エヌ・ティ・ティ都市開発（8933）
Contents
1. Shared Besearch http Www sharedresearch jp SR Inc SR Tnc2. I 1 3 1 3
3. 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 CE E E 84 985 89 380 91 744 90 573 84 996 82 603 82 208 87 730 57 944 59 602 55 780 57 108 53 046 53 961 53 467 57 407 68 2 66 7 60 8 63 1 62 4 65 3 65 0 65 4 464 365 346 371 427 494 479 461 0 5 0 4 0 4 0 4 0 5 0 6 0 6 0 5 22 235 21 749 21 700 21 500 19 506 20 142 19 550 20 205 26 2 24 3 23 7 23 7 22 9 24 4 23 8 23 0 7 051 7 235 7 269 7 798 7 894 8 413 8 164 8 034 8 3 8 1 7 9 8 6 9 3 10 2 9 9 9 2 9 771 10 172 10 526 10 826 10 381 10 255 10 478 10 447 11 5 11 4 11 5 12 0 12 2 12 4 12 7 11 9 18 422 20 078 15 937 16 611 14 836 14 656 14 795 18 257
4. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2003 1 5 1 2
5. DIC TOKAP
6. http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8933 SR Research Report 2014 12719 2008 3 74 892 10 810 2009 3
7. 18 532 397 2 1 16 802 546 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 3 2 1 729 148 9 49 985 507 44 457
8. leSearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 3 40 000 2019 3 6 80 000
9. A a 1 0 9 2 09 EBITDA EBITDA 2010 3 11 8 2014 3 9 2 2014 3 9 2 s Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2008 3 38 500
10. 2014 3 519 739 es e 1 sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12 19 SR 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 CE
11. MG GCA SBS KLab
12. 265 Strand 96 595 2 086 2 2 69 406 4 113 6 3 27 189 2 026 6 9 2 086
13. 1 200 786 65 59 3 340 190 5 4 186 17 8 7 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Sharedi 8933 SR Research Report 2014 12719 14 3 15 3 Pjgl 82 011 107 175 189 186 74 379 78 621 153 000 1 55 317 81 202 136 519 26 693 25 973 52 666 32 5 24 2 27 8 8 873 13 334 22 207
14. 22 300 916 3 99 NOI 51 489 2 010 3 8 297 557 3 623 10 99 21 932 1 614 7 9 1 193 561 mi 0 5 4 2014 3 5 6 4 2013 3 4 0 7 4 6 5 79 537 24 598 44 8 71 315 19 290 37 1 8 222
15. 2015 11 JX UFJ B 29 19 338 2016 5 3 1 5 31 11 200 2016 B 2 4 2014 4 18 3 A 2 3 35 20 000 2018 5 3 2015 6 NTT B 33 3 1 2 1 2 20 847 2019 2016
16. 15 000 m 4 5 7 10 NOI WACC Weighted average cost of capital NOI SR WACC 4 NOI A
17. 2014 3 805 900 1 210 000 404 100 1990 2006 1990 2000 NTT 2005 9 NTT 2006 NTT NTT NTT
18. 21 128 763 3 59 41 725 81 0 2 533 10 498 717 127 15 1 81 2 100 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719
19. 5 502 220 94 74 69 1 7 200 5 5 50 096 1 700 704 5 502 4 700 1 220
20. 2014 3 5 6 49 7 49 5 http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8933 SR Research Report 2014 12719 2009 10 2011 9 2013 10 2013 4
21. 1 5 1 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 12 883 5 502 74 6 11 362 4 798 73 1 1 520 704 86 3
22. 2015 3 1 200 904 75 39 2015 3 100 000 26 000 2 000 3 000 2 2 000 2015 3 1 700
23. 41 038 10 892 36 1 23 238 636 2 8 32 688 5 726 14 9 6 018 6 593 563 62 9 9 8933 SR Research Report 2014 12719 5 726 7 932 16 624 2 778 20 1
