Nomura Real Estate Master Fund, Inc.

TSE:3462 Stock Report

Market Cap: JP¥692.2b

Nomura Real Estate Master Fund Valuation

Is 3462 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 3462 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3462 (¥148300) is trading below our estimate of fair value (¥152463.36)

Significantly Below Fair Value: 3462 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3462?

Other financial metrics that can be useful for relative valuation.

3462 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue14.1x
Enterprise Value/EBITDA23x
PEG Ratio-27.4x

Price to Earnings Ratio vs Peers

How does 3462's PE Ratio compare to its peers?

The above table shows the PE ratio for 3462 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.5x
8972 KDX Realty Investment
16.2x-7.7%JP¥632.3b
8984 Daiwa House REIT Investment
25.4x2.4%JP¥549.4b
8960 United Urban Investment
20.4xn/aJP¥439.1b
3309 Sekisui House Reit
27.9x5.4%JP¥344.4b
3462 Nomura Real Estate Master Fund
23.3x-0.8%JP¥692.2b

Price-To-Earnings vs Peers: 3462 is expensive based on its Price-To-Earnings Ratio (23.3x) compared to the peer average (22.5x).

Price to Earnings Ratio vs Industry

How does 3462's PE Ratio compare vs other companies in the JP REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-1.8%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-1.8%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: 3462 is expensive based on its Price-To-Earnings Ratio (23.3x) compared to the JP REITs industry average (19.9x).

Price to Earnings Ratio vs Fair Ratio

What is 3462'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.

3462 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.3x
Fair PE Ratio24.8x

Price-To-Earnings vs Fair Ratio: 3462 is good value based on its Price-To-Earnings Ratio (23.3x) compared to the estimated Fair Price-To-Earnings Ratio (24.8x).

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 3462 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥148,300.00
JP¥165,500.00
+11.6%
2.3%JP¥170,000.00JP¥160,000.00n/a4
Sep ’25JP¥147,700.00
JP¥165,500.00
+12.1%
2.3%JP¥170,000.00JP¥160,000.00n/a4
Aug ’25JP¥148,000.00
JP¥165,500.00
+11.8%
2.3%JP¥170,000.00JP¥160,000.00n/a4
Jul ’25JP¥141,400.00
JP¥168,000.00
+18.8%
4.5%JP¥180,000.00JP¥160,000.00n/a4
Jun ’25JP¥147,700.00
JP¥168,000.00
+13.7%
4.5%JP¥180,000.00JP¥160,000.00n/a4
May ’25JP¥153,000.00
JP¥168,000.00
+9.8%
4.5%JP¥180,000.00JP¥160,000.00n/a4
Apr ’25JP¥149,000.00
JP¥172,500.00
+15.8%
4.2%JP¥182,000.00JP¥164,000.00n/a4
Mar ’25JP¥144,800.00
JP¥172,500.00
+19.1%
4.2%JP¥182,000.00JP¥164,000.00n/a4
Feb ’25JP¥157,900.00
JP¥172,500.00
+9.2%
4.2%JP¥182,000.00JP¥164,000.00n/a4
Jan ’25JP¥165,000.00
JP¥172,000.00
+4.2%
3.9%JP¥180,000.00JP¥164,000.00n/a4
Dec ’24JP¥166,800.00
JP¥172,000.00
+3.1%
3.9%JP¥180,000.00JP¥164,000.00n/a4
Nov ’24JP¥168,100.00
JP¥175,666.67
+4.5%
2.4%JP¥180,000.00JP¥170,000.00n/a3
Oct ’24JP¥167,400.00
JP¥170,000.00
+1.6%
6.2%JP¥180,000.00JP¥153,000.00n/a4
Sep ’24JP¥172,700.00
JP¥167,666.67
-2.9%
6.6%JP¥180,000.00JP¥153,000.00JP¥147,700.003
Aug ’24JP¥169,200.00
JP¥167,666.67
-0.9%
6.6%JP¥180,000.00JP¥153,000.00JP¥148,000.003
Jul ’24JP¥166,100.00
JP¥167,666.67
+0.9%
6.6%JP¥180,000.00JP¥153,000.00JP¥141,400.003
Jun ’24JP¥163,200.00
JP¥169,966.67
+4.1%
7.1%JP¥180,000.00JP¥153,000.00JP¥147,700.003
May ’24JP¥159,600.00
JP¥172,725.00
+8.2%
6.7%JP¥181,000.00JP¥153,000.00JP¥153,000.004
Apr ’24JP¥148,500.00
JP¥175,225.00
+18.0%
4.1%JP¥181,000.00JP¥163,000.00JP¥149,000.004
Mar ’24JP¥148,700.00
JP¥178,380.00
+20.0%
5.1%JP¥191,000.00JP¥163,000.00JP¥144,800.005
Feb ’24JP¥151,600.00
JP¥178,380.00
+17.7%
5.1%JP¥191,000.00JP¥163,000.00JP¥157,900.005
Jan ’24JP¥163,000.00
JP¥179,780.00
+10.3%
5.4%JP¥191,000.00JP¥163,000.00JP¥165,000.005
Dec ’23JP¥168,800.00
JP¥179,780.00
+6.5%
5.4%JP¥191,000.00JP¥163,000.00JP¥166,800.005
Nov ’23JP¥172,600.00
JP¥179,780.00
+4.2%
5.4%JP¥191,000.00JP¥163,000.00JP¥168,100.005
Oct ’23JP¥159,700.00
JP¥178,754.40
+11.9%
4.9%JP¥187,000.00JP¥163,000.00JP¥167,400.005
Sep ’23JP¥166,400.00
JP¥178,754.40
+7.4%
4.9%JP¥187,000.00JP¥163,000.00JP¥172,700.005

Analyst Forecast: Target price is less than 20% higher than the current share price.

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