Nippon Building Fund Past Earnings Performance

Past criteria checks 5/6

Nippon Building Fund has been growing earnings at an average annual rate of 7.5%, while the Office REITs industry saw earnings growing at 0.7% annually. Revenues have been growing at an average rate of 5.9% per year. Nippon Building Fund's return on equity is 6%, and it has net margins of 44%.

Key information

7.5%

Earnings growth rate

3.0%

EPS growth rate

Office REITs Industry Growth	4.8%
Revenue growth rate	5.9%
Return on equity	6.0%
Net Margin	44.0%
Last Earnings Update	30 Jun 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Nippon Building Fund makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

DB:S4C Revenue, expenses and earnings (JPY Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 24	97,464	42,857	85
31 Mar 24	95,842	40,853	86
31 Dec 23	94,340	38,848	184
30 Sep 23	94,169	39,236	86
30 Jun 23	94,117	39,623	85
31 Mar 23	96,153	42,675	83
31 Dec 22	98,188	45,727	80
30 Sep 22	99,637	46,447	79
30 Jun 22	101,085	47,166	77
31 Mar 22	98,497	45,161	78
31 Dec 21	95,907	43,154	77
30 Sep 21	91,337	40,927	75
30 Jun 21	86,767	38,700	72
31 Mar 21	83,107	35,743	69
31 Dec 20	79,448	32,786	67
30 Sep 20	78,445	31,923	67
30 Jun 20	77,441	31,060	67
31 Mar 20	77,017	30,999	67
31 Dec 19	76,592	30,937	67
30 Sep 19	75,862	30,423	67
30 Jun 19	75,132	29,909	66
31 Mar 19	74,218	29,219	67
31 Dec 18	73,304	28,529	67
30 Sep 18	72,844	28,611	69
30 Jun 18	72,384	28,692	71
31 Mar 18	72,504	28,242	73
31 Dec 17	72,623	27,792	75
30 Sep 17	72,274	26,711	76
30 Jun 17	71,924	25,630	77
31 Mar 17	71,189	25,479	78
31 Dec 16	70,454	25,328	78
30 Sep 16	69,795	24,557	79
30 Jun 16	69,135	23,785	79
31 Mar 16	69,110	22,879	79
31 Dec 15	69,085	21,972	79
30 Sep 15	69,242	21,907	79
30 Jun 15	69,399	21,841	79
31 Mar 15	69,308	22,730	-30
31 Dec 14	69,327	23,617	79
30 Sep 14	69,298	24,833	79
30 Jun 14	69,269	26,048	78
31 Mar 14	68,921	26,133	187
31 Dec 13	68,462	26,218	76

Quality Earnings: S4C has high quality earnings.

Growing Profit Margin: S4C's current net profit margins (44%) are higher than last year (42.1%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: S4C's earnings have grown by 7.5% per year over the past 5 years.

Accelerating Growth: S4C's earnings growth over the past year (8.2%) exceeds its 5-year average (7.5% per year).

Earnings vs Industry: S4C earnings growth over the past year (8.2%) exceeded the Office REITs industry -11.7%.

Nippon Building Fund Past Earnings Performance

Past criteria checks 5/6

Key information

Recent past performance updates

Full year 2024 earnings released: FFO per share: JP¥6.1k (vs JP¥6,036 in FY 2023)

Nippon Building Fund Inc. to Report First Half, 2024 Results on Aug 15, 2024

Nippon Building Fund Inc. to Report Fiscal Year 2023 Results on Feb 15, 2024

Full year 2023 earnings released: EPS: JP¥23,294 (vs JP¥28,170 in FY 2022)

Nippon Building Fund Incorporation to Report First Half, 2023 Results on Aug 15, 2023

First half 2023 earnings released: EPS: JP¥11,927 (vs JP¥13,148 in 1H 2022)

Recent updates

Nippon Building Fund Inc. (TSE:8951) agreed to acquire an additional 0.46% stake in Kowa Nishi-Shinbashi Building B for ¥63 million

Final dividend of JP¥2,400 announced

Full year 2024 earnings released: FFO per share: JP¥6.1k (vs JP¥6,036 in FY 2023)

New major risk - Revenue and earnings growth

Now 22% overvalued after recent price rise

Nippon Building Fund Inc. to Report First Half, 2024 Results on Aug 15, 2024

Now 22% overvalued

Now 15% overvalued

Now 21% overvalued

Nippon Building Fund Inc Announces Eiichiro Onozawa Resigns as Substitute Executive Director, As of March 31, 2024

Nippon Building Fund Inc. Announces the Retirement of Tetsuya Saito as Full-Time Director, Effective as of March 31, 2024

First half dividend of JP¥12,500 announced

Nippon Building Fund Inc. to Report Fiscal Year 2023 Results on Feb 15, 2024

Nippon Building Fund Inc. Revises Earnings Guidance for the Fiscal Periods Ending June 30, 2024

Upcoming dividend of JP¥11,500 per share at 3.8% yield

Nippon Building Fund Incorporation (TSE:8951) agreed to acquire Yodoyabashi Flex Tower from Global One Real Estate Investment Corp. (TSE:8958) for ¥9.8 billion.