24. 3 A Shared Besearch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 x x 1 u u
25. UDX 10 NOI 2013 3 5 5 NOI 819 309 229 NOI 13 3 22 5 1990 4 131 23 4 1992 3 478 23 5 A 37 4 2 287 31 4 E 17 561 9 896 UDX 22 11 548 7 462 19 1 855 13 403 7 462 N 0 13 144 2 371 14 22
26. jR 0 72 000 1 1 9 2 1 7 16 2 4 2 5 14 2014 9 1 200 38 729 5 18 848 1 3 JA 1 5 1 9 2 2 2014 8 NTT 2 3
27. 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 25 698 30 319 24 845 30 677 31 626 22 392 47 371 75 486 670 625 563 843 716 458 1 052 1 423 38 4 48 5 44 1 36 4 44 2 48 9 45 0 53 0 18 167 12 299 14 731 15 959 22 948 16 330 27 979 54 073 469 212 342 421 463 351 564 876 38 7 58 0 43 1 37 9 49 6 46 5 49 6 61 7 7 531 18 020 10 114 14 718 8 678 6 062 19 392 21 413 201 413 221 422 253 107 488 547 37 5 43 6 45 8 34 9 34 3 56 7 39 7 39 1 6 981 6 805 7 841 9 040 7 785 4 098 6 618 4 049 232 328 387 254 326 48 63 136 4 726 3 474 550 2 481 1 957 281 4 195 519 193 164 12 20 6 6 19 2 255 3 331 7 291 6 559 5 828 3 817 2 423 3 530 39 164 387 242 306 42 57 117 1 289 1 925 2 312 1
28. 2 3 Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 8933 SR Research Report 2014 12719 u 2013 3 1 000 1 300 U 40 2
29. 2016 3 1 600 2019 3 2 000 1 300 NTT 10 2019 3 10
30. 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 8 031 647 7 5 634 138 18 0 2015 3 1 2015 3 1 36 272 4 078 10 1 6 245 4 238 40 4 5 217 4 025 43 69 3 513 2 145 37 99 21 151 9 466 30 9 15 268 4 403 22 4 5 883
31. 2014 10 27 1 4321 REIT 2015 2 2018 5 100 000 15 3 16 3 17 3 18 3 19 3 2015 2
32. 58 69 3 1 NTT NTT 14 3 14 3 14 3 14 3 5 30 4 84 3 59 1 81 4 1 9 0 0 7 9 12 9 9 0 12 8 18 5 1 4 58 6 2 9 14 4 4 2 14 8 28 7 19 6 13 1 1 mi 31 329 74 839 65 898 34 616 805 911 3 074 645 2 256 785 2 504 742 1 210 052 5 060 986 3 472 694 3 494 748 404 141 1 986 341 1 215 909 990 006 50 1 64 6 53 9 39 5 SR 5
33. 841 23 223 6 840 41 8 3 090 1 877 154 9 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2011 3 2011 3 145 693 3 530 2 4 24 324 8 195 50 8 18 554 8 339 81 6 9 307 3 190 52 2 92 608 5 484 5 6
34. 19 515 16 004 8 385 2008 3 2009 3 148 000 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2005 NTT 1986 1 NTT NTT
35. Shared Researcnh SR Inc SR Inc SR Inc SR Tnc SR Tnc
36. 8 955 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 12 732 14 553 2 071 12 59 1 358 141 9 49 2009 3 2009 3 144 277 6 070 4 4 25 244 3 474 12 19
37. 2014 9 1 200 17 625 5 18 848 JR JR UDX 2000 NTT 5 2001 12 1 3 15 72
38. 1 000 800 3 400 3 600 7 000 1 900 1 700 3 600 300 4 000 2015 3 2 5 000 3 000 NOI 2015 3 52 000 7 3 NOI 4 000
39. 50 09 36 2 36 09 u 335 GRICES ROAD PTY LTD 50 0 1 ma OE roan EE mt s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 8933 SR Research Report 2014 12719 1980 1990 23 23 ha 4 000 3 000 1980 1985 1990 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1980 1985 1990 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
40. 1 210 052 404 141 2 539 78 497 9 186 860 155 50 948 UDX 507 252 1 263 UD 488 345 3 082 756 915 29 700
