NTT UD REIT Investment Corporation (PICJF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of NTT UD REIT Investment Corporation $487, price $892, upside -45.4%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $852.67 – $4,017 · fair‑value band $414.41 – $690.69 · the $892.43 price screens above the $487.46 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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NTT UD REIT Investment Corporation (hereinafter referred to as the Investment Corporation) in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter referred to as the Investment Trust Act) was listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange (currently Tokyo Stock Exchange, Inc.; …
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NTT UD REIT Investment Corporation (hereinafter referred to as the Investment Corporation) in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter referred to as the Investment Trust Act) was listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange (currently Tokyo Stock Exchange, Inc.; hereinafter referred to as the Tokyo Stock Exchange) on September 10, 2002. Since then, the asset size has steadily expanded, with the total acquisition price (Note 1) of properties held increasing from 49,021 million yen (11 properties) at the end of the first fiscal period (April 30, 2003) to 296,474 million yen (62 properties, including one preferred equity interest) as of the end of the current fiscal period (October 31, 2025). The Investment Corporation has focused its investment area on the Tokyo Metropolitan Area (Note 2) and has been striving to secure stable earnings over the medium to long term by diversifying its investments into real estate primarily used for offices and residences. Since its first fiscal period in April 2003, the Investment Corporation has distributed profits 45 times up to the 45th fiscal period. NTT UD REIT Investment Corporation was established on May 2, 2002.
Stock analysis
NTT UD REIT Investment Corporation (PICJF) currently trades at $892.43, while our model-based Fair Value estimate is $487.46, implying the stock looks roughly 83.1% overvalued today.
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Valuation
How firm this estimate is: it rests on 23 models at a data quality of 95/100, which puts the evidence level at high.
Scenario range: $414.41 (bear) to $690.69 (bull), the price of $892.43 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
NTT UD REIT Investment Corporation reported revenue of ¥26.5B in FY2025 versus ¥22.2B in FY2021, a compound +4.5%/yr. Reported net income was ¥8.4B in FY2025, compounding −3.6%/yr from FY2021.
Key figures
Market cap $1.3B · P/E ratio 24.7 · P/S ratio 7.86 · EPS (TTM) $36.14 · Dividend yield 4.5% · Net margin 31.8% · Return on equity 5.7% · Return on assets (EBIT) 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 78% below its 52-week high and 5% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −14% fair-value upside, at −45%, PICJF screens richer than that median.
Fair Value models
Bear $414.41Fair Value $487.46Bull $690.69
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.0%
Dividend (yield on the price)4.5%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.48% → 37%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +4.4% a year for the price.
Compare NTT UD REIT Investment Corporation with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.REIT - Diversified · 154 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−45.4% · Bottom 25%
Profitability
Return on equity (TTM)5.7% · Above median
Return on assets2.3% · Above median
Net margin (TTM)34.4% · Below median
Operating margin (TTM)44.9% · Below median
Growth and dividend
Revenue growth7.5% · Above median
Dividend yield (TTM)4.5% · Below median
Balance sheet
Debt / equity0.84× · Above median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/E (TTM)24.7× · Priciest 25%
P/B1.41× · Priciest 25%
P/S (TTM)7.89× · Pricier than median
P/FCF0.1× · Cheapest 25%
EV/EBITDA21.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)38· sector 16
PAST (return on equity)23· sector 20
HEALTH (low debt)58· sector 75
DIVIDEND (yield)91· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NTT UD REIT Investment Corporation Fair Value". https://www.fairvalue-calculator.com/stock/PICJF
Frequently asked questions
Is NTT UD REIT Investment Corporation (PICJF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $487.46 versus a price of $892.43, about −45% upside (overvalued).
What is the fair value of PICJF?
Our model-based fair value for NTT UD REIT Investment Corporation is $487.46 (as of Sep 24, 2026), built from audited fundamentals. The current price: $892.43.
What is the quality score of PICJF?
NTT UD REIT Investment Corporation has a Quality Score of 59/100. 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 price target for NTT UD REIT Investment Corporation (PICJF)?
Our model-based price target is the fair value of $487.46 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $414.41, optimistic scenario $690.69. It is a calculation from audited fundamentals, not an analyst target.
What is the NTT UD REIT Investment Corporation stock forecast for 2026?
Our models put fair value at $487.46, about −45% upside versus a price of $892.43 (overvalued). Cautious scenario $414.41, optimistic scenario $690.69. The calculation is refreshed regularly with new filings.
What is the revenue of NTT UD REIT Investment Corporation (PICJF)?
NTT UD REIT Investment Corporation reported trailing-twelve-month revenue of about ¥26.2B (latest available figure, as of Sep 24, 2026).
Does NTT UD REIT Investment Corporation pay a dividend?
