29	12.59	7.32	14.64	9.20	23.10
Операционные расходы, млрд ¥					0.3508	0.3883	0.3883	0.4949	0.4949	0.0358	0.0715	0.0893	0.1787	0.1740	-18.43
CAPEX, млрд ¥	0.295	0.295	0.295		0.5559	0.7671	1.53							0.6886	38.99

	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 ¥	8.51	17.92	21.21	12.76	15.55	21.96	21.96	17.88	4.15
Short Term Investments ¥	7.08							7.08	0.00
Total Receivables ¥	2.76	6.44	1.72	2.29	4.85	4.83	4.83	4.03	-5.59
Total Current Assets ¥	15.39	36.43	30.29	22.62	30.53	45.47	45.47	33.07	4.53
Чистые активы, млрд ¥	17.48	36.43	30.29	22.62	45.09		45.09	30.38	20.87
Активы, млрд ¥	374.51	522.43	516.49	494.82	494.24	563.39	563.39	518.27	1.52
Short Term Debt ¥	55.84	52.82	90.45	120.45	159.92	74.31	74.31	99.59	7.07
Long Term Debt ¥	174.03	206.36	172.14	124.49	80.88	194.79	194.79	155.73	-1.15
Задолженность, млрд ¥	192.99	268.23	266.85	248.69	243.92	273.09	273.09	260.16	0.36
Чистый долг, млрд ¥	225.89	241.25	241.38	232.19	225.24	247.14	247.14	237.44	0.48
Долг, млрд ¥	229.87	259.17	262.59	244.95	240.8	269.1	269.1	255.32	0.75
Расходы на обслуживание долга ¥	1.04	1.3	1.41	1.28	1.16	1.21	1.21	1.27	-1.42
Чист. проц. доходы, млрд ¥	0.0033	0.0023	0.0094	0.0013	2.3	0.000238	0.000238	0.4626	-36.47
Амортизация, млрд ¥	5.81	6.06	7.99	7.74	7.52	7.96		7.45	5.61
Себестоимость, млрд ¥		11.47	11.85	9.5	9.11	9.59	9.59	10.30	-3.52

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥			12.76		13.79	15.55	15.55	18.38	18.38	21.96	21.96	30.21	30.21	24.54	10.45
Total Receivables ¥				3.4	3.4	4.85	4.85	5.75	5.75	4.83	4.83	6.04	6.04	5.50	0.99
Total Current Assets ¥				23.96	23.96	30.53	30.53	35.96	35.96	45.47	45.47	52.44	52.44	46.36	7.84
Чистые активы, млрд ¥	15.29	22.62	22.62	23.96	421.41	418.95	45.09	416.23	416.23					343.58	-0.25
Активы, млрд ¥			494.82		490.12	494.24	494.24	496.82	496.82	563.39	563.39	569.02	569.02	552.33	2.75
Short Term Debt ¥			120.45		133.94		159.92		159.59	74.31	74.31	54.37	54.37	83.39	-19.37
Long Term Debt ¥			124.49		107.43		80.88		79.6		194.79			117.44	9.37
Задолженность, млрд ¥			248.69		243.91	243.92	243.92	242.8	242.8	273.09	273.09	276.25	276.25	268.30	2.61
Чистый долг, млрд ¥			232.19		227.58	-15.55	225.24	-18.38	220.81	247.14	247.14	240.94	240.94	239.39	1.76
Долг, млрд ¥	249.2		244.95		241.37		240.8		239.19	269.1	269.1	271.15	271.15	263.94	2.54
Чист. проц. доходы, млрд ¥			1.27		1.1		1.2							1.19	-1.87
Амортизация, млрд ¥					1.88	1.88	1.88	1.87	1.87	2.11	4.22	2.17	4.34	2.94	18.34
Себестоимость, млрд ¥					2.68	2.75	2.75	2.73	2.73	3.08	6.16	3.16	6.32	4.29	18.28
Товарно материальные запасы ¥						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	3106.68	5591.51	171.83	-424.07	998.96	2960.66			2960.66	1859.78	-11.94
Цена акции ао					51000	61000	66200	62600	62600	60200.00	5.26
Число акций ао, млн	5.18	5.88	6.1	6.1	6.1	6.74			6.74	6.18	2.77
FCF/акцию	-7448.85	-2904.91	1198.03	1923.38	1782.05	-4989.67			-4987.54	-598.2240	11.43

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS	166.35	83.25	416.23	416.23	731.01	731.01	819.41	1638.82	867.30	31.53
FCF/акцию		469.8	547.04	547.04	1130.31	1130.31	948.7	1897.39	1130.75	28.24

	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, %	8.28	13.83	0.4159	-1.04	2.45	7.38			6.87	7.46	4.61	-11.80
ROA, %	4.03	6.73	0.2017	-0.5113	1.23	3.77			3.54	3.79	2.28	-10.94
ROIC, %		4.48	0.4217	-0.1144	4.09					6.82	2.22	-2.25
ROS, %		43.09	5.9	-21.17	31.06	57.43	57.43	57.43	57.43	30.58	36.44	-222.09
ROCE, %	5.14	7.49	0.5503	-0.3294	2.18	4.34		1.52	1.52	4.34	1.65	22.53
Ebit margin, %		48.2	13.13	-10.04	36.98	60.91		12.7	12.7		22.74	-0.66
Рентаб EBITDA, %	89.18	89.51	58.16	53.34	75.34	83.84		45.75	45.75	45.38	63.29	-4.69
Чистая рентаб, %	58.34	71.59	5.9	-21.17	31.06	57.43			57.43	30.58	28.96	-4.31
Operation Margin, %		51.28	13.13	-10.04	42.69	66.06	66.06	66.06	66.06	34.73	46.17	-245.76

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	0.8258	0.2063	1.03	1.02	1.75	1.77	2.14	4.13	2.33	4.5	7.46	2.97	20.52
ROA, %	0.4099	0.1036	0.5156	0.5135	0.8971	0.8971	1.04	1.96	1.14	2.27	3.79	1.46	20.40
ROIC, %				0.6197		1.42	1.78	3.57	2.12	4.25	6.82	2.63	24.51
ROS, %		13.22	42.54	42.54	56.01	56.01	58.62	58.62	61.04	61.04	30.58	59.07	1.73
ROCE, %	0.2974	0.2907	0.8842	0.9096	2.04	1.55	1.69	3.06	1.61	2.93	4.34	2.17	13.58
Ebit margin, %		27.53	52.45	52.45	65.08	65.08	66.89	66.89	69.25	69.25		67.47	1.25
Рентаб EBITDA, %		76.57	83.94	83.94	88.62	88.62	89.31	89.31	89.79	89.79	45.38	89.36	0.26
Чистая рентаб, %	12.06	13.22	42.54	42.54	56.01	56.01	58.62	58.62	61.04	61.04	30.58	59.07	1.73
Operation Margin, %		27.53	52.45	52.45	65.08	65.08	66.89	66.89	69.25	69.25	34.73	67.47	1.25

	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	14.55	11.07	192.92		51.05	20.37			20.37	29.78	57.99	6.96
P/BV	1.06	1.43	0.8096	0.9017	1.24	1.4			1.4	1.97	1.16	-0.42
P/S	8.5	7.93	11.39	18.17	15.86	11.7			11.7	8.18	13.01	8.09
P/FCF						0	-10.28	-10.28	-10.28	29.37	-10.2800	0.00
E/P						0.0176	0.0577	0.0577	0.0577	0.24	0.0443	48.56
EV/EBITDA	20.04	14.72	42.96	69.71	36.29	22.44			52.75	21.07	37.22	8.80
EV/EBIT		44.85	190.24	-370.37	73.93	30.89	148.16	148.16	148.16		6.15	-183.26
EV/S		21.62	24.98	37.18	27.34	18.81	18.81	18.81	18.81	12.01	24.19	-12.74
EV/FCF		-7.86	60.72	38.73	49.35	-19.44	-19.44	-19.44	-19.44	130.47	5.95	-187.12
Debt/EBITDA	10.01	6.3	25.44	37.6	16.3	9.24	16.94	16.94	16.94	8.71	19.40	-14.74
Netdebt/Ebitda		11.35	23.38	35.64	15.25	8.49	15.55	15.55	15.55	4.02	18.10	-15.29
Debt/Ratio		0.4961	0.5084	0.495	0.4872	0.4776	0.4776	0.4776	0.4776	0.36	0.4830	-0.71
Debt/Equity		1.02	1.05	0.9952	0.962	0.927	5.97	5.97	5.97	167.73	2.96	43.09
Debt/Net Income		21.49	250.65	-94.74	39.54	13.49	13.49	13.49	13.49	12.42	-2.9460	-167.72
Бета						0.3694	0.5662	1	1	120.90	0.6452	39.37
Индекс Альтмана						1.17	1.09	1.08	1.08	19.79	1.11	-2.63

	2021Q2	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	Industry average	5 quarters average	CAGR 5
P/E		218.82	117.32	68.48	51.05	30.79	24.76	15.58	12.96				29.78	27.03	-23.98
P/BV	1.08	0.9017	0.967	1.11	1.24	1.22	1.36	1.39	1.4				1.97	1.32	2.46
P/S		26.4	14.8	15.58	15.86	13.03	12.44	8.24	7.44				8.18	11.40	-14.05
EV/EBITDA			38.73	18.8	33.74	41.23	23.52	16.44	14.09				21.07	25.80	-16.02
EV/EBIT				83.89	171.39	56.14	109.52	103.33	51.88					98.45	-21.26
EV/S				44	89.89	36.54	71.27	69.12	34.7				12.01	60.30	-17.33
EV/FCF				78.69	160.76	42.19	82.29	101.84	51.13				130.47	87.64	-20.48
Debt/EBITDA			82.09		48.1		33.92	32.02	16.01	28.58	14.29		8.71	24.96	-15.88
Netdebt/Ebitda				-3.11	44.99	-2.61	31.31	29.41	14.7	25.39	12.7		4.02	22.70	-16.51
Debt/Ratio					0.4872		0.4814	0.4776	0.4776	0.4765	0.4765		0.36	0.4779	-0.20
Debt/Equity					0.962		0.9416	0.927	0.927	0.9262	0.9262		167.73	0.9296	-0.33
Debt/Net Income					94.89		53.67	48.78	24.39	42.04	21.02		12.42	37.98	-17.10
Бета												1	120.90	1.0000	0.00
Индекс Альтмана												1.08	19.79	1.08	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		12.23	18.43	10.94	1.11	1.11	13.99					9.12	-5.36
Дивиденд	2663	1328	1481	3381	236	181	998	3104	3682	3682		1640.20	73.23
Див доход, ао, %	4.15	5.67	3.22	2.62	5.27	0.0383	2.28	6.45	8.04	7.8	126.73	4.42	8.82
Дивиденды / прибыль, %			81.39	56.04	1044.11	-78.27	33.23	70.16		70.16	72.47	225.05	4.60

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.506	0.506	0.5059	0.5059	2.54	2.54	4.46	8.92	5.52	11.05		6.50	34.19
Дивиденды / прибыль, %	4.6		99.69	19.94	19.94	56.89	56.89	80.88	80.88	85.63	85.63	72.47	77.98	8.52

	Industry average	5 quarters average	CAGR 5

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