DB:S4C

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Nippon Building Fund Incorporation

Executive Summary

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.


Snowflake Analysis

Proven track record second-rate dividend payer.

Share Price & News

How has Nippon Building Fund Incorporation's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: S4C has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-7.1%

S4C

-2.4%

DE REITs

-0.6%

DE Market


1 Year Return

-20.3%

S4C

8.9%

DE REITs

3.0%

DE Market

Return vs Industry: S4C underperformed the German REITs industry which returned 8.6% over the past year.

Return vs Market: S4C underperformed the German Market which returned 2.5% over the past year.


Shareholder returns

S4CIndustryMarket
7 Day-7.1%-2.4%-0.6%
30 Day-12.2%-2.0%-0.1%
90 Day-10.5%5.7%16.4%
1 Year-17.8%-20.3%9.4%8.9%5.2%3.0%
3 Year24.6%13.5%-2.8%-15.8%1.0%-6.9%
5 Year41.5%21.7%1.9%-19.4%8.0%-6.4%

Price Volatility Vs. Market

How volatile is Nippon Building Fund Incorporation's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Nippon Building Fund Incorporation undervalued compared to its fair value and its price relative to the market?

27.66x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: S4C (€4864) is trading above our estimate of fair value (€2490.74)

Significantly Below Fair Value: S4C is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: S4C is poor value based on its PE Ratio (27.7x) compared to the REITs industry average (8.6x).

PE vs Market: S4C is poor value based on its PE Ratio (27.7x) compared to the German market (20.7x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate S4C's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: S4C is overvalued based on its PB Ratio (1.6x) compared to the DE REITs industry average (1.5x).


Next Steps

Future Growth

How is Nippon Building Fund Incorporation forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

1.4%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Nippon Building Fund Incorporation has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

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

7.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: S4C has high quality earnings.

Growing Profit Margin: S4C's current net profit margins (40.3%) are higher than last year (38.9%).


Past Earnings Growth Analysis

Earnings Trend: S4C's earnings have grown by 7.2% per year over the past 5 years.

Accelerating Growth: S4C's earnings growth over the past year (8.4%) exceeds its 5-year average (7.2% per year).

Earnings vs Industry: S4C earnings growth over the past year (8.4%) underperformed the REITs industry 25.3%.


Return on Equity

High ROE: S4C's Return on Equity (5.7%) is considered low.


Next Steps

Financial Health

How is Nippon Building Fund Incorporation's financial position?


Financial Position Analysis

Short Term Liabilities: S4C's short term assets (¥17.1B) do not cover its short term liabilities (¥69.1B).

Long Term Liabilities: S4C's short term assets (¥17.1B) do not cover its long term liabilities (¥431.7B).


Debt to Equity History and Analysis

Debt Level: S4C's debt to equity ratio (80%) is considered high.

Reducing Debt: S4C's debt to equity ratio has reduced from 80.2% to 80% over the past 5 years.

Debt Coverage: S4C's debt is not well covered by operating cash flow (12.1%).

Interest Coverage: S4C's interest payments on its debt are well covered by EBIT (12.3x coverage).


Balance Sheet


Next Steps

Dividend

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

3.54%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: S4C's dividend (3.54%) is higher than the bottom 25% of dividend payers in the German market (1.25%).

High Dividend: S4C's dividend (3.54%) is low compared to the top 25% of dividend payers in the German market (3.84%).


Stability and Growth of Payments

Stable Dividend: S4C's dividends per share have been stable in the past 10 years.

Growing Dividend: S4C's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (133%), S4C's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.3yrs

Average board tenure


CEO

Nippon Building Fund Incorporation has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Tetsuya Saito
COO & Director0.33yrno datano data
Koichi Nishiyama
Executive Director1.33yrsno datano data
Masahiko Yamazaki
Supervisory Director3.33yrsno datano data
Yutaka Kawakami
Supervisory Director3.33yrsno datano data
Motohiko Sato
Supervisory Director1.33yrsno datano data

1.3yrs

Average Tenure

67.5yo

Average Age

Experienced Board: S4C's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Nippon Building Fund Incorporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Nippon Building Fund Incorporation
  • Ticker: S4C
  • Exchange: DB
  • Founded: 2001
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: JP¥855.672b
  • Listing Market Cap: JP¥7.062b
  • Shares outstanding: 1.41m
  • Website: https://www.nbf-m.com/nbf/

Location

  • Nippon Building Fund Incorporation
  • Muromachi Furukawa Mitsui Building
  • 16th Floor
  • Tokyo
  • 103-0022
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
8951TSE (The Tokyo Stock Exchange)YesUnitsJPJPYSep 2001
S4CDB (Deutsche Boerse AG)YesUnitsDEEURSep 2001
NBFJ.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDSep 2001

Biography

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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/09 21:16
End of Day Share Price2020/07/09 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.