41. EBITDA 2014 3 89 39 67 19 63 39 61 0 EBITDA 41 39 97 19 85 5 95 7
42. SR NTT NTT SW Strengths amp Weaknesses Shared 8933 SR Research Report 2014 12719 15 3 153 000 19 1 23 000 24 59 15 0 18 500 25 6 12 1 10 000 11 8 6 5 30 4 16 0 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 128 215 138 206 144 277 149 224 145 693 136 842 163 168 189 186 15 796 7 8 4 496 3 4 2 496 6 1 19 2 15 9 36 433 42 163 40 017 33 401 41 251 40 409 46 004 52 666 12 596 15 7 5 1 16 5 23 5 2 0 13 8 14 5 28 4 30 5 27 7 22 4 28 3 29 5 28 2 27
43. u NTT 2014 3 1 210 052 404 141 2 539 SR Weaknesses u 2014 3 739 UDX
44. SR 05 06 07 08 09 10 11 12 13 10 381 945 10 522 795 10 859 410 10 948 572 11 208 529 11 242 939 11 442 942 11 861 244 12 003 322 a 175 619 140 850 336 615 89 162 259 957 34 410 200 003 418 302 142 078 b 261 719 229 223 473 088 221 991 294 687 220 052 265 409 478 691 245 136 a b 86 100 88 373 136 473 132 829 34 730 185 642 65 406 60 389 103 058 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2014 8 1 382 884 m 210 309 m
45. R 5 1 305 72 2015 11 1 000 2013 4 NTT 72 LED 20 000 B 3 150 000 NTT NHK 34 000m1 4 5 25 28 29 2014 3
46. NOI 34 061 1 533 4 39 207 257 871 4 196 UD 28 484 13 240 31 7 1 374 841 158 0 458 258 36 09 13 240 1 100
47. 5 2014 6 6 89 2014 9 5 99 2014 6 8 19 2014 9 8 3 5 2013 7 2015 3 2015 3 2014 3 4 500 2015 3 3 000
48. 2013 3 NOI 239 129 109 u NTT NTT 2014 3 32 39 NTT SR NTT u NTT 2014 3 559 es sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
49. 5 1994 8 19 1990 1995 JR SR 3 2 23 38 0 1995 5 6 196 SR 1995 2000 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2005
50. 2013 NM 23 500 000 J 400 000 300 000 200 000 0 ol Pr PP 100 000 200 000 300 000 400 000 09 10 11 12 13 09 10 11 12 13 336 398 53 053 158 944 366 932 344 942 225 925 204 287 216 979 300 076 121 101 2009 2 2006
51. u 2 3 SR u 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3
52. 6 UDX SR 65 http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8933 SR Research Report 2014 12719 u 15 50 NTT NTT 2008 4 u 1 49 3 49
53. http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8933 SR Research Report 2014 12719 2013 5 2018 2 1 3 2014 3 2016 3 2016 3 30 000 28 000 5 000 2 3 2017 3 2019 3 2019 3 40 000 2014 11 2018
54. 60 000 1 King William Street 2016 119 West 25 Street 2015 3 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 NTT NTT 6 1986 NTT NTT
55. 1990 NTT 1990 6 1992 2 NTT 1999 4 5 NTT NTT NTT NTT T 2005 9 NTT
56. UD USA Inc 10 67 309 2 39 2 27 03 RBC IST OMUNIBUS 15 315 PCT NON LENDING ACCOUNT 3 133522 86 i 505223 a A MU F G RBC ISB A C DUBNON RESIDENT TREATYRATE 06
57. SR http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8933 SR Research Report 2014 12 719 NTT OS 2014 3 8 000 6 000 2000 40 NTT OS NTT NTT ME NTT OS NTT NTT NTT NTT NTT NTT 14 3 14 3 14 3 14 3 95 709 484 229 6 449 699 283 729 79 527 403 259 409 466 234 093 13 950 48 029 314 230 262 451 80 366 341 857 59 402
