Ichigo Office REIT Investment Corp (TSE:8975)

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Price: 79 100 JPY 1.15%

Market Cap: 123B JPY

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Section:

Relative Value

The Relative Value of one Ichigo Office REIT Investment Corp stock under the Base Case scenario is 102 297.4 JPY. Compared to the current market price of 79 100 JPY, Ichigo Office REIT Investment Corp is Undervalued by 23%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

7.5

P/S

vs History	46
vs Industry	24

Median 5Y

7.3

Industry

3.6

Forward

6.9

More Details

18.6

P/E

vs History	36
vs Industry	27

Median 5Y

17.9

Industry

16.7

Forward

15.8

More Details

11.6

P/OCF

vs History	49
vs Industry	32

Median 5Y

11.5

Industry

10.9

More Details

20.4

P/FCFE

vs History	46
vs Industry	17

Median 5Y

Industry

13.3

More Details

1.2

P/B

vs History	63
vs Industry	26

Median 5Y

1.2

Industry

0.8

More Details

13.4

EV/S

vs History	22
vs Industry	19

Median 5Y

12.5

Industry

6.6

Forward

12.3

More Details

26.4

EV/GP

vs History	14
vs Industry	13

Median 5Y

24.2

Industry

11.9

More Details

21.6

EV/EBITDA

vs History	20
vs Industry	23

Median 5Y

20.2

Industry

15.8

Forward

26.7

More Details

26.8

EV/EBIT

vs History	14
vs Industry	23

Median 5Y

24.5

Industry

More Details

20.9

EV/OCF

vs History	44
vs Industry	30

Median 5Y

20.5

Industry

18.5

More Details

32.9

EV/FCFF

vs History	66
vs Industry	18

Median 5Y

40.5

Industry

20.1

More Details

EV/IC

vs History	49
vs Industry	25

Median 5Y

Industry

0.7

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

		Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
JP	Ichigo Office REIT Investment Corp TSE:8975	119.7B JPY	7.5	18.6	21.6	26.8
US	Alexandria Real Estate Equities Inc NYSE:ARE	16.8B USD	5.4	60.5	13.9	31.1
US	Boston Properties Inc NYSE:BXP	11.8B USD	3.5	32.5	14.3	26.3
US	Vornado Realty Trust NYSE:VNO	7.9B USD	4.5	-146.7	21.7	63.6
US	COPT Defense Properties NYSE:CDP	6.9B USD	9.3	50.7	44.5	44.5
JP	Nippon Building Fund Inc TSE:8951	1.1T JPY	10.8	24.6	26.2	35.3
FR	Covivio SA PAR:COV	5.4B EUR	5	-7.3	16.2	17.7
JP	Japan Real Estate Investment Corp TSE:8952	774B JPY	9.2	20.7	21.4	27.9
US	Kilroy Realty Corp NYSE:KRC	4.8B USD	4.3	24.3	13.6	28.5
US	Cousins Properties Inc NYSE:CUZ	4.6B USD	5.6	90	13.8	42.5
AU	Dexus ASX:DXS	7.4B AUD	8.2	-4.6	35.1	35.1

			Revenue Growth	P/S to Growth
JP	Ichigo Office REIT Investment Corp TSE:8975	Average P/S: 6.6 7.5	-17%	N/A
US	Alexandria Real Estate Equities Inc NYSE:ARE	5.4	8%	0.7
US	Boston Properties Inc NYSE:BXP	3.5	10%	0.4
US	Vornado Realty Trust NYSE:VNO	4.5	5%	0.9
US	COPT Defense Properties NYSE:CDP	9.3	15%	0.6
JP	Nippon Building Fund Inc TSE:8951	10.8	-5%	N/A
FR	Covivio SA PAR:COV	5	-16%	N/A
JP	Japan Real Estate Investment Corp TSE:8952	9.2	N/A	N/A
US	Kilroy Realty Corp NYSE:KRC	4.3	4%	1.1
US	Cousins Properties Inc NYSE:CUZ	5.6	15%	0.4
AU	Dexus ASX:DXS	8.2	0%	42.8

			Earnings Growth	P/E to Growth
JP	Ichigo Office REIT Investment Corp TSE:8975	Average P/E: 40.2 18.6	-34%	N/A
US	Alexandria Real Estate Equities Inc NYSE:ARE	60.5	538%	0.1
US	Boston Properties Inc NYSE:BXP	32.5	57%	0.6
US	Vornado Realty Trust NYSE:VNO	Negative Multiple: -146.7	-66%	N/A
US	COPT Defense Properties NYSE:CDP	50.7	N/A	N/A
JP	Nippon Building Fund Inc TSE:8951	24.6	7%	3.5
FR	Covivio SA PAR:COV	Negative Multiple: -7.3	N/A	N/A
JP	Japan Real Estate Investment Corp TSE:8952	20.7	N/A	N/A
US	Kilroy Realty Corp NYSE:KRC	24.3	-33%	N/A
US	Cousins Properties Inc NYSE:CUZ	90	-25%	N/A
AU	Dexus ASX:DXS	Negative Multiple: -4.6	N/A	N/A

			EBITDA Growth	EV/EBITDA to Growth
JP	Ichigo Office REIT Investment Corp TSE:8975	Average EV/EBITDA: 22 21.6	-38%	N/A
US	Alexandria Real Estate Equities Inc NYSE:ARE	13.9	12%	1.2
US	Boston Properties Inc NYSE:BXP	14.3	8%	1.7
US	Vornado Realty Trust NYSE:VNO	21.7	21%	1
US	COPT Defense Properties NYSE:CDP	44.5	129%	0.3
JP	Nippon Building Fund Inc TSE:8951	26.2	1%	18.1
FR	Covivio SA PAR:COV	16.2	-26%	N/A
JP	Japan Real Estate Investment Corp TSE:8952	21.4	-17%	N/A
US	Kilroy Realty Corp NYSE:KRC	13.6	4%	3.6
US	Cousins Properties Inc NYSE:CUZ	13.8	17%	0.8
AU	Dexus ASX:DXS	35.1	168%	0.2

			EBIT Growth	EV/EBIT to Growth
JP	Ichigo Office REIT Investment Corp TSE:8975	Average EV/EBIT: 34.5 26.8	N/A	N/A
US	Alexandria Real Estate Equities Inc NYSE:ARE	31.1	1%	33.2
US	Boston Properties Inc NYSE:BXP	26.3	2%	11.7
US	Vornado Realty Trust NYSE:VNO	63.6	13%	4.8
US	COPT Defense Properties NYSE:CDP	44.5	35%	1.3
JP	Nippon Building Fund Inc TSE:8951	35.3	N/A	N/A
FR	Covivio SA PAR:COV	17.7	-12%	N/A
JP	Japan Real Estate Investment Corp TSE:8952	27.9	N/A	N/A
US	Kilroy Realty Corp NYSE:KRC	28.5	-1%	N/A
US	Cousins Properties Inc NYSE:CUZ	42.5	-17%	N/A
AU	Dexus ASX:DXS	35.1	166%	0.2

US	Johnson & Johnson NYSE:JNJ	Pharmaceuticals
US	Berkshire Hathaway Inc NYSE:BRK.A	Financial Services
US	Bank of America Corp NYSE:BAC	Banking
US	Mastercard Inc NYSE:MA	Technology
US	UnitedHealth Group Inc NYSE:UNH	Health Care
US	Exxon Mobil Corp NYSE:XOM	Energy
US	Pfizer Inc NYSE:PFE	Pharmaceuticals
US	Palantir Technologies Inc NYSE:PLTR	Technology
US	Nike Inc NYSE:NKE	Textiles, Apparel & Luxury Goods
US	Visa Inc NYSE:V	Technology
CN	Alibaba Group Holding Ltd NYSE:BABA	Retail
US	3M Co NYSE:MMM	Industrial Conglomerates
US	JPMorgan Chase & Co NYSE:JPM	Banking
US	Coca-Cola Co NYSE:KO	Beverages
US	Walmart Inc NYSE:WMT	Retail
US	Verizon Communications Inc NYSE:VZ	Telecommunication

	Johnson & Johnson NYSE:JNJ	US
	Berkshire Hathaway Inc NYSE:BRK.A	US
	Bank of America Corp NYSE:BAC	US
	Mastercard Inc NYSE:MA	US
	UnitedHealth Group Inc NYSE:UNH	US
	Exxon Mobil Corp NYSE:XOM	US
	Pfizer Inc NYSE:PFE	US
	Palantir Technologies Inc NYSE:PLTR	US
	Nike Inc NYSE:NKE	US
	Visa Inc NYSE:V	US
	Alibaba Group Holding Ltd NYSE:BABA	CN
	3M Co NYSE:MMM	US
	JPMorgan Chase & Co NYSE:JPM	US
	Coca-Cola Co NYSE:KO	US
	Walmart Inc NYSE:WMT	US
	Verizon Communications Inc NYSE:VZ	US

	Franklin Covey Co NYSE:FC	36.47 USD 0.16%
	Mohawk Industries Inc NYSE:MHK	119.205 USD 0.04%
	Ardmore Shipping Corp NYSE:ASC	11.5 USD 1.68%
	ASGN Inc NYSE:ASGN	83.9 USD 0.04%
	Skyworks Solutions Inc NASDAQ:SWKS	89.32 USD 0.64%
	Weatherford International PLC NASDAQ:WFRD	67.81 USD 1.06%

	Johnson & Johnson NYSE:JNJ	143.73 USD -0.51%
	Bank of America Corp NYSE:BAC	43.78 USD -0.88%
	Mastercard Inc NYSE:MA	524.26 USD -0.72%
	Salesforce Inc NYSE:CRM	338 USD -1.64%
	Abbvie Inc NYSE:ABBV	175.24 USD -0.19%
	Home Depot Inc NYSE:HD	388.15 USD -1.13%

	Arista Networks Inc NYSE:ANET	112 USD -0.72%
	Visa Inc NYSE:V	315.32 USD -0.75%
	Texas Pacific Land Corp NYSE:TPL	1 103.14 USD -2.65%
	KLA Corp NASDAQ:KLAC	633.98 USD 0.73%
	Manhattan Associates Inc NASDAQ:MANH	276.25 USD -1.43%
	Pinduoduo Inc NASDAQ:PDD	99.49 USD -0.02%

Ichigo Office REIT Investment Corp
TSE:8975

Relative Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples
Ichigo Office REIT Investment Corp Competitors

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52 Week Range	76 400 85 400
Price Target

Ichigo Office REIT Investment Corp TSE:8975

Relative Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples Ichigo Office REIT Investment Corp Competitors

See Also

Company

Help

Tools

Stocks

Ichigo Office REIT Investment Corp
TSE:8975

Competitors Multiples
Ichigo Office REIT Investment Corp Competitors