Nippon Building Fund Incorporation (TSE:8951) acquired additional 2.6% stake in Nishi-Shinjuku Mitsui Building on ¥120 million.

Full year 2023 earnings released: EPS: JP¥23,294 (vs JP¥28,170 in FY 2022)

Nippon Building Fund Incorporation to Report First Half, 2023 Results on Aug 15, 2023

Upcoming dividend of JP¥11,500 per share at 4.1% yield

No independent directors

First half 2023 earnings released: EPS: JP¥11,927 (vs JP¥13,148 in 1H 2022)

Nippon Building Fund Incorporation Provides Distribution Guidance for Period Ending December 31, 2022

Nippon Building Fund Incorporation to Report Second Half, 2022 Results on Feb 15, 2023

Upcoming dividend of JP¥11,500 per share

No independent directors

SMFL MIRAI Partners Company, Limited agreed to acquire 50% stake in Shin-Kawasaki Mitsui Building from Nippon Building Fund Incorporation (TSE:8951) for ¥24 billion.

Full year 2022 earnings released: EPS: JP¥28,129 (vs JP¥24,561 in FY 2021)

Nippon Building Fund Incorporation to Report First Half, 2022 Results on Aug 15, 2022

Upcoming dividend of JP¥13,000 per share

No independent directors

Nippon Building Fund Incorporation Announces Retirement of Yoshiyuki Tanabe as Director, Effective March 31, 2022

First half 2022 earnings: Revenues and EPS in line with analyst expectations

Nippon Building Fund Incorporation Provides Distribution Guidance for Period Ending June 30, 2021

Nippon Building Fund Incorporation Provides Earnings Guidance for the Period Ending June 30,2022 and December 31, 2022

Nippon Building Fund Incorporation to Report Fiscal Year 2021 Results on Feb 15, 2022

An unknown buyer agreed to acquire NBF Niigata Telecom Building from Nippon Building Fund Incorporation (TSE:8951) for approximately 4000.

Upcoming dividend of JP¥11,500 per share

Upcoming dividend of JP¥11,500 per share

Nippon Building Fund Incorporation (TSE:8951) acquired additional 15% stake in Yokohama ST Building from Toda Corporation (TSE:1860) for ¥3.2 billion.

An unknown buyer agreed to acquire Nakanosakaue Sunbright Twin, Sun Mullion NBF Tower and NBF Unix Bldg from Nippon Building Fund Incorporation (TSE:8951) for ¥59.3 billion.

Nippon Building Fund Incorporation (TSE:8951) signed an contract to acquire Iidabashi Grand Bloom from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥77.6 billion.

Upcoming dividend of JP¥11,350 per share

First half 2021 earnings released: EPS JP¥11,524 (vs JP¥11,011 in 1H 2020)

First half 2021 earnings released: EPS JP¥11,524 (vs JP¥11,011 in 1H 2020)

New 90-day high: €4,950

Nippon Building Fund Incorporation, Annual General Meeting, Mar 09, 2021

New 90-day high: €4,720

Nippon Building Fund Incorporation and Nippon Building Fund Management Ltd. to Lease Shinjuku Mitsui Building to Mitsui Fudosan Co., Ltd

Nippon Building Fund Incorporation (TSE:8951) agreed to acquire additional 8.62% stake in NBF Ogawamachi Building from multiple individuals for ¥480 million.

New 90-day low: €4,568

Nippon Building Fund Incorporation (TSE:8951) agreed to acquire Shinjuku Mitsui Building and Gran Tokyo South Tower from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥220 billion.

Full year earnings released - FFO €16,125 per share

Nippon Building Fund Incorporation (TSE:8951) entered into agreement to acquire Osaki Bright Tower and two other properties from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥40.22 billion.

Tosei Corporation (TSE:8923) signed a contract to acquire NBF Shinkawa Building from Nippon Building Fund Incorporation (TSE:8951) for ¥11.9 billion.

New 90-day low - €4,648

Revenue & Expenses Breakdown

Earnings and Revenue History

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Return on Equity

Return on Assets

Return on Capital Employed

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