Ichigo Office REIT Investment Corporation

TSE:8975 Stock Report

Market Cap: JP¥123.9b

Ichigo Office REIT Investment Valuation

Is 8975 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • 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 8975 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 8975 (¥79700) is trading above our estimate of fair value (¥64596.26)

Significantly Below Fair Value: 8975 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 8975?

Key metric: As 8975 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 8975. This is calculated by dividing 8975's market cap by their current earnings.
What is 8975's PE Ratio?
PE Ratio18.6x
EarningsJP¥6.65b
Market CapJP¥123.93b

Price to Earnings Ratio vs Peers

How does 8975's PE Ratio compare to its peers?

The above table shows the PE ratio for 8975 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.6x
8958 Global One Real Estate Investment
15xn/aJP¥100.8b
8987 Japan Excellent
19.3xn/aJP¥159.3b
3234 Mori Hills REIT Investment
19x-3.4%JP¥240.5b
3290 One REIT
17xn/aJP¥61.7b
8975 Ichigo Office REIT Investment
18.6xn/aJP¥123.9b

Price-To-Earnings vs Peers: 8975 is expensive based on its Price-To-Earnings Ratio (18.6x) compared to the peer average (17.6x).

Price to Earnings Ratio vs Industry

How does 8975's PE Ratio compare vs other companies in the Asian Office REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
8975 18.6xIndustry Avg. 17.3xNo. of Companies7PE0816243240+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 8975 is expensive based on its Price-To-Earnings Ratio (18.6x) compared to the Asian Office REITs industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is 8975'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.

8975 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.6x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 8975'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 8975 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥79,700.00
JP¥89,500.00
+12.3%
0.6%JP¥90,000.00JP¥89,000.00n/a2
Nov ’25JP¥77,700.00
JP¥89,500.00
+15.2%
0.6%JP¥90,000.00JP¥89,000.00n/a2
Oct ’25JP¥82,900.00
JP¥88,500.00
+6.8%
0.6%JP¥89,000.00JP¥88,000.00n/a2
Sep ’25JP¥85,200.00
JP¥88,500.00
+3.9%
0.6%JP¥89,000.00JP¥88,000.00n/a2
Aug ’25JP¥82,300.00
JP¥88,500.00
+7.5%
0.6%JP¥89,000.00JP¥88,000.00n/a2
Jul ’25JP¥81,800.00
JP¥91,000.00
+11.2%
3.9%JP¥96,000.00JP¥88,000.00n/a3
Jun ’25JP¥82,000.00
JP¥91,000.00
+11.0%
3.9%JP¥96,000.00JP¥88,000.00n/a3
May ’25JP¥81,800.00
JP¥91,000.00
+11.2%
3.9%JP¥96,000.00JP¥88,000.00n/a3
Apr ’25JP¥81,000.00
JP¥91,000.00
+12.3%
3.9%JP¥96,000.00JP¥88,000.00n/a3
Mar ’25JP¥78,100.00
JP¥89,750.00
+14.9%
4.2%JP¥96,000.00JP¥86,000.00n/a4
Feb ’25JP¥81,100.00
JP¥89,750.00
+10.7%
4.2%JP¥96,000.00JP¥86,000.00n/a4
Jan ’25JP¥82,500.00
JP¥90,000.00
+9.1%
4.6%JP¥97,000.00JP¥86,000.00n/a4
Dec ’24JP¥84,300.00
JP¥91,500.00
+8.5%
4.3%JP¥97,000.00JP¥86,000.00n/a4
Nov ’24JP¥85,100.00
JP¥91,500.00
+7.5%
4.3%JP¥97,000.00JP¥86,000.00JP¥77,700.004
Oct ’24JP¥87,500.00
JP¥91,000.00
+4.0%
3.6%JP¥95,000.00JP¥86,000.00JP¥82,900.004
Sep ’24JP¥90,100.00
JP¥91,000.00
+1.0%
3.6%JP¥95,000.00JP¥86,000.00JP¥85,200.004
Aug ’24JP¥87,900.00
JP¥91,000.00
+3.5%
3.6%JP¥95,000.00JP¥86,000.00JP¥82,300.004
Jul ’24JP¥89,400.00
JP¥90,250.00
+1.0%
2.8%JP¥92,000.00JP¥86,000.00JP¥81,800.004
Jun ’24JP¥90,400.00
JP¥98,750.00
+9.2%
12.4%JP¥120,000.00JP¥91,000.00JP¥82,000.004
May ’24JP¥88,600.00
JP¥98,750.00
+11.5%
12.4%JP¥120,000.00JP¥91,000.00JP¥81,800.004
Apr ’24JP¥96,800.00
JP¥98,750.00
+2.0%
12.4%JP¥120,000.00JP¥91,000.00JP¥81,000.004
Mar ’24JP¥87,300.00
JP¥98,750.00
+13.1%
12.4%JP¥120,000.00JP¥91,000.00JP¥78,100.004
Feb ’24JP¥85,300.00
JP¥98,750.00
+15.8%
12.4%JP¥120,000.00JP¥91,000.00JP¥81,100.004
Jan ’24JP¥85,000.00
JP¥99,500.00
+17.1%
12.0%JP¥120,000.00JP¥91,000.00JP¥82,500.004
Dec ’23JP¥85,700.00
JP¥98,750.00
+15.2%
12.6%JP¥120,000.00JP¥89,000.00JP¥84,300.004
Nov ’23JP¥84,900.00
JP¥98,750.00
+16.3%
12.6%JP¥120,000.00JP¥89,000.00JP¥85,100.004

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

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