Hankyu Hanshin REIT, Inc. (8977.T)

Industry: REIT - Diversified 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
PKST	68	Peakstone Realty T	195	-	-	-	-	355.65	55.09
0435.HK	69	Sunlight Real Esta	187	12.26	18.83	15.00	16.40	-	44.11
AX-PE.TO	70	Artis Real Estate	186	-	-	27.09	35.76	-	25.83
MRT-UN.TO	71	Morguard Real Esta	177	-	-	57.61	57.61	13.37	14.73
IPF.JO	72	Investec Property	174	5.38	1.01	7.84	6.32	8.65	6.58
3468.T	73	Star Asia Investme	167	13.34	13.34	16.73	16.73	257.00	20.19
SET.SI	74	Stoneweg European	165	24.63	24.63	-	-	14.92	15.29
8977.T	75	Hankyu Hanshin REI	155	11.64	10.60	12.85	12.00	17.72	16.82
GOODM	76	Gladstone Commerci	155	27.58	21.91	7.75	7.36	15.94	15.16
RIT1.TA	77	Reit 1 Ltd	154	9.49	8.72	12.92	11.33	21.43	20.85
BCPT.L	78	Balanced Commercia	154	0.42	0.29	-	-	-	-
034830.KS	79	KOREIT	149	-	-	180.31	344.17	-	219.61
CTO	80	CTO Realty Growth,	147	-	-	46.95	48.21	32.54	-
PCTN.L	81	Picton Property In	145	12.10	15.34	9.21	8.87	4.78	6.95
123890.KS	82	Korea Asset In Tru	141	4.79	5.50	9.15	10.60	12.86	18.73
REITIR.IC	83	Reitir fasteignaf�	141	7.58	4.00	9.06	6.90	18.34	137.36

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.49	8.72	11.07	10.96	14.92	18.73
Full Range Median Multiple	10.80	11.03	13.96	13.86	15.94	20.19
Industry Multiple	11.76	11.36	33.30	47.52	68.68	46.19
Market Implied Multiple	13.39	12.20	13.96	13.03	19.25	18.28
Company (8977.T) Multiple	11.64	10.60	12.85	12.00	17.72	16.82
(*) Net Income / EBITDA / Revenue	57	62	90	96	65	69
Winsorized Enterprise Value	N/A	N/A	995	1,055	972	1,286
Full Range Median Enterprise Value	N/A	N/A	1,255	1,335	1,039	1,386
(-) Net Debt	494	494	494	494	494	494
Winsorized Equity Value	539	543	501	561	478	792
Full Range Median Equity Value	613	687	761	841	545	892
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$120,696.49	$121,650.18	$112,086.92	$125,693.77	$107,040.73	$177,361.39
Full Range Median Fair Value	$137,298.55	$153,883.98	$170,357.14	$188,249.08	$121,977.06	$199,778.96
Current Price	$170,300.00	$170,300.00	$170,300.00	$170,300.00	$170,300.00	$170,300.00
Upside / Downside	-29.13%	-28.57%	-34.18%	-26.19%	-37.15%	4.15%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$84,487.54	$85,155.13	$78,460.85	$87,985.64	$74,928.51	$124,152.97
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy