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Key Info

Mitsubishi UFJ Lease & Finance Co Ltd Web - www.lf.mufg.jp

Tel - 81-3-6865-3004

Next Reporting Date - 15.05.2019

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    Mitsubishi UFJ Lease & Finance Co Ltd

    Diversified Financials

    JAPAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    1.42

    Current Market Cap mln$

    4,518.43

    Net Debt mln$

    38,348.77

    WACC Estimate

    4.69%

    Ordinary Current Price $

    5.04

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1273.141400.511450.971466.911509.111551.311593.291646.911700.961753.991808.681865.071923.221983.182045.01
    EBITDA Costs-272.33-348.50-445.22-452.94-484.70-524.52-564.13-614.72-665.72-720.80-780.42-844.99-914.89-990.57-1072.52
    EBITDA1545.461749.011896.191919.861993.812075.822157.422261.632366.682474.792589.102710.052838.102973.753117.53
    EBITDA Margin121.39124.88130.68130.88132.12133.81135.41137.33139.14141.09143.15145.31147.57149.95152.45
    Operating Costs606.70679.53689.41728.28738.31761.96785.49815.54845.83875.79906.82938.94972.211006.651042.31
    Operating Profit666.44720.98761.56738.64770.80789.34807.80831.37855.13878.19901.86926.12951.01976.531002.70
    Operating Margin52.3551.4852.4950.3551.0850.8850.7050.4850.2750.0749.8649.6649.4549.2449.03
    Pretax Costs574.27649.40651.08670.25688.62708.49728.26753.50778.95803.96829.78856.43883.93912.32941.62
    PTP698.87751.11799.89796.67820.49842.82865.04893.41922.01950.03978.891008.641039.281070.861103.39
    Pretax Margin54.8953.6355.1354.3154.3754.3354.2954.2554.2154.1654.1254.0854.0454.0053.96
    Net Income Costs870.26945.07959.24892.16947.59959.31970.98985.871000.891015.151029.611044.271059.151074.241089.54
    Net Income402.88455.44491.73574.76561.52592.00622.32661.04700.07738.84779.07820.79864.07908.94955.47
    Net Margin31.6432.5233.8939.1837.2138.1639.0640.1441.1642.1243.0744.0144.9345.8346.72
    Revenue Less Capex3712.683978.135419.483908.494758.294949.345139.445382.205626.915872.826129.486397.366676.946968.747273.30
    Capex-2439.54-2577.62-3968.51-2441.58-3249.18-3398.04-3546.14-3735.29-3925.95-4118.83-4320.80-4532.29-4753.72-4985.56-5228.29
    Capex to Revenues-191.62-184.05-273.51-166.44-215.30-219.04-222.57-226.81-230.81-234.83-238.89-243.01-247.18-251.39-255.66
    Revenue less FCF1649.911336.383156.991668.722339.652486.332632.282818.673006.553203.143412.593635.733873.464126.744396.58
    FCF-376.7864.13-1706.02-201.81-830.54-935.03-1038.99-1171.76-1305.59-1449.15-1603.91-1770.67-1950.25-2143.57-2351.57
    FCF to Revenue-29.594.58-117.58-13.76-55.04-60.27-65.21-71.15-76.76-82.62-88.68-94.94-101.41-108.09-114.99

    JAPAN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    8591 JPORIX CorpJAPAN 18616.126.195.9010.279.950.804.8020.720.6911.65-5.69
    8604 JPNomura Holdings IncJAPAN 13052.05-11.1447.0296.941.081.5040.250.50-3.73-20.18
    8697 JPJapan Exchange Group IncJAPAN 8672.1821.5420.12-11.038.753.55----0.88
    8601 JPDaiwa Securities Group IncJAPAN 7827.5113.4910.7425.2887.241.693.9051.240.675.03-19.41
    8593 JPMitsubishi UFJ Lease & Finance Co LtdJAPAN 4518.437.687.45--0.583.62#????!0.668.632.00

