Wharf Real Estate Investment Co Ltd (1997) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Wharf Real Estate Investment Co Ltd stock HK$27.21, price HK$31.60, that is 13.9% below the price, quality 61 out of 100. Rating: overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.
How to read this chart
60‑month range HK$15.90 – HK$39.40 · fair‑value band HK$18.48 – HK$42.50 · the HK$31.60 price screens above the HK$27.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 14, 2026.
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Wharf Real Estate Investment Company Limited, an investment holding company, develops, owns, and operates properties and hotels in Hong Kong, Mainland China, and Singapore. It operates through Investment Properties, Development Properties, Hotel, and Investment segments.
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The company's properties include Harbour City, a commercial space comprising offices, retail shops, serviced apartments, hotels and clubs, and car parking spaces; and Times Square, a retail space that consists of office and car parking spaces.
It also owns and operates the Wheelock House and Crawford House commercial properties; The Murray hotel; Plaza Hollywood, a shopping mall with shops, restaurants, and a cinema multiplex; The Star Ferry, which operates two inner harbor ferry services; and Wheelock Place and Scotts Square malls.
In addition, the company engages in the leasing and management of retail and office properties, and serviced apartments; property and equity investments; and provision of leasing, finance, treasury, public transport, and management services.
The company was founded in 1886 and is headquartered in Kowloon, Hong Kong.
Stock analysis
Wharf Real Estate Investment Co Ltd (1997) currently trades at HK$31.60, while our model-based Fair Value estimate is HK$27.21, 14% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of HK$43.13 per share, and 4 of the 11 models we run sit above the HK$31.60 price.
Bear case: the Growth DCF group reads lowest at HK$25.07, and 7 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: HK$18.48 (bear) to HK$42.50 (bull), the price of HK$31.60 sits inside 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 61/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2018: revenue and profit before it include the divested business. Growth is measured afresh from 2018.
Wharf Real Estate Investment Co Ltd reported revenue of HK$12.8B in FY2025 versus HK$16.0B in FY2021, a compound −5.5%/yr. Reported net income was −HK$4.3B in FY2025.
Key figures
Market cap HK$95.9B (≈ $12.2B) Large · P/E ex one-offs 14.8 · P/S ratio 7.10 · Dividend yield 5.1% · Net margin −33.2% · Return on equity −1.1% · Return on assets (EBIT) 3.8% (5-year average) · Operating margin 72.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at −14%, 1997 screens cheaper than that median.
Fair Value models
BearHK$18.48Fair Value HK$27.21BullHK$42.50
Price HK$31.60 · Downside -13.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.55/100
Spin-off in 2018: revenue and profit before it include the divested business. Growth is measured afresh from 2018.
Revenue growth 1 year
−0.8%
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.
+1.1%
Revenue growth 5 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.
−3.8%
Start year 2020 (pandemic)
Revenue growth 7 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.
−3.5%
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Profit margin (trend) ⓘ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.
64.3% (2020) → 73.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+7.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+0.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +5.6% a year for the price and −2.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (11 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare Wharf Real Estate Investment Co Ltd 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.Real Estate Services · 476 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−13.9% · Below median
Profitability
Return on assets−1.9% · Bottom 25%
Net margin (12 months)−15.9% · Bottom 25%
Operating margin (12 months)72.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−1.0% · Below median
Dividend yield (12 months)5.1% · Above median
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/B0.53× · Cheaper than median
P/S (12 months)7.53× · Priciest 25%
Price / free cash flow (fiscal year)14.3× · Pricier than median
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). "Wharf Real Estate Investment Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1997
Frequently asked questions
Is Wharf Real Estate Investment Co Ltd (1997) overvalued or undervalued?
As of Nov 14, 2026, our model estimates a fair value of HK$27.21 versus a price of HK$31.60, about 14% lower (overvalued).
What is the fair value of 1997?
Our model-based fair value for Wharf Real Estate Investment Co Ltd is HK$27.21 (as of Nov 14, 2026), built from audited fundamentals. The current price: HK$31.60.
What is the quality score of 1997?
Wharf Real Estate Investment Co Ltd has a Quality Score of 61/100. 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 Wharf Real Estate Investment Co Ltd (1997)?
Our model-based price target is the fair value of HK$27.21 (as of Nov 14, 2026) from 11 valuation models. Cautious scenario HK$18.48, optimistic scenario HK$42.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Wharf Real Estate Investment Co Ltd stock forecast for 2026?
Our models put fair value at HK$27.21, about 14% lower versus a price of HK$31.60 (overvalued). Cautious scenario HK$18.48, optimistic scenario HK$42.50. The calculation is refreshed regularly with new filings.
What is the revenue of Wharf Real Estate Investment Co Ltd (1997)?
Wharf Real Estate Investment Co Ltd reported trailing-twelve-month revenue of about HK$12.7B (latest available figure, as of Nov 14, 2026).
Does Wharf Real Estate Investment Co Ltd pay a dividend?
Wharf Real Estate Investment Co Ltd currently shows a dividend yield of 5.06% relative to its recent price (as of Nov 14, 2026).
How much is the dividend of Wharf Real Estate Investment Co Ltd (1997) and when is the ex-dividend date?
Wharf Real Estate Investment Co Ltd pays a dividend of HK$1.60 per share a year, a dividend yield of 5.1%. The last ex-dividend date was Aug 25, 2026. A dividend has been paid every year since at least 2018. Free cash flow covers the dividend 1.38 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into Wharf Real Estate Investment Co Ltd (1997)?
For today's price to be fair in a discounted-cash-flow model, Wharf Real Estate Investment Co Ltd would have to grow free cash flow by 7.9 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue fell 3.8 % per year. As of Nov 14, 2026.