58. 2014 3 NOI 5 489 5 696 46 NOI 5 529 5 69 429 5 5 53 Sm EU 3 SR 8933 SR Research Report 2014 12 19 NO 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 Pc 50 387 52 748 64 277 61 480 56 722 54 318 56 397 56 109 46 745 47 669 58 209 56 153 51 812 49 702 52 259 52 204 5 22 389 23 353 32 983 31 955 30 207 28 745 28 007 28 901 44 4 44 3 51 3
59. 2013 16 SR 10 459 2013 Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 SW Strengths Weaknesses Strengths u NTT NTT 67 39 NTT NTT 2014 3 32 3 SR NTT
60. 3 UDX UDX NTT BS UDX JA UD EUROPE LIMITED s Shared Besearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2010 5 8933 SR Research Report 2014 12 19 2011 8 2011 9 UD AUSTRALIA PTY LIMITED 2012 7 2012 10 2013 3 2013 10
61. 40 138 228 591 14 756 5 748 5 361 UDX 3 648 8933 SR Research Report 2014 12719 07 3 08 3 09 3 10 3 11 3 12 3 13 3 128 215 138 206 144 277 149 224 145 693 136 842 163 168 189 186 15 7 7 8 4 496 3 4 2 4 6 1 19 2 15 9 91 781 96 042 104 259 115 823 104 442 96 433 117 163 136 519 36 433 42 163 40 017 33 401 41 251 40 409 46 004 52 666 28 4 30 5 27 7 22 4 28 3 29 5 28 2 27 8 11 342 13 445 14 773 17 271 16 926 15 043 18 603 22 207 8 8 9 7 10 2 11 6 11 6 11 0 11 4 11 7 25 091 28 718 25 244 16 129 24 324 25 365 27 401 30 458 15 5 14 5 12 1
62. 1 052 594 129 7 26 454 1 900 18 930 4 293 18 59 1 580 1 510 48 99 2012 3 2012 3 2012 3 136 842 8 851 6 19 25 365 1 040 4 3 19 229 674 3 6 15 586 6 278 67 5
63. 41 2014 3 559 2013 3 NOI 439 NTT 10 000 m 20 1 19 193 mi SR 2013 3 NOI 8 NOI 2013 3 5 NOI 49 NTT NTT T 2013 3 NOI 2013 3 50 711 SR
64. 811 351 SR NTT uu NTT 2014 3 NTT 32 3 NTT 2014 3 239 756 100 455 NTT NTT NTT 75 838 66 273 NTT NTT OS 2015 3 10 3 000 7 000 SR NTT NTT
65. NTT 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 a 84 985 89 380 91 744 90 573 84 996 82 603 82 208 87 730 b NTT F 23 776 25 144 30 186 31 191 28 236 26 600 26 341 28 366 b a 28 0 28 1 32 9 34 4 33 2 32 2 32 0 32 3 SR UBS e Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1 Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2014 3 2014 3
66. 2006 2006 2006 2006 1 UDX 2009 4 JA 2012 2013 3 2015 2 2018 5 2009 10 2011 9 2013 10 2014 4 8933 SR Research Report 1986 1 1987 6 1988 9 1988 10 1990 6 1991
67. 2013 3 2 700 2014 3 500 4 u 103 Mount Street 2009 11 1 2012 2013 3 u 1King William Street 2011 6 1 King William Street London EC4 7 1 8 400m 67 5 8 900 2014 8 2016 u 20 Finsbury Circus London EC2 7 1 8 000m 2012 9 42 9 5 360 u 265 Strand London WC2R 1BH 8
68. 8933 SR Research Report 2014 12719 u 459 2009 3 7 932 2010 3 12 732 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 32 680 38 415 29 094 36 505 38 014 28 484 54 939 79 537 25 443 28 147 28 808 42 595 33 346 23 392
69. SR 2014 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved lt Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved we 8933 SR Research Report 2014 12719 2015 3 1 16 1952 8 1975 1979 81 201