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    AXP USAmerican Express CoUNITED STATES 96769.1314.3512.86--2.221.39#????!4.1830.0915.33
    MS USMorgan StanleyUNITED STATES 79730.949.568.75--1.982.75#????!1.0511.369.03
    GS USGoldman Sachs Group Inc/TheUNITED STATES 76806.828.627.87--2.181.69#????!0.9110.63-4.39
    BLK USBlackRock IncUNITED STATES 73761.3017.0915.6312.7011.695.212.8141.002.2213.1324.52
    CME USCME Group IncUNITED STATES 63698.9225.8423.5220.1818.4812.792.7166.372.419.021.41
    SCHW USCharles Schwab Corp/TheUNITED STATES 60453.5616.3115.097.947.545.491.5050.453.1019.755.58
    BK USBank of New York Mellon Corp/TheUNITED STATES 46487.4511.9110.92--2.902.48#????!1.1910.297.99
    ICE USIntercontinental Exchange IncUNITED STATES 45721.7321.3419.2415.7414.668.591.3362.742.5912.2710.35
    388 HKHong Kong Exchanges & Clearing LtdHONG KONG 43751.3632.4328.7618.0816.0419.742.7876.398.0125.1632.01
    COF USCapital One Financial CorpUNITED STATES 41325.777.997.35--1.431.87#????!0.7310.003.66
    6030 HKCITIC Securities Co LtdCHINA 39497.6113.6412.33--6.152.91#????!1.118.0628.89
    MCO USMoody's CorpUNITED STATES 36636.4124.4021.9418.2616.847.820.9847.7865.95222.4037.24
    INVEB SSInvestor ABSWEDEN 36172.5020.4131.547.1828.9411.703.10191.280.8527.0615.22
    MQG AUMacquarie Group LtdAUSTRALIA 32560.8015.7315.06--3.814.38#????!2.6717.4823.89
    TRI USThomson Reuters CorpCANADA 30429.0654.9932.8221.9716.485.132.3523.833.437.7434.01
    TRI CNThomson Reuters CorpCANADA 30402.9154.9432.7921.9516.475.132.3523.833.437.7433.90
    AMTD USTD Ameritrade Holding CorpUNITED STATES 29252.3613.1112.2210.229.734.962.3254.013.3126.545.06
    FSR SJFirstRand LtdSOUTH AFRICA 25932.1813.4012.18--3.634.38#????!2.8122.0811.03
    TROW UST Rowe Price Group IncUNITED STATES 25458.9414.3813.8610.289.864.612.7943.553.8526.9716.42
    DFS USDiscover Financial ServicesUNITED STATES 25293.208.968.20--2.222.13#????!2.0824.7216.32
    STT USState Street CorpUNITED STATES 25274.1910.389.17--2.112.99#????!1.1311.342.53
    DB1 GRDeutsche Boerse AGGERMANY 24894.4919.9618.1813.1012.077.662.5361.334.0721.175.29
    LSE LNLondon Stock Exchange Group PLCBRITAIN 22826.9826.6023.0515.9914.397.961.3552.554.6817.1920.08
    6837 HKHaitong Securities Co LtdCHINA 21595.0011.8210.78--4.992.69#????!0.806.8231.86
    NTRS USNorthern Trust CorpUNITED STATES 21318.8614.4613.19--3.492.52#????!2.1215.2111.70
    AMP USAmeriprise Financial IncUNITED STATES 19641.529.118.116.886.721.582.6325.013.2236.9620.60
    MSCI USMSCI IncUNITED STATES 18904.1036.7531.8324.4621.8412.251.0454.511220.11105.7057.52
    BEN USFranklin Resources IncUNITED STATES 18057.0514.4213.327.717.823.162.9130.411.7812.1022.96
    DBK GRDeutsche Bank AGGERMANY 16696.4113.459.07--0.602.74#????!0.241.84-16.64
    GBLB BBGroupe Bruxelles Lambert SABELGIUM 15738.6627.3024.9121.0920.442.813.5717.570.732.027.17