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Nippon Building Fund Incorporation

DB:S4C
Snowflake Description

Mediocre balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
S4C
DB
¥1,087B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

NBF (Nippon Building Fund Inc.) is Japan's largest real estate investment trust (J-REIT) which invests in office buildings primarily in Tokyo as well as nationwide. The last earnings update was 63 days ago. More info.


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S4C Share Price and Events
7 Day Returns
0.2%
DB:S4C
-1.9%
DE REITs
1.5%
DE Market
1 Year Returns
27.1%
DB:S4C
11.2%
DE REITs
-5.8%
DE Market
S4C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nippon Building Fund Incorporation (S4C) 0.2% 1.6% 2% 27.1% 12.8% -
DE REITs -1.9% 1.7% 3.8% 11.2% 12.5% 11.3%
DE Market 1.5% 1.3% 2.2% -5.8% 17.6% 8.7%
1 Year Return vs Industry and Market
  • S4C outperformed the REITs industry which returned 11.2% over the past year.
  • S4C outperformed the Market in Germany which returned -5.8% over the past year.
Price Volatility
S4C
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Nippon Building Fund Incorporation's competitors could be found in our database.

Value

 Is Nippon Building Fund Incorporation undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nippon Building Fund Incorporation to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nippon Building Fund Incorporation.

DB:S4C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:S4C
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 30.86%) (38.46%))
0.749
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:S4C using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Nippon Building Fund Incorporation is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Nippon Building Fund Incorporation is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:S4C DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (JPY, Millions) Source Present Value
Discounted (@ 5%)
2019 43,066.62 Est @ 1.79% 41,017.39
2020 43,635.91 Est @ 1.32% 39,582.07
2021 44,069.52 Est @ 0.99% 38,073.26
2022 44,406.21 Est @ 0.76% 36,538.67
2023 44,674.07 Est @ 0.6% 35,009.97
2024 44,893.26 Est @ 0.49% 33,507.70
2025 45,078.15 Est @ 0.41% 32,044.74
2026 45,238.94 Est @ 0.36% 30,628.83
2027 45,382.84 Est @ 0.32% 29,264.22
2028 45,514.93 Est @ 0.29% 27,952.87
Present value of next 10 years cash flows ¥343,619.72
DB:S4C DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥45,514.93 × (1 + 0.23%) ÷ (5% – 0.23%)
¥956,768.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥956,768.16 ÷ (1 + 5%)10
¥587,596.46
DB:S4C Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥343,619.72 + ¥587,596.46
¥931,216.18
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥931,216.18 / 1.41
¥659501.54
DB:S4C Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:S4C represents 0.00803x of TSE:8951
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00803x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 659,501.54 x 0.00803
€5,293.14
Value per share (EUR) From above. €5,293.14
Current discount Discount to share price of €6,180.00
= -1 x (€6,180.00 - €5,293.14) / €5,293.14
-16.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Nippon Building Fund Incorporation is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nippon Building Fund Incorporation's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nippon Building Fund Incorporation's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:S4C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in JPY ¥20,204.67
TSE:8951 Share Price ** TSE (2019-06-25) in JPY ¥770000
Germany REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 13.09x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.8x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Nippon Building Fund Incorporation.

DB:S4C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8951 Share Price ÷ EPS (both in JPY)

= 770000 ÷ 20,204.67

38.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nippon Building Fund Incorporation is overvalued based on earnings compared to the DE REITs industry average.
  • Nippon Building Fund Incorporation is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Nippon Building Fund Incorporation's expected growth come at a high price?
Raw Data
DB:S4C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 38.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
2.8%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.61x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

DB:S4C PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 38.11x ÷ 2.8%

13.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nippon Building Fund Incorporation is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Nippon Building Fund Incorporation's assets?
Raw Data
DB:S4C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in JPY ¥382,767.71
TSE:8951 Share Price * TSE (2019-06-25) in JPY ¥770000
Germany REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.33x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
DB:S4C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8951 Share Price ÷ Book Value per Share (both in JPY)

= 770000 ÷ 382,767.71

2.01x

* Primary Listing of Nippon Building Fund Incorporation.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nippon Building Fund Incorporation is overvalued based on assets compared to the DE REITs industry average.
X
Value checks
We assess Nippon Building Fund Incorporation's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Nippon Building Fund Incorporation has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Nippon Building Fund Incorporation expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nippon Building Fund Incorporation expected to grow at an attractive rate?
  • Nippon Building Fund Incorporation's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Nippon Building Fund Incorporation's earnings growth is positive but not above the Germany market average.
  • Nippon Building Fund Incorporation's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:S4C Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:S4C Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 2.8%
DB:S4C Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.4%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:S4C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:S4C Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 78,837 30,061 1
2021-12-31 78,853 46,129 32,073 4
2020-12-31 77,779 45,176 31,011 6
2019-12-31 76,701 49,335 30,366 6
DB:S4C Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2018-12-31 73,304 108,077 28,529
2018-09-30 72,844 120,478 28,611
2018-06-30 72,384 132,879 28,692
2018-03-31 72,504 101,987 28,242
2017-12-31 78,252 71,094 27,792
2017-09-30 72,274 56,686 26,711
2017-06-30 71,924 42,276 25,630
2017-03-31 71,189 43,574 25,479
2016-12-31 70,454 44,871 25,328
2016-09-30 69,795 43,586 24,557
2016-06-30 69,135 42,301 23,785
2016-03-31 69,110 38,391 22,879

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nippon Building Fund Incorporation's earnings are expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
  • Nippon Building Fund Incorporation's revenue is expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:S4C Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Nippon Building Fund Incorporation Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:S4C Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 20,684.66 20,684.66 20,684.66 1.00
2021-12-31 22,592.88 23,912.76 20,754.60 5.00
2020-12-31 21,879.86 22,867.51 20,267.35 6.00
2019-12-31 21,449.84 21,818.01 20,456.97 7.00
DB:S4C Past Financials Data
Date (Data in JPY Millions) EPS *
2018-12-31 20,204.67
2018-09-30 20,262.39
2018-06-30 20,320.11
2018-03-31 20,001.42
2017-12-31 19,682.72
2017-09-30 18,917.14
2017-06-30 18,151.56
2017-03-31 18,044.62
2016-12-31 17,937.68
2016-09-30 17,391.29
2016-06-30 16,844.90
2016-03-31 16,202.90

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Nippon Building Fund Incorporation is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nippon Building Fund Incorporation's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nippon Building Fund Incorporation has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Nippon Building Fund Incorporation performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nippon Building Fund Incorporation's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nippon Building Fund Incorporation's year on year earnings growth rate has been positive over the past 5 years.
  • Nippon Building Fund Incorporation's 1-year earnings growth is less than its 5-year average (2.7% vs 3.5%)
  • Nippon Building Fund Incorporation's earnings growth has not exceeded the DE REITs industry average in the past year (2.7% vs 69.6%).
Earnings and Revenue History
Nippon Building Fund Incorporation's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nippon Building Fund Incorporation Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:S4C Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 73,304.00 28,529.00 67.00
2018-09-30 72,844.00 28,610.50 69.00
2018-06-30 72,384.00 28,692.00 71.00
2018-03-31 72,503.50 28,242.00 73.00
2017-12-31 78,252.00 27,792.00 160.00
2017-09-30 72,273.50 26,711.00 76.00
2017-06-30 71,924.00 25,630.00 77.00
2017-03-31 71,189.00 25,479.00 77.50
2016-12-31 70,454.00 25,328.00 78.00
2016-09-30 69,794.50 24,556.50 78.50
2016-06-30 69,135.00 23,785.00 79.00
2016-03-31 69,110.00 22,878.50 79.00
2015-12-31 69,247.00 21,972.00 161.00
2015-09-30 69,242.00 21,906.50 79.00
2015-06-30 69,399.00 21,841.00 79.00
2015-03-31 69,307.50 22,729.50 -30.50
2014-12-31 69,327.00 23,617.00 79.00
2014-09-30 69,298.00 24,832.50 78.50
2014-06-30 69,269.00 26,048.00 78.00
2014-03-31 68,921.00 26,132.50 186.50
2013-12-31 68,462.00 26,218.00 76.00
2013-09-30 66,807.50 24,408.00 74.00
2013-06-30 65,153.00 22,598.00 72.00
2012-12-31 63,058.00 19,314.00 228.00
2012-09-30 60,952.50 18,881.00 68.50
2012-06-30 60,017.00 18,616.00 68.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Nippon Building Fund Incorporation has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Nippon Building Fund Incorporation used its assets less efficiently than the DE REITs industry average last year based on Return on Assets.
  • Nippon Building Fund Incorporation has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Nippon Building Fund Incorporation's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nippon Building Fund Incorporation has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Nippon Building Fund Incorporation's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nippon Building Fund Incorporation's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nippon Building Fund Incorporation's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Nippon Building Fund Incorporation's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Nippon Building Fund Incorporation's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nippon Building Fund Incorporation Company Filings, last reported 5 months ago.