70. 14 i00nf 110 000m 31 4 3 2012 10 H SR Research Report 2014 12 19 UDX 11 548m 155 629mi 22 3 2006 1 SPC N 13 144m 78 488m 24 2 1991 1 12 092mi 117 659m 34 4 1996 10 3 831mf 33 086m 54 4 1996 7 Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12 19 101 0021 03 6811 6300
71. 2 1 NTT 2 2 1 9613 NTT NTT SR NTT Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 me san a a 2 1 SR UDX UDX 2006 3 JR JR
72. 2 300 3 900 1 4 1 3 600 2 026 2 086 4 113 2 500 3 700 8933 SR Research Report 2014 12719 NOI 56 109 287 0 59 NOI 33 809 628 1 9
73. 85 312 89 917 99 928 98 092 92 608 91 069 94 509 96 595 10 5 5 4 11 1 1 8 5 6 1 7 3 8 2 2 79 691 82 483 91 927 90 758 85 807 84 713 88 621 90 833 11 5 3 5 11 4 1 3 5 5 1 3 4 6 2 5 4 000 7 600 79 691 82 483 91 927 90 758 85 807 84 713 84 621 83 233 mi 1 070 521 1 146 353 1 154 905 1 138 997 1 149 628 1 168 526 1 199 215 1 193 561 1 8 7 1 0 7 1 496 0 9 1 6 2 6 0 5 2 1 4 2 3 1 6 4 5 7 5 4 6 5 7 4 5 0 9 0 5 2 8 6 5 3 6 2 0 4 0 6 4 m 6 47 6 40 6 91 6 92 6 65 6 45 6 33 6 23 5 621 434 8 000 7 333 6 800 6 356 5 887 5 762 2 396 32 3 7 6 8 3 7 3 6 5 7 4 2 196 23 184 26 025 35 560 31 521 29 226 27 482 29 216 27 189 17 396 12 3 36 6 11 4 7 3 6 0 6 3 6 9 27 2 28 9 35 6 32 1 31 6 30 2 30 9 28 1 SR m x 1 12
74. 11 031 16 383 1 829 12 6 1 212 146 10 8 2010 3 2010 3 149 224 4 947 3 4 16 129 9 114 36 19 10 215 9 288 47 69 17 628 5 051 6 116 9 873 61 796 98 092 1 835 1 8 31 521 4 038 11 49 1 835 3 100 2 900
75. 6 698 7 262 8 565 8 421 8 434 8 355 8 315 8 265 8 306 8 411 8 456 8 577 8 571 8 674 8 991 9 380 9 432 9 355 9 305 9 236 9 458 GDP 1 270 333 424 455 467 475 465 464 475 477 478 486 497 504 512 524 518 490 512 510 517 SR JR 1990 1980 1990 1400 tt095 319961007 1008 1099 20XQ 1001 2002 3003 2004 2065 2906 3007 2006 000 OG 20911 012 d m 1 23 1 22 7 323 3 22 8 22 8 225 D5 311 7 3218 22 0 220 217 1 8 31 6 22 2 22323 3233 227 1 De 1 7M 2 6W 2 1W 00 II 470 61W O05 O09m COW 14 05 0 9 28 0 5M 4 ie I DE GBR RBABECECD to EIR http www sharedresearch jp Copyrig
76. AAL 4 5 5 6 Mi 6 SO 10 13 18 18 SNR RN Nk 19 i 20 30 SW Strengths Weaknesses pp 34 37 SU NR 47 50 57 59 61 61 63 2 9 PP 64 64 26809 65 66 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 NTT u NTT 1986 NTT NTT 2014 3 404 100 u 1990
77. 2016 3 BCP sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719
78. 8933 SR Research Report 2014 12719 2 0 6 5 2012 3 1 1 NOI 56 397 2 079 3 8 NOI 33 180 880 2 6 2012 3 23 216 2 959 14 6 20 Finsbury Circus 54 939 26 454 92 9 2 914 1 539 112 0
79. 20 823 85 038 63 079 30 028 14 641 12 650 6 660 8 656 A 23 657 23 246 23 836 23 722 21 603 22 980 21 981 22 849 B 43 117 74 892 66 225 22 231 24533 24305 40 689 66 911 C 33 957 33 228 23 901 34 722 10 721 17 523 5 783 6 023 FCF NI A B C 40 422 70 116 50 301 42 329 17 098 3 262 852 26 696 SR
80. SR u JA 4 SR 15 EBITDA EBITDA
81. 41 800 57 300 SR SR 10 UD 4 300 400
82. 2011 12 2 5 945 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 91 069 1 538 1 7 27 482 1 743 6 0 1 538 2010 10 1 500 2 900 2012 3 5 2 0 2011 3 1 6 5 49 2011 3 0 3 NOI 54 318 2 404 4 29
