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Tokyu Fudosan Holdings (TKFOY) Fair Value & Analysis

Real Estate · US · Market cap $4.5B

TF Tokyu Fudosan Holdings logo Tokyu Fudosan Holdings TKFOY · US
Price$16.61
Fair Value$29.10
Upside+75.2%
Quality47/100
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Mixed Growth
Thin margins · 7.8% net margin
High debt · generates free cash flow
1.78% dividend yield
Mixed vs. peers (5/11)
Narrow moat 44/100
Evidence: High Range $14.76 – $63.84 Share as image

Fair value as of: Aug 13, 2026

From 12 valuation models · updated today

Fair value updated Aug 13, 2026, revised from $29.07 to $29.10 (+0.1%) since Jul 27, 2026. Share price +30.5% over the past month.

Below-average quality, screening 75% undervalued on our models.

What matters now

  • The model range is unusually wide ($14.76 to $63.84). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

$16.61 $7.65 Fair Value $29.10 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range $7.65 – $16.61 · fair‑value band $14.76 – $63.84 · the $16.61 price screens below the $29.10 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Tokyu Fudosan Holdings (TKFOY) currently trades at $16.61, while our model-based Fair Value estimate is $29.10, implying the stock looks roughly 75.2% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Tokyu Fudosan Holdings generated revenue of $1.2T at a net margin of 7.8%. Revenue grew 6.9% year over year. It earns a return on equity of 11.2%. Net debt stands at $1.6T. Fundamentals as of Aug 13, 2026

Our scenario range runs from $14.76 (bear case) to $63.84 (bull case); at $16.61, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -34% fair-value upside, at 75%, TKFOY screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Rev-Margin DCF $2,062 $4,948 74
Residual Income $2,270 $2,588 $4,532 61
P/S Multiple $3,668 $4,891 $6,114 58
All 12 models by family
DCF Models
5Y Revenue Exit $2,139 $5,505 39
5Y EBITDA Exit $2,050 $6,831 $12,568 41
10Y Revenue Exit $727.70 $3,736 36
10Y EBITDA Exit $301.67 $3,942 $9,091 37
Multiples
P/S Multiple $3,668 $4,891 $6,114 58
P/B Multiple $3,668 $4,891 $6,114 55
EV/EBIT $4,672 $7,403 $10,134 53
EV/EBITDA $5,610 $8,654 $11,697 54
EV/Revenue $997.79 $2,934 $4,871 43
Asset-Based
NCAV (Graham) $1,266 $1,696 $2,531 50
Growth DCF
Rev-Margin DCF $2,062 $4,948 74
Economic Profit
Residual Income $2,270 $2,588 $4,532 61

Widest divergence: Multiples ($4,891) versus Asset-Based ($1,696). Highest evidence: Rev-Margin DCF (74).

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Key figures & financial health

Revenue (TTM) $1.2T
Revenue growth (YoY) +6.9%
Net margin 7.8%
Return on equity 11.2%
Free cash flow $29.1B FY2026
P/E ratio 15.1
More key figures
Operating margin 15.2%
EPS (TTM) $1.10
Dividend yield 1.8%
EPS growth (YoY) +14.9%
Net debt $1.6T FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 45 · Market factors (momentum, volatility) 79

Profitability 30
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 31
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Tokyu Fudosan Holdings Corporation, together with its subsidiaries, engages in the real estate business in Japan and internationally. The company operates through four segments: Urban Development, Strategic Investment, Property Management & Operation, and Real Estate Agents.

Full company description

Tokyu Fudosan Holdings Corporation, together with its subsidiaries, engages in the real estate business in Japan and internationally. The company operates through four segments: Urban Development, Strategic Investment, Property Management & Operation, and Real Estate Agents. The Urban Development segment develops and operates office buildings, commercial facilities, condominiums, and other facilities. The Strategic Investment segment develops, leases, and operates renewable energy power generation facilities and logistics facilities, as well as engages in REIT and fund management business. The Property Management & Operation segment engages in providing management services and renovation work for condominiums and buildings; sales and operation of membership resort hotels, urban hotels, golf courses, ski resorts, senior housing, and other; environmental greening business; new businesses based on the internal entrepreneurship program, and other services. The Real-Estate Agents segment is involved in Real estate brokerage, purchase, and resale business; sales agency business; and managing and operating rental housing and student apartments. Tokyu Fudosan Holdings Corporation was founded in 1918 and is headquartered in Tokyo, Japan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Tokyu Fudosan Holdings reported revenue of $1.3T in FY2026 versus $989B in FY2022, a compound +7.5%/yr. Reported net income was $103B in FY2026, compounding +30.7%/yr from FY2022.

Growth Quality 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
$1.3T
Latest YoY
+14.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.8%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.3%
Revenue +7.5%/yr
FY22 $989B
FY23 $1.0T
FY24 $1.1T
FY25 $1.2T
FY26 $1.3T
Net income +30.7%/yr
FY22 $35.1B
FY23 $48.2B
FY24 $68.5B
FY25 $77.6B
FY26 $103B
Character of growth · EPS growth decomposed (2015-2026) +10.6 % p.a.
Revenue per share +2.7 pp

of which total revenue +4.5 pp · buybacks/dilution −1.8 pp

EBIT margin +4.1 pp
Tax rate +0.1 pp
Residual (interest, one-offs) +3.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Tokyu Fudosan Holdings Fair Value". https://www.fairvalue-calculator.com/stock/TKFOY

Peer Group

Real Estate - Diversified · 138 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside +75% · Top 25%
Return on equity (TTM) 11% · Top 25%
Return on assets 3% · Top 25%
Net margin (TTM) 8% · Below median
Operating margin (TTM) 15% · Below median
Revenue growth 7% · Above median
Dividend yield (TTM) 1.8% · Below median
Debt / equity 1.60× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 15.1× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 43
FUTURE 35 · sector 31
PAST 45 · sector 18
HEALTH 20 · sector 74
DIVIDEND 36 · sector 45

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Frequently asked questions

Is Tokyu Fudosan Holdings (TKFOY) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $29.10 versus a price of $16.61, about +75% (undervalued).
What is the fair value of TKFOY?
Our model-based fair value for Tokyu Fudosan Holdings is $29.10 (as of Aug 13, 2026), built from audited fundamentals. The current price is $16.61.
What is the quality score of TKFOY?
Tokyu Fudosan Holdings has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Tokyu Fudosan Holdings (TKFOY)?
Tokyu Fudosan Holdings reported trailing-twelve-month revenue of about $1.2T (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TKFOY?
The net profit margin of Tokyu Fudosan Holdings is about 7.8%, meaning it keeps roughly 7.8% of revenue as net income. Based on the latest reported figures.
Does Tokyu Fudosan Holdings pay a dividend?
Tokyu Fudosan Holdings currently shows a dividend yield of about 1.78% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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