DB:T8F

Stock Analysis Report

Tokyu Fudosan Holdings

Executive Summary

Tokyu Fudosan Holdings Corporation, together with its subsidiaries, engages in the real estate business in Japan and internationally.

Rewards

PE ratio (9.1x) is below the German market (16.6x)

Earnings are forecast to grow 9.1% per year

Earnings grew by 15% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Highly volatile share price over past 3 months

Shareholders have been diluted in the past year



Snowflake Analysis

Solid track record and good value.


Similar Companies

Share Price & News

How has Tokyu Fudosan Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: T8F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

1.0%

T8F

2.3%

DE Real Estate

4.3%

DE Market


1 Year Return

-18.5%

T8F

-13.8%

DE Real Estate

-14.2%

DE Market

Return vs Industry: T8F underperformed the German Real Estate industry which returned -16.6% over the past year.

Return vs Market: T8F underperformed the German Market which returned -20.9% over the past year.


Shareholder returns

T8FIndustryMarket
7 Day1.0%2.3%4.3%
30 Day-24.9%-12.0%-9.0%
90 Day-32.5%-14.6%-21.6%
1 Year-16.3%-18.5%-11.4%-13.8%-11.7%-14.2%
3 Year-17.7%-23.2%24.1%14.6%-12.3%-19.6%
5 Year-35.8%-42.3%58.0%35.2%-14.0%-25.6%

Price Volatility Vs. Market

How volatile is Tokyu Fudosan Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Tokyu Fudosan Holdings undervalued compared to its fair value and its price relative to the market?

10.03x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: T8F (€3.6) is trading above our estimate of fair value (€1.29)

Significantly Below Fair Value: T8F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: T8F is good value based on its PE Ratio (9.1x) compared to the Real Estate industry average (10.2x).

PE vs Market: T8F is good value based on its PE Ratio (9.1x) compared to the German market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: T8F is good value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: T8F is good value based on its PB Ratio (0.5x) compared to the DE Real Estate industry average (1.2x).


Next Steps

Future Growth

How is Tokyu Fudosan Holdings forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

9.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: T8F's forecast earnings growth (9.1% per year) is above the savings rate (-0.4%).

Earnings vs Market: T8F's earnings (9.1% per year) are forecast to grow slower than the German market (14.1% per year).

High Growth Earnings: T8F's earnings are forecast to grow, but not significantly.

Revenue vs Market: T8F's revenue (3.7% per year) is forecast to grow slower than the German market (3.9% per year).

High Growth Revenue: T8F's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: T8F's Return on Equity is forecast to be low in 3 years time (8.2%).


Next Steps

Past Performance

How has Tokyu Fudosan Holdings performed over the past 5 years?

5.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: T8F has high quality earnings.

Growing Profit Margin: T8F's current net profit margins (3.7%) are higher than last year (3.6%).


Past Earnings Growth Analysis

Earnings Trend: T8F's earnings have grown by 5.9% per year over the past 5 years.

Accelerating Growth: T8F's earnings growth over the past year (15%) exceeds its 5-year average (5.9% per year).

Earnings vs Industry: T8F earnings growth over the past year (15%) exceeded the Real Estate industry 11.3%.


Return on Equity

High ROE: T8F's Return on Equity (6%) is considered low.


Next Steps

Financial Health

How is Tokyu Fudosan Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: T8F's short term assets (¥924.7B) exceed its short term liabilities (¥507.7B).

Long Term Liabilities: T8F's short term assets (¥924.7B) do not cover its long term liabilities (¥1,469.3B).


Debt to Equity History and Analysis

Debt Level: T8F's debt to equity ratio (253.2%) is considered high.

Reducing Debt: T8F's debt to equity ratio has reduced from 314.9% to 253.2% over the past 5 years.

Debt Coverage: T8F's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: T8F's interest payments on its debt are well covered by EBIT (8.7x coverage).


Balance Sheet


Next Steps

Dividend

What is Tokyu Fudosan Holdings's current dividend yield, its reliability and sustainability?

3.33%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: T8F's dividend (3.68%) is higher than the bottom 25% of dividend payers in the German market (1.7%).

High Dividend: T8F's dividend (3.68%) is low compared to the top 25% of dividend payers in the German market (4.86%).


Stability and Growth of Payments

Stable Dividend: T8F has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: T8F's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (33.4%), T8F's dividend payments are 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?

5.0yrs

Average management tenure


CEO

Yuji Okuma (61yo)

5s

Tenure

Mr. Yuji Okuma has been the President of Tokyu Fudosan Holdings Corporation since April 2015 and Chief Executive Officer since April 2017. Mr. Okuma has been the President and Chief Executive Officer of To ...


Leadership Team

NamePositionTenureCompensationOwnership
Yuji Okuma
CEO, President & Representative Director5yrsno data0.0067% ¥196.0k
Hitoshi Uemura
Operating Officer & Director4.83yrsno data0.0042% ¥124.4k
Shigeyuki Furusawa
Operating Officerno datano datano data
Masashi Okada
Operating Officer & Director1.83yrsno data0.0042% ¥122.0k
Hironori Nishikawa
Operating Officer & Director3.83yrsno data0.0039% ¥113.2k
Shouhei Kimura
Managing Officer0.83yrno data0.0024% ¥70.7k
Katsuhiro Yoshiura
Operating Officerno datano datano data
Shinji Sakaki
Operating Officer & Director5.83yrsno data0.0043% ¥127.6k
Katsuhide Saiga
Operating Officer & Director3.83yrsno data0.0042% ¥122.9k
Kazuhiro Nishimura
Operating Officerno datano datano data

5.0yrs

Average Tenure

61yo

Average Age

Experienced Management: T8F's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yuji Okuma
CEO, President & Representative Director5yrsno data0.0067% ¥196.0k
Hitoshi Uemura
Operating Officer & Director4.83yrsno data0.0042% ¥124.4k
Masashi Okada
Operating Officer & Director1.83yrsno data0.0042% ¥122.0k
Hironori Nishikawa
Operating Officer & Director3.83yrsno data0.0039% ¥113.2k
Shouhei Kimura
Managing Officer0.83yrno data0.0024% ¥70.7k
Shinji Sakaki
Operating Officer & Director5.83yrsno data0.0043% ¥127.6k
Katsuhide Saiga
Operating Officer & Director3.83yrsno data0.0042% ¥122.9k
Kiyoshi Kanazashi
Chairman of the Board5yrsno data0.012% ¥354.7k
Koichi Iki
Outside Director5.83yrsno datano data
Hirofumi Nomoto
Director6.5yrsno data0.0047% ¥137.9k

4.9yrs

Average Tenure

61.5yo

Average Age

Experienced Board: T8F's board of directors are considered experienced (4.9 years average tenure).


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 been diluted in the past year, with total shares outstanding growing by 13.3%.


Top Shareholders

Company Information

Tokyu Fudosan Holdings Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tokyu Fudosan Holdings Corporation
  • Ticker: T8F
  • Exchange: DB
  • Founded: 2013
  • Industry: Diversified Real Estate Activities
  • Sector: Real Estate
  • Market Cap: JP¥345.852b
  • Listing Market Cap: JP¥2.933b
  • Shares outstanding: 719.03m
  • Website: https://www.tokyu-fudosan-hd.co.jp

Number of Employees


Location

  • Tokyu Fudosan Holdings Corporation
  • Shibuya Solasta
  • 1-21-1 Dogenzaka
  • Tokyo
  • 150 0043
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
3289TSE (The Tokyo Stock Exchange)YesCommon SharesJPJPYOct 2013
T8FDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 2013
TTUU.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDOct 2013
TKFO.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDJan 2014

Biography

Tokyu Fudosan Holdings Corporation, together with its subsidiaries, engages in the real estate business in Japan and internationally. The company’s Urban Development segment develops, leases, and operates office buildings, retail facilities, rental residences, and other properties; and sells properties. Its Residential segment develops and sells condominiums and detached housings. The company’s Property Management segment manages condominiums, buildings, and retail facilities; and constructs common areas of condominiums. Its Real-Estate Agents segment provides real estate brokerage and property sales services. The company’s Wellness segment develops and sells membership resort hotels and country houses; and owns and manages resort facilities, urban style hotels, senior housings, and membership sports clubs. Its Tokyu Hands segment is involved in the retail sale of materials and products for living and D-I-Y. The company’s Business Innovation and Others segment develops, sells, and leases condominiums and other properties, as well as constructs residential homes and others. Tokyu Fudosan Holdings Corporation was founded in 2013 and is headquartered in Tokyo, Japan. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/08 00:00
End of Day Share Price2020/04/07 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


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.