83. 4 273 4 873 5 798 6 252 6 647 6 583 6 310 6 682 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 2014 3 50 69 73 296 NTT NTT
84. 7 842 0 25 798 10 321 473 96 156 127 406 116 772 84 973 104 822 88 727 177 439 101 021 216 673 296 482 331 003 329 163 295 102 318 389 292 533 348 400 360 522 594 949 636 284 646 213 614 886 636 082 549 775 655 893 456 679 722 356 753 056 731 187 719 709 724 810 727 215 756 915 125 169 177 969 183 593 185 537 190 783 203 727 213 835 228 591 293 068 441 846 511 074 491 681 487 777 505 803 505 989 507 252 5 076 5 700 12 091 35 168 40 417 3 704 48 089 51 870 32 995 77 893 57 397 6 695 28 257 23 033 39 885 37 962 20 823 85 038 63 079 30 028 14 641 12 650 6 660 8 656 RO A 2 2 2 0 1 7 0 7 1 0 1 7 1 3 1 2 ROE 10 4 11 3 11 2 4 1 6 1 9 7 5 8 5 1 21 5 19 8 19 6 20 2 21 0 21 9 22 7 23 2 SR eSsearch http Www sharedresearch jp Copyright C 2013 Share
85. SR Tnc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
86. 2015 10 2015 11 SR 2018 5 Shared Gewesrch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 8933 SR Research Report 2014 12719 4 mi m 2015 2 49 548 205 786 6 000 7 000 2009 3 4 86 400 40 600 4 790mf 3 5ha BCP 72 2015 10 6 1 688 14 800
87. I 2002 9 242 100 2012 10 NTT 8 949mi 2 1 27 4 423 59 930 1994 2 B 5 2 2 10 8 530 88 785 1958 12 B 3 2 2 22 15 400 120 559 1990 2 NTT B 5 2 6 14 9 865 130 314 1962 7 1 382 884 SR 2016 1 1 A B 3 B 2 2014 8 462 351 m 33 SR 1990 2 1992 2
88. 159 2014 4 17 SR mi mi 1 1 23 10 440 66 850 2012 1 B 1 1 1 24 5 775 67 412 1983 9 B 4 J A 1 3 37 13 400 71 200 2009 4 NTT B 4 26 517m 1 5 38 11 038 198 000 2014 4 B 6 1 5 23 11 043 143 207 1992 2 NTT B 5 54 284m 23 1997 5 B 4 1 6 9 10 496 111 272 1958 4 B 3 I 2000 9
89. 3 000 NOI nmi NOI 13 3 61 506 8 526 1996 9 2 039 NTT T 10 1 ea SR 31 255 5 639 2004 10 764 22 3 200sse 221 38 3 481 628 33 251 2013 3 3 NTT 21 2 5 4 161 1999 2 466 21 35 685 16 2 6 N TT 1 JR 35 2 160 418 21 801 1994 3 3 232 NTT 2 14 1 38 813 7 052 1992 4 717 SR
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91. 1 900 2010 3 5 6 5 2009 3 3 7 6 49 2009 3 3 39 NOI 61 480 2 796 4 4 JA NOI 39 589 1 449 3 59 21 891 1 346 5 8 JA 41 643 8 955 27 4 10 498 6 018 843 280 49 7
92. 8933 SR Research Report 2014 12719 NOI 439 2011 2010 2025 1 6 SR 14 9 u NTT BS 100
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94. 5 http www sharedresearch jp Copyright C 2013 Shared Research Inc Al Rights Reserved 8933 SR Research Report 2014 12 19 NTT 3 9 096 8 096 AN 7 096 6 096 5 096 4 0 3 0 2 0 1 0 NTT 0 0 T T T T T T T T T T T T T 1 01 02 03 04 05 06 07 08 09 10 11 12 13 14 01 02 03 04 05 06 07 08 09 10 11 12 13 14 4 8 4 4 5 6 4 8 2 8 3 6 1 79 6 2 1 2 9 3 4 3 6 3 6 4 09 5 3 2 2 4 196 6 0 5 09 2 8 1 4 1 4 1 3 2 2 3 19 3 5 2 9 3 3 3 596 2 5 3 4 5 496 7 8 6 9 5 7 4 8 3 8 5 1 8 4 8 2 7 8 7 1 5 9 NTT 6 4 7 39 3 2 4 3 2 1 4 2 3 1 6 4 5 7 5 49 6 59 7 496
95. 20 2008 3 41 495 2009 3 6 129 2014 3 5 360 07 3 08 3 09 3 10 3 11 3 12 3 13 3 1 5 076 5 700 12 091 35 168 40 417 3 704 48 089 51 870 2 32 995 77 893 57 397 6 695 28 257 23 033 39 885 37 962 FCF 1 2 38 071 72 193 69 488 41 863 12 160 19 329 8 204 13 908