NTT UD REIT Investment Corporation currently shows a dividend yield of about 4.54% relative to its recent price (as of Sep 24, 2026).
What growth is priced into NTT UD REIT Investment Corporation (PICJF)?
For today's price to be fair in a discounted-cash-flow model, NTT UD REIT Investment Corporation would have to grow free cash flow by +6.6 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +4.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PICJF use?
Our models discount NTT UD REIT Investment Corporation at 9.8 %: a base by market capitalisation (small), damped by beta 0.26, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NTT UD REIT Investment Corporation that is +6.6 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has NTT UD REIT Investment Corporation (PICJF) delivered so far?
Over the past 4 years revenue at NTT UD REIT Investment Corporation grew +4.6 % a year. The price currently implies +6.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NTT UD REIT Investment Corporation (PICJF) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into NTT UD REIT Investment Corporation (+6.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NTT UD REIT Investment Corporation (PICJF)?
The free-cash-flow yield on the price is 9.37 %: that much free cash flow NTT UD REIT Investment Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NTT UD REIT Investment Corporation (PICJF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NTT UD REIT Investment Corporation it is $487.46 per share (as of Sep 24, 2026), against a price of $892.43. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is NTT UD REIT Investment Corporation stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PICJF trades above its calculated fair value: price $892.43, fair value $487.46, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PICJF?
No. The price is what the market pays today ($892.43); the fair value is what the company's own numbers justify ($487.46). For NTT UD REIT Investment Corporation the two are $404.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is NTT UD REIT Investment Corporation worth?
The market values NTT UD REIT Investment Corporation at about $1.3B (market capitalisation, as of Sep 24, 2026). Per share that is $892.43; our models calculate a fair value of $487.46 per share.
What do the bullish and bearish scenarios say about PICJF?
Our models span a range for NTT UD REIT Investment Corporation: cautious scenario $414.41, base $487.46, optimistic $690.69 per share (as of Sep 24, 2026, price $892.43). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PICJF?
NTT UD REIT Investment Corporation trades at a price-to-earnings ratio of 24.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $487.46 is built from several models across several years. Other multiples: P/B 1.4, P/S 7.9, EV/EBITDA 21.4.
How solid is the balance sheet of NTT UD REIT Investment Corporation (PICJF)?
Balance-sheet figures for NTT UD REIT Investment Corporation (as of Sep 24, 2026): return on equity 5.7%, debt of 0.84 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is PICJF from its 52-week high?
NTT UD REIT Investment Corporation trades at $892.43, about 78% below its 52-week high of $4,017 and 5% above the low of $852.67 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $487.46 is for.
Which stocks are comparable to NTT UD REIT Investment Corporation?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, The GPT Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NTT UD REIT Investment Corporation stock attractive at the current price?
The data as of Sep 24, 2026: price $892.43, calculated fair value $487.46 (−45%), Quality Score 59/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PICJF calculated?
We run NTT UD REIT Investment Corporation through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $487.46, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. NTT UD REIT Investment Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NTT UD REIT Investment Corporation (PICJF)?
The closing price on Sep 25, 2026 was $892.43. Our model-based fair value is $487.46, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NTT UD REIT Investment Corporation right now?
The price sits above even our optimistic bull case ($690.69). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of NTT UD REIT Investment Corporation
How large is the market capitalisation of NTT UD REIT Investment Corporation (PICJF)?
The market capitalisation of NTT UD REIT Investment Corporation is $1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NTT UD REIT Investment Corporation (PICJF)?
The price-to-sales ratio of NTT UD REIT Investment Corporation is 7.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NTT UD REIT Investment Corporation (PICJF)?
Earnings per share at NTT UD REIT Investment Corporation are $36.14 (price ÷ EPS = P/E 24.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NTT UD REIT Investment Corporation (PICJF)?
The dividend yield of NTT UD REIT Investment Corporation is 4.5% (payout 112%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NTT UD REIT Investment Corporation (PICJF)?
The net margin of NTT UD REIT Investment Corporation is 31.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NTT UD REIT Investment Corporation (PICJF)?
The return on equity (ROE) of NTT UD REIT Investment Corporation is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NTT UD REIT Investment Corporation (PICJF)?
On an EBIT basis the return on assets of NTT UD REIT Investment Corporation is 3.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NTT UD REIT Investment Corporation (PICJF)?
The operating margin of NTT UD REIT Investment Corporation is 44.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NTT UD REIT Investment Corporation (PICJF)?
Revenue at NTT UD REIT Investment Corporation is growing +7.5% versus a year earlier (3y avg +4.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NTT UD REIT Investment Corporation (PICJF)?
Earnings per share at NTT UD REIT Investment Corporation are growing −10.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NTT UD REIT Investment Corporation (PICJF) carry?
The net debt of NTT UD REIT Investment Corporation is ¥118B (fiscal year 2025, ≈ 6.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026