Sumitomo Realty & Development Co Ltd ADR

OTCPK:SURYY

日本 / 地產 / 房地產管理及開發

綜觀

股息

5 年 DCF 收入退出價

股價

17.00 USD

公允價值

8.70 USD

Metrics	Range	Conclusion
Discount Rate	9.0% - 8.0%	8.5%
Terminal Revenue Multiple	5.0x - 5.5x	5.2x
Fair Value	$6.66 - $10.80	$8.70
Upside	-60.8% - -36.5%	-48.8%

2.5%

Revenue 5y CAGR

36.1%

5y Avg EBITDA Margin

-4.4%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

17.00 USD

公允價值

8.70 USD

看漲

-48.8%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(JPY in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29

Revenue	967,692	1,004,000	1,040,000	1,077,300	1,096,000	1,094,000
% Growth	3.0%	3.8%	3.6%	3.6%	1.7%	-0.2%

EBITDA	327,786	345,500	363,200	382,800	398,400	427,000
% of Revenue	33.9%	34.4%	34.9%	35.5%	36.4%	39.0%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(JPY in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29

EBITDA		345,500	363,200	382,800	398,400	427,000
Other Income / (Exp)		0	0	0	0	0
D&A		(74,950)	(77,800)	(84,950)	(92,200)	(122,500)

EBIT		270,550	285,400	297,850	306,200	304,500
Pro forma Taxes		(83,871)	(88,474)	(92,334)	(94,922)	(94,395)
NOPAT	175,721	186,680	196,926	205,517	211,278	210,105

Capital Expenditures	(188,397)	(200,000)	(252,552)	(262,552)	(300,000)	(300,000)
NWC Investment	(17,946)	(23,448)	(23,249)	(24,089)	(12,077)	1,292
(+) D&A	73,118	74,950	77,800	84,950	92,200	122,500

Free Cash Flow	42,496	38,181	(1,075)	3,826	(8,599)	33,897
% Growth		-10%	NM	NM	NM	NM

載入錯誤

Sumitomo Realty & Development Co Ltd ADR

OTCPK:SURYY

日本 / 地產 / 房地產管理及開發

5 年 DCF 收入退出價