96. 100 m 2015 lt 2017 100 m 2000 113 m 23 50 49 10 14 0 250 221 183 183 2 162 150 119 118 118 119 126 121 117 92 99 89 an 106 82 82 m 100 1 74 72 64 66 94 95 96 97 98 99 OO 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 947 23 2005 1960 23 1196
97. 2 597 527 132 33 4 4 100 31 16 106 7 1 500 351 700 500 46 51 1 2 2 527 2
98. E 128 215 138 206 144 277 149 224 145 693 136 842 163 168 189 186 15 7 7 8 4 4 3 4 2 4 6 1 19 2 15 9 85 098 89 679 99 210 97 333 91 844 90 323 93 745 95 709 10 3 5 4 10 6 1 9 5 6 1 7 3 8 2 1 66 4 64 9 68 8 65 2 63 0 66 0 57 5 50 6 32 680 38 414 32 688 41 643 41 725 28 484 54 939 79 527 38 8 17 5 14 9 27 4 0 2 31 7 92 9 44 8 25 5 27 8 22 7 27 9 28 6 20 8 33 7 42 0 10 436 10 111 12 377 10 247 12 124 18 034 14 483 13 949 2 9 3 1 22 4 17 2 18 3 48 7 19 7 3 7 8 1 7 3 8 6 6 9 8 3 13 2 8 9 7 4 25 091 28 718 25 244 22 382 30 972 25 365 27 401 30 458 0 7 14 5 12 1 11 3 38 4 18 1 8 0 11 2 23 184 26 025 35 560 31 521 29 226 27 482 29 216 27 189 17 3 12 3 36 6 11 49 7 3 6 0 6 3 6 9 79 0 77 5 114 6 140 8 94 4 86 0 86 7 73 2 5 228 6 593 6 018 10 498 533 1 374 2 914 8 222 16 1 26 1 191 3 74 4 105 1 157 8 112 1 182 2 17 8 19 6 19 49 46 99 1 7 4 3 8 6 22 1 951 973 1 500 1 358 1 212 3 090 1 580 1 729 5 0 2 3 54 2 9 5 10 8 155 0 48 9 9 4 3 2 2 9 4 8 6 1 3 9 9 7 4 7 4 7
99. NOI Net Operating Income 939 NOI 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 NOI 50 387 52 748 64 277 61 480 56 722 54 318 56 397 56 109 46 745 47 669 58 209 56 153 51 812 49 702 52 259 52 204 92 8 90 4 90 6 91 3 91 3 91 5 92 7 93 0 3 641 5 078 6 068 5 327 4 909 4 615 4 137 3 905 7 2 9 6 9 4 8 7 8 7 8 5 7 3 7 0 SR NTT NTT NTT 2014 3 32 39 SR NTT IP
100. 27 041 29 778 35 964 33 465 31 950 28 642 28 741 30 323 31 8 33 3 39 2 36 9 37 6 34 7 35 0 34 6 SR u SR 2014 3 2014 3 193 8 6 1 900 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 1 702 1 587 1 656 1 716 1 850 1 869 1 830 1 895 1 480 1 380 1 440 1 492 1 609 1 625 1 591 1 648 160 166 173 188 201 196 189 193 8 7 5 8 5 8 3 8 3 8 2 8 3 8 6 222 207 216 224 241 244 239 247 SR
101. 9 243 5 394 6 884 3 344 5 217 5 925 60 2 18 500 1 59 12 59 54 1 46 5 43 69 9 8 25 6 22 9 12 9 14 3 5 7 14 4 15 5 12 1 5 658 3 180 8 899 6 394 3 513 3 446 69 6 10 000 5 49 10 3 310 1 37 9 8 4 11 8 14 0 7 6 18 4 9 7 9 0 6 5 SR ss s s rtr 2015 3 2 2015 3 2 74 379 7 631 9 3 13 270 4 550 25 5 11 142 3 495 23 9 6 959 1 879 21 3 43 613 9 725 18 29 31 585 4 596 12 79 12
102. 300 3 000 1 800 5 NOI 6 000 2014 3 NOI 2014 3 47 633 2015 3 1 400 NOI s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 8933 SR Research Report 2014 12719 50 500 36 59 4 200 48 9 1 200 223 15 7 42 52 NTT
103. 2016 3 2018 3 160 000 190 000 25 000 26 000 2019 3 200 000 30 000 2018 AN 2018 15 3 16 3 17 3 18 3 19 3 ED 153 000 160 000 190 000 200 000 23 000 25 000 26 000 30 000 SR 2015 3 2019 3 5 360 000 20 000
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