Mitsubishi Estate Logistics REIT Investment Corporation

TSE:3481 Stock Report

Market Cap: JP¥174.7b

Mitsubishi Estate Logistics REIT Investment Valuation

Is 3481 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 3481 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3481 (¥349000) is trading above our estimate of fair value (¥282268.6)

Significantly Below Fair Value: 3481 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3481?

Key metric: As 3481 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3481. This is calculated by dividing 3481's market cap by their current earnings.
What is 3481's PE Ratio?
PE Ratio20.5x
EarningsJP¥8.55b
Market CapJP¥174.71b

Price to Earnings Ratio vs Peers

How does 3481's PE Ratio compare to its peers?

The above table shows the PE ratio for 3481 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.9x
3471 Mitsui Fudosan Logistics Park
28.2x9.6%JP¥243.2b
8967 Japan Logistics Fund
24.4x2.5%JP¥247.6b
3466 LaSalle LOGIPORT REIT
20.7x-1.0%JP¥268.0b
3249 Industrial & Infrastructure Fund Investment
18.4x2.0%JP¥293.7b
3481 Mitsubishi Estate Logistics REIT Investment
20.5xn/aJP¥174.7b

Price-To-Earnings vs Peers: 3481 is good value based on its Price-To-Earnings Ratio (20.5x) compared to the peer average (22.9x).

Price to Earnings Ratio vs Industry

How does 3481's PE Ratio compare vs other companies in the Asian Industrial REITs Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
3481 20.5xIndustry Avg. 20.7xNo. of Companies6PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3481 is good value based on its Price-To-Earnings Ratio (20.5x) compared to the Asian Industrial REITs industry average (20.7x).

Price to Earnings Ratio vs Fair Ratio

What is 3481'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.

3481 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 3481's Price-To-Earnings Fair Ratio for valuation analysis.

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 3481 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥349,000.00
JP¥434,000.00
+24.4%
4.0%JP¥458,000.00JP¥412,000.00n/a5
Nov ’25JP¥354,500.00
JP¥437,200.00
+23.3%
3.3%JP¥458,000.00JP¥420,000.00n/a5
Oct ’25JP¥369,500.00
JP¥446,500.00
+20.8%
2.5%JP¥458,000.00JP¥428,000.00n/a4
Sep ’25JP¥378,000.00
JP¥446,500.00
+18.1%
2.5%JP¥458,000.00JP¥428,000.00n/a4
Aug ’25JP¥378,000.00
JP¥442,666.67
+17.1%
2.3%JP¥450,000.00JP¥428,000.00n/a3
Jul ’25JP¥376,000.00
JP¥429,000.00
+14.1%
12.2%JP¥480,000.00JP¥357,000.00n/a3
Jun ’25JP¥383,000.00
JP¥437,333.33
+14.2%
13.0%JP¥480,000.00JP¥357,000.00n/a3
May ’25JP¥407,500.00
JP¥433,000.00
+6.3%
11.5%JP¥480,000.00JP¥357,000.00n/a4
Apr ’25JP¥384,500.00
JP¥433,000.00
+12.6%
11.5%JP¥480,000.00JP¥357,000.00n/a4
Mar ’25JP¥348,500.00
JP¥467,250.00
+34.1%
6.0%JP¥494,000.00JP¥420,000.00n/a4
Feb ’25JP¥364,000.00
JP¥467,250.00
+28.4%
6.0%JP¥494,000.00JP¥420,000.00n/a4
Jan ’25JP¥374,500.00
JP¥467,250.00
+24.8%
6.0%JP¥494,000.00JP¥420,000.00n/a4
Dec ’24JP¥375,000.00
JP¥446,800.00
+19.1%
10.7%JP¥494,000.00JP¥365,000.00n/a5
Nov ’24JP¥380,000.00
JP¥475,200.00
+25.1%
6.3%JP¥507,000.00JP¥420,000.00JP¥354,500.005
Oct ’24JP¥375,500.00
JP¥483,200.00
+28.7%
4.5%JP¥507,000.00JP¥445,000.00JP¥369,500.005
Sep ’24JP¥389,500.00
JP¥483,200.00
+24.1%
4.5%JP¥507,000.00JP¥445,000.00JP¥378,000.005
Aug ’24JP¥400,500.00
JP¥480,500.00
+20.0%
4.9%JP¥507,000.00JP¥445,000.00JP¥378,000.004
Jul ’24JP¥413,000.00
JP¥480,500.00
+16.3%
4.9%JP¥507,000.00JP¥445,000.00JP¥376,000.004
Jun ’24JP¥419,000.00
JP¥480,500.00
+14.7%
4.9%JP¥507,000.00JP¥445,000.00JP¥383,000.004
May ’24JP¥416,500.00
JP¥465,500.00
+11.8%
4.5%JP¥495,000.00JP¥445,000.00JP¥407,500.004
Apr ’24JP¥390,500.00
JP¥472,333.33
+21.0%
4.2%JP¥495,000.00JP¥447,000.00JP¥384,500.003
Mar ’24JP¥395,500.00
JP¥472,333.33
+19.4%
4.2%JP¥495,000.00JP¥447,000.00JP¥348,500.003
Feb ’24JP¥412,000.00
JP¥481,333.33
+16.8%
2.0%JP¥495,000.00JP¥474,000.00JP¥364,000.003
Jan ’24JP¥422,000.00
JP¥483,000.00
+14.5%
2.5%JP¥500,000.00JP¥474,000.00JP¥374,500.003
Dec ’23JP¥438,000.00
JP¥487,000.00
+11.2%
2.7%JP¥500,000.00JP¥474,000.00JP¥375,000.002
Nov ’23JP¥453,500.00
JP¥521,333.33
+15.0%
3.5%JP¥544,000.00JP¥500,000.00JP¥380,000.003

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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