# Comparison

## Comparison Module

The Japan Analytics **Comparison Module** shows twelve key data points for all companies within a Peer Group. The data provided varies by Industry type. Wherever possible data points are for the latest twelve month period (TTM) otherwise for the latest fiscal year.

Most of the ratios will be familiar to regular investors but a number are specific to the App and require further explanation.

##### ALL INDUSTRIES (ex REIT)

**Compr. Income/Net Margin** - For companies reporting consolidated accounts, Comprehensive Income to Common Equity divided by Revenue expressed as a percentage. For companies reporting only on a parent basis, Net Income (after valuation and translation adjustments) divided by Revenue expressed as a percentage. We consider Comprehensive Income to be the 'bottom line' of the Consolidated Income Statement.

**Results Score** - A proprietary measure of earnings and earnings momentum which covers the last eight quarters of Revenue and Operating Income. The score has a maximum of 30 and minimum of -30. Where there is insufficient data the score will be 0. More details are to be found here.

**Upside/Downside (TTM)** *-* The percentage upside or downside to a No-Growth Valuation based on the most recent twelve-month period's Residual Income. For Financial companies, the percentage upside or downside is to a No-Growth Valuation based on either the most recent twelve months or the most recent fiscal year's Residual Income.

##### NON-FINANCIAL

**EV/OP*** - *Enterprise Value divided by Operating Income.

**Core NOPAT Margin** - Core Operating Income After Tax divided by Revenue expressed as a percentage. Core Operating Income is in almost all cases Gross Profit less SG&A Expenses.

##### NON-FINANCIAL/BANKING/OTHER FINANCING

**Residual Core Return **- Core Operating Income After Tax & Minorities less a 6% charge on Average Net Operating Assets (or in the case of Financial companies, Net Assets), divided by Average Net Operating Assets (Net Assets).

### Banking

##### BANKING

**Net Interest Margin** - Net Interest Income divided by Average Earning Assets expressed as a percentage.

**Cost/Income Ratio** - Operating Expenses divided by Ordinary Income expressed as a percentage.

**Ordinary Profit Margin** - The sum of Pre-Provision Operating Profit, Other Income, Net Loan Loss Provisions divided by Ordinary Income expressed as a percentage.

**Capital Adequacy Ratio** - Total Qualifying Capital divided by Risk Adjusted Assets expressed as a percentage.

### Other Financing

##### OTHER FINANCING

**Gross Profit/Total Assets** - Operating Revenue less Operating Costs divided by average Operating Assets expressed as a percentage.

**Gross Leverage **- Total Assets divided by Net Assets expressed as a multiple.

##### OTHER FINANCING, SECURITIES & INSURANCE

**Ordinary Profit Margin **- Operating Revenues less Operating Costs & Expenses divided by Operating Revenues.

**Operating Expenses/Personnel** - Operating Expenses divided by the sum of Average Employees and Average Temporary Employees for the last fiscal year.

### Securities

##### SECURITIES

**Commissions/Revenue** - The sum of Brokerage Commissions, Investment Banking Fees and Other Commissions divided by Operating Revenue expressed as a percentage.

**Other Operating/Revenue** - The sum of Net Trading & Investment Revenue, Net Interest & Dividends and Other Revenue divided by Operating Revenue expressed as a percentage.

**Operating Expenses/ Revenue** - The sum of Compensation, Office Expenses, Trading & Communication and Other Expenses divided by Operating Revenue expressed as a percentage.

### Insurance

##### INSURANCE

**Underwriting/Operating Revenue** - Total Underwriting Premiums divided by Operating Revenue expressed as a percentage.

**Combined Ratio** - Underwriting Expenses divided by Underwriting Revenue expressed as a percentage.

**Investment Yield** - Net Investment Income divided by Average Investments for the period expressed as a percentage.

### REITs

##### REITs

**Net Property Income/Total Assets** - The sum of Rent, Other Property Revenue less Management Expenses, Depreciation, Maintenance, Insurance, Taxes and Other Expenses divided by Total Assets expressed as a percentage.

**Other Operating Income/Total Assets** - The sum of Other Operating Revenue less Other Operating Expenses divided by Total Assets expressed as a percentage.

**Net Income/Total Assets** - The sum of Net Property Income, Net Other Operating Income and Net Non-Operating Income and Expenses divided by Total Assets expressed as a percentage.

**Unrealized P&L/Adj. Asset Value** - Appraisal Value less Book Value divided by Adjusted Net Asset Value expressed as a percentage.

**Non-Tokyo/Property Portfolio** - The ratio of the property portfolio that is not in Tokyo.

**Vacancy Rate** - The percentage of the property portfolio that is vacant.

**Loan/Value Ratio** - The ratio of Debt and Security Deposits to Appraisal Value and Cash.

**AFFO Multiple** - The latest Market Capitalization divided by the sum of Net Income and Depreciation less Net Property Sale Gains and Recurring Capital Expenditures.

NAV Multiple - The last closing price divided by the Adjusted Net Asset Value Per Share.

**Implied Cap Rate** - Annualized Net Property Income divided by Market Capitalization plus Net Debt expressed as a percentage.

**NOI/Appraisal Value** - Net Property Income divided by Appraisal Value expressed as a percentage.