DB:S4C Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 540,468.00 418,125.00 20,206.00
2018-09-30 540,468.00 418,125.00 20,206.00
2018-06-30 539,575.00 417,500.00 12,475.00
2018-03-31 539,575.00 417,500.00 12,475.00
2017-12-31 538,794.00 413,875.00 28,203.00
2017-09-30 538,795.00 413,875.00 32,109.00
2017-06-30 537,003.00 425,250.00 11,377.00
2017-03-31 537,003.00 425,250.00 11,377.00
2016-12-31 536,413.00 431,625.00 12,039.00
2016-09-30 536,413.00 431,625.00 12,039.00
2016-06-30 535,749.00 433,000.00 18,606.00
2016-03-31 535,749.00 433,000.00 18,606.00
2015-12-31 534,287.00 418,375.00 8,974.00
2015-09-30 534,288.00 418,375.00 14,006.00
2015-06-30 534,306.00 428,750.00 19,500.00
2015-03-31 534,306.00 428,750.00 19,500.00
2014-12-31 534,156.00 428,125.00 21,439.00
2014-09-30 534,156.00 428,125.00 21,439.00
2014-06-30 534,821.00 448,500.00 34,334.00
2014-03-31 534,821.00 448,500.00 34,334.00
2013-12-31 519,198.00 447,875.00 36,510.00
2013-09-30 519,198.00 447,875.00 36,510.00
2013-06-30 517,584.00 473,250.00 39,760.00
2012-12-31 446,004.00 399,625.00 21,434.00
2012-09-30 446,004.00 399,625.00 37,265.00
2012-06-30 445,836.00 374,000.00 34,484.00
  • Nippon Building Fund Incorporation's level of debt (77.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (86.2% vs 77.4% today).
  • Debt is well covered by operating cash flow (25.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.7x coverage).
X
Financial health checks
We assess Nippon Building Fund Incorporation's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nippon Building Fund Incorporation has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Nippon Building Fund Incorporation's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.74%
Current annual income from Nippon Building Fund Incorporation dividends. Estimated to be 2.83% next year.
If you bought €2,000 of Nippon Building Fund Incorporation shares you are expected to receive €55 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Nippon Building Fund Incorporation's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Nippon Building Fund Incorporation's dividend is below the markets top 25% of dividend payers in Germany (3.81%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:S4C Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:S4C Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 21,160.55 1.00
2021-12-31 22,548.48 6.00
2020-12-31 21,919.68 8.00
2019-12-31 21,248.43 8.00
DB:S4C Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-04-24 21,070.000 2.826
2019-02-15 21,070.000 2.904
2018-10-18 20,100.000 2.925
2018-08-16 20,100.000 3.119
2018-04-24 19,520.000 3.141
2018-02-16 19,520.000 3.330
2017-11-07 18,420.000 3.275
2017-05-11 18,100.000 3.145
2017-02-16 18,100.000 2.937
2016-11-15 17,290.000 2.722
2016-08-16 17,290.000 2.763
2016-04-28 16,296.000 2.540
2015-11-12 15,760.000 2.552
2015-08-17 15,760.000 2.883
2014-10-31 16,797.000 2.896
2014-02-17 17,290.000 3.034
2013-11-06 16,854.000 2.872
2013-04-30 16,100.000 2.803
2012-11-02 15,340.000 3.055
2012-03-29 15,169.000 3.949
2011-08-12 15,100.000 4.120
2011-02-14 15,100.000 3.727
2010-11-12 15,100.000 3.608
2010-09-28 15,100.000 3.823
2010-08-13 15,100.000 4.188
2010-02-12 15,700.000 4.147
2008-06-30 21,100.000 4.874

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Nippon Building Fund Incorporation's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Nippon Building Fund Incorporation's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nippon Building Fund Incorporation afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nippon Building Fund Incorporation has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Nippon Building Fund Incorporation's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Nippon Building Fund Incorporation has no CEO, or we have no data on them.
Management Team

Koichi Nishiyama

TITLE
Executive Director
AGE
67
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Nippon Building Fund Incorporation board of directors in years:

1.3
Average Tenure
65.5
Average Age
  • The average tenure for the Nippon Building Fund Incorporation board of directors is less than 3 years, this suggests a new board.
Board of Directors

Koichi Nishiyama

TITLE
Executive Director
AGE
67
TENURE
0.3 yrs

Masahiko Yamazaki

TITLE
Supervisory Director
AGE
65
TENURE
2.3 yrs

Yutaka Kawakami

TITLE
Supervisory Director
AGE
66
TENURE
2.3 yrs

Motohiko Sato

TITLE
Supervisory Director
AGE
55
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Nippon Building Fund Incorporation's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nippon Building Fund Incorporation has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

NBF (Nippon Building Fund Inc.) is Japan's largest real estate investment trust (J-REIT) which invests in office buildings primarily in Tokyo as well as nationwide. its objective is to source the solid growth of the stable revenues from its assets through exploitation of Mitsui Fudossan's know-how.

Details
Name: Nippon Building Fund Incorporation
S4C
Exchange: DB
Founded:
¥8,930,119,370
1,412,000
Website: http://www.nbf-m.com/nbf/
Address: Nippon Building Fund Incorporation
GranTokyo North Tower,
38th Floor,
Tokyo,
100-6738,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8951 Units The Tokyo Stock Exchange JP JPY 10. Sep 2001
DB S4C Units Deutsche Boerse AG DE EUR 10. Sep 2001
Number of employees
Current staff
Staff numbers
0
Nippon Building Fund Incorporation employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 02:21
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/06/24
Last earnings filing: 2019/04/24
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.