What discount rate (WACC) does the fair value of 1997 use?
Our models discount Wharf Real Estate Investment Co Ltd at 9.4 %: a base by market capitalisation (large), damped by beta 0.85, country premium for Hong Kong. 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 Wharf Real Estate Investment Co Ltd that is +7.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Wharf Real Estate Investment Co Ltd (1997) delivered so far?
Over the past 5 years revenue at Wharf Real Estate Investment Co Ltd shrank 3.8 % a year. The price currently implies free-cash-flow growth of +7.9 % per 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 Wharf Real Estate Investment Co Ltd (1997) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Wharf Real Estate Investment Co Ltd (+7.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Wharf Real Estate Investment Co Ltd (1997)?
The free-cash-flow yield on the price is 7.01 %: that much free cash flow Wharf Real Estate Investment Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Wharf Real Estate Investment Co Ltd (1997)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wharf Real Estate Investment Co Ltd it is HK$27.21 per share (as of Nov 14, 2026), against a price of HK$31.60. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Wharf Real Estate Investment Co Ltd stock overvalued or undervalued in 2026?
As of Nov 14, 2026, 1997 trades above its calculated fair value: price HK$31.60, fair value HK$27.21, a gap of about −14% (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 1997?
No. The price is what the market pays today (HK$31.60); the fair value is what the company's own numbers justify (HK$27.21). For Wharf Real Estate Investment Co Ltd the two are HK$4.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is Wharf Real Estate Investment Co Ltd worth?
The market values Wharf Real Estate Investment Co Ltd at about HK$95.9B (market capitalisation, as of Nov 14, 2026). Per share that is HK$31.60; our models calculate a fair value of HK$27.21 per share.
What do the bullish and bearish scenarios say about 1997?
Our models span a range for Wharf Real Estate Investment Co Ltd: cautious scenario HK$18.48, base HK$27.21, optimistic HK$42.50 per share (as of Nov 14, 2026, price HK$31.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 1997?
The PEG ratio of Wharf Real Estate Investment Co Ltd is 0.17 (P/E divided by earnings growth, as of Nov 14, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Wharf Real Estate Investment Co Ltd (1997)?
Balance-sheet figures for Wharf Real Estate Investment Co Ltd (as of Nov 14, 2026): return on equity −1.1%, debt of 0.13 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 1997 from its 52-week high?
Wharf Real Estate Investment Co Ltd trades at HK$31.60, about 6% below its 52-week high of HK$33.46 and 48% above the low of HK$21.32 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$27.21 is for.
Which stocks are comparable to Wharf Real Estate Investment Co Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Wharf Real Estate Investment Co Ltd stock attractive at the current price?
The data as of Nov 14, 2026: price HK$31.60, calculated fair value HK$27.21 (−14%), Quality Score 61/100, from 11 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 1997 calculated?
We run Wharf Real Estate Investment Co Ltd through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of HK$27.21 builds on their evidence-weighted average, 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 14.1% above its aggregate fair value. Wharf Real Estate Investment Co Ltd 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 Wharf Real Estate Investment Co Ltd (1997)?
The closing price on Nov 13, 2026 was HK$31.60. Our model-based fair value is HK$27.21, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wharf Real Estate Investment Co Ltd right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (HK$18.48 to HK$42.50) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Wharf Real Estate Investment Co Ltd (1997) come from?
Earnings per share at Wharf Real Estate Investment Co Ltd fell 20.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.2 %, EBIT margin +1.6 %, tax rate −2.9 %, residual (interest, one-offs) −16.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Wharf Real Estate Investment Co Ltd
How large is the market capitalisation of Wharf Real Estate Investment Co Ltd (1997)?
The market capitalisation of Wharf Real Estate Investment Co Ltd is HK$95.9B (≈ $12.2B). 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/E ratio of Wharf Real Estate Investment Co Ltd (1997) excluding one-off items?
Excluding one-off items, the price-to-earnings ratio of Wharf Real Estate Investment Co Ltd is 14.8 (fiscal year 2025, the reported result was a loss, median at FY-end 16.8 (7 FY)).
What is the P/S ratio of Wharf Real Estate Investment Co Ltd (1997)?
The price-to-sales ratio of Wharf Real Estate Investment Co Ltd is 7.10 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Wharf Real Estate Investment Co Ltd (1997)?
The dividend yield of Wharf Real Estate Investment Co Ltd is 5.1%. 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 Wharf Real Estate Investment Co Ltd (1997)?
The net margin of Wharf Real Estate Investment Co Ltd is −33.2% (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 Wharf Real Estate Investment Co Ltd (1997)?
The return on equity (ROE) of Wharf Real Estate Investment Co Ltd is −1.1% (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 Wharf Real Estate Investment Co Ltd (1997)?
On an EBIT basis the return on assets of Wharf Real Estate Investment Co Ltd is 3.8% (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 Wharf Real Estate Investment Co Ltd (1997)?
The operating margin of Wharf Real Estate Investment Co Ltd is 72.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Wharf Real Estate Investment Co Ltd (1997)?
Revenue at Wharf Real Estate Investment Co Ltd is down 1.0% versus a year earlier (3y avg +1.1%). 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 Wharf Real Estate Investment Co Ltd (1997)?
Earnings per share at Wharf Real Estate Investment Co Ltd are down 34.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Wharf Real Estate Investment Co Ltd (1997) carry?
The net debt of Wharf Real Estate Investment Co Ltd is HK$32.0B (fiscal year 2025, ≈ 4.8 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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Nov 14, 2026