Nomura Real Estate Master Fund, Inc.

TSE:3462 Stock Report

Market Cap: JP¥661.4b

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

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

Below Fair Value: 3462 (¥141700) is trading above our estimate of fair value (¥131025.64)

Significantly Below Fair Value: 3462 is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As 3462 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3462. This is calculated by dividing 3462's market cap by their current earnings.
What is 3462's PE Ratio?
PE Ratio21.6x
EarningsJP¥30.65b
Market CapJP¥661.38b

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 Average21.9x
8984 Daiwa House REIT Investment
26x5.1%JP¥532.3b
8972 KDX Realty Investment
15.5x-8.6%JP¥605.8b
8960 United Urban Investment
20.2x0.5%JP¥435.4b
3309 Sekisui House Reit
26x4.4%JP¥321.2b
3462 Nomura Real Estate Master Fund
21.6x-4.0%JP¥661.4b

Price-To-Earnings vs Peers: 3462 is good value based on its Price-To-Earnings Ratio (21.6x) compared to the peer average (21.9x).

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
No more companies available in this PE range
3462 21.6xIndustry Avg. 18.1xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3462 is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the JP REITs industry average (18.1x).

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 Ratio21.6x
Fair PE Ratio21.4x

Price-To-Earnings vs Fair Ratio: 3462 is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the estimated Fair Price-To-Earnings Ratio (21.4x).

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¥141,700.00
JP¥166,800.00
+17.7%
3.1%JP¥175,000.00JP¥160,000.00n/a5
Nov ’25JP¥142,900.00
JP¥166,800.00
+16.7%
3.1%JP¥175,000.00JP¥160,000.00n/a5
Oct ’25JP¥144,600.00
JP¥165,500.00
+14.5%
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¥170,000.00JP¥142,900.003
Oct ’24JP¥167,400.00
JP¥170,000.00
+1.6%
6.2%JP¥180,000.00JP¥153,000.00JP¥144,600.004
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

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

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