GLP J-REIT

TSE:3281 Stock Report

Market Cap: JP¥627.4b

GLP J-REIT Valuation

Is 3281 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3281 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3281 (¥128100) is trading above our estimate of fair value (¥100461.77)

Significantly Below Fair Value: 3281 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3281?

Key metric: As 3281 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3281. This is calculated by dividing 3281's market cap by their current earnings.
What is 3281's PE Ratio?
PE Ratio23.5x
EarningsJP¥26.71b
Market CapJP¥627.40b

Price to Earnings Ratio vs Peers

How does 3281's PE Ratio compare to its peers?

The above table shows the PE ratio for 3281 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.1x
3283 Nippon Prologis REIT
28.7x1.7%JP¥714.8b
3249 Industrial & Infrastructure Fund Investment
18.4x2.0%JP¥292.9b
3466 LaSalle LOGIPORT REIT
20.7x-1.0%JP¥268.5b
8967 Japan Logistics Fund
24.4x2.5%JP¥248.0b
3281 GLP J-REIT
23.5x-1.8%JP¥627.4b

Price-To-Earnings vs Peers: 3281 is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the peer average (23.1x).

Price to Earnings Ratio vs Industry

How does 3281's PE Ratio compare vs other companies in the Asian Industrial REITs Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
3281 23.5xIndustry Avg. 20.7xNo. of Companies6PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3281 is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the Asian Industrial REITs industry average (20.7x).

Price to Earnings Ratio vs Fair Ratio

What is 3281's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3281 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.5x
Fair PE Ratio21.8x

Price-To-Earnings vs Fair Ratio: 3281 is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the estimated Fair Price-To-Earnings Ratio (21.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3281 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥128,100.00
JP¥159,090.91
+24.2%
11.6%JP¥197,300.00JP¥120,000.00n/a11
Nov ’25JP¥133,000.00
JP¥156,545.45
+17.7%
11.9%JP¥197,300.00JP¥120,000.00n/a11
Oct ’25JP¥132,200.00
JP¥152,850.00
+15.6%
13.0%JP¥197,300.00JP¥116,000.00n/a10
Sep ’25JP¥133,600.00
JP¥155,318.18
+16.3%
13.2%JP¥197,300.00JP¥116,000.00n/a11
Aug ’25JP¥131,300.00
JP¥155,227.27
+18.2%
13.3%JP¥197,300.00JP¥115,000.00n/a11
Jul ’25JP¥129,600.00
JP¥157,509.09
+21.5%
11.9%JP¥197,300.00JP¥128,000.00n/a11
Jun ’25JP¥130,500.00
JP¥157,677.78
+20.8%
13.5%JP¥197,300.00JP¥128,000.00n/a9
May ’25JP¥129,200.00
JP¥157,736.36
+22.1%
12.3%JP¥197,300.00JP¥128,000.00n/a11
Apr ’25JP¥125,800.00
JP¥158,463.64
+26.0%
12.6%JP¥197,300.00JP¥127,000.00n/a11
Mar ’25JP¥117,400.00
JP¥161,310.00
+37.4%
11.6%JP¥197,300.00JP¥127,000.00n/a10
Feb ’25JP¥128,100.00
JP¥161,310.00
+25.9%
11.6%JP¥197,300.00JP¥127,000.00n/a10
Jan ’25JP¥140,500.00
JP¥161,344.44
+14.8%
10.5%JP¥197,300.00JP¥138,000.00n/a9
Dec ’24JP¥138,000.00
JP¥161,810.00
+17.3%
9.9%JP¥197,300.00JP¥138,000.00n/a10
Nov ’24JP¥136,300.00
JP¥163,010.00
+19.6%
10.3%JP¥197,300.00JP¥138,000.00JP¥133,000.0010
Oct ’24JP¥133,700.00
JP¥169,360.00
+26.7%
9.2%JP¥197,300.00JP¥143,000.00JP¥132,200.0010
Sep ’24JP¥138,100.00
JP¥169,360.00
+22.6%
9.2%JP¥197,300.00JP¥143,000.00JP¥133,600.0010
Aug ’24JP¥138,600.00
JP¥169,360.00
+22.2%
9.2%JP¥197,300.00JP¥143,000.00JP¥131,300.0010
Jul ’24JP¥142,100.00
JP¥170,960.00
+20.3%
8.9%JP¥197,300.00JP¥143,000.00JP¥129,600.0010
Jun ’24JP¥146,200.00
JP¥177,070.00
+21.1%
8.1%JP¥197,300.00JP¥143,000.00JP¥130,500.0010
May ’24JP¥154,600.00
JP¥177,370.00
+14.7%
8.1%JP¥197,300.00JP¥143,000.00JP¥129,200.0010
Apr ’24JP¥143,100.00
JP¥183,488.89
+28.2%
9.3%JP¥218,700.00JP¥156,000.00JP¥125,800.009
Mar ’24JP¥142,400.00
JP¥181,240.00
+27.3%
9.7%JP¥218,700.00JP¥156,000.00JP¥117,400.0010
Feb ’24JP¥147,500.00
JP¥184,040.00
+24.8%
10.6%JP¥218,700.00JP¥156,000.00JP¥128,100.0010
Jan ’24JP¥151,300.00
JP¥187,272.73
+23.8%
10.1%JP¥218,700.00JP¥156,000.00JP¥140,500.0011
Dec ’23JP¥155,000.00
JP¥187,272.73
+20.8%
10.1%JP¥218,700.00JP¥156,000.00JP¥138,000.0011
Nov ’23JP¥157,000.00
JP¥191,100.00
+21.7%
10.0%JP¥218,700.00JP¥156,000.00JP¥136,300.0010

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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