Global One Real Estate Investment Corp. (8958.T)

Industry: REIT - Office Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
JBGS	19	JBG SMITH Properti	502	-	-	26.12	29.84	-	-
WKP.L	20	Workspace Group pl	493	-	-	8.07	7.12	8.64	17.48
BDN	21	Brandywine Realty	485	-	-	5.53	7.55	6.73	57.99
OPI	22	Office Properties	467	-	-	27.23	36.98	34.19	39.23
AP-UN.TO	23	Allied Properties	434	-	-	-	-	140.71	33.06
8987.T	24	Japan Excellent, I	412	10.62	9.96	11.03	10.65	13.97	14.60
8976.T	25	Daiwa Office Inves	383	10.75	9.39	12.63	10.99	14.72	14.06
8958.T	26	Global One Real Es	370	9.60	7.91	10.17	8.70	9.93	10.58
8961.T	27	MORI TRUST Sogo Re	341	9.67	9.04	13.78	13.16	15.39	14.11
3295.T	28	Hulic Reit, Inc.	332	10.73	10.73	13.69	13.69	15.48	16.69
GPE.L	29	Great Portland Est	329	3.29	3.96	298.71	503.49	5.90	-
DEA	30	Easterly Governmen	327	73.65	70.40	11.10	10.34	25.36	28.61
MINDSPACE.BO	31	Mindspace Business	313	55.86	55.86	19.39	19.39	34.30	26.39
AJBU.SI	32	Keppel DC REIT	282	16.05	13.59	-	-	19.99	21.46
CMW.AX	33	Cromwell Property	260	-	-	5.74	6.29	7.78	6.88
CXP	34	Columbia Property	254	26.03	24.92	17.01	18.54	212.05	343.09

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.73	9.96	12.63	10.99	15.06	17.48
Full Range Median Multiple	10.75	10.73	13.69	13.16	15.43	21.46
Industry Multiple	24.07	23.09	36.16	52.93	39.66	48.74
Market Implied Multiple	9.52	7.84	10.11	8.65	9.87	10.52
Company (8958.T) Multiple	9.60	7.91	10.17	8.70	9.93	10.58
(*) Net Income / EBITDA / Revenue	94	114	127	148	130	122
Winsorized Enterprise Value	N/A	N/A	1,604	1,630	1,957	2,133
Full Range Median Enterprise Value	N/A	N/A	1,738	1,953	2,006	2,618
(-) Net Debt	390	390	390	390	390	390
Winsorized Equity Value	1,006	1,134	1,213	1,240	1,567	1,743
Full Range Median Equity Value	1,009	1,222	1,348	1,562	1,616	2,228
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$159,744.34	$180,046.43	$192,611.32	$196,770.97	$248,765.17	$276,704.11
Full Range Median Fair Value	$160,097.47	$194,013.88	$214,002.33	$248,000.43	$256,559.54	$353,692.06
Current Price	$141,800.00	$141,800.00	$141,800.00	$141,800.00	$141,800.00	$141,800.00
Upside / Downside	12.65%	26.97%	35.83%	38.77%	75.43%	95.14%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$111,821.04	$126,032.50	$134,827.93	$137,739.68	$174,135.62	$193,692.88
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY