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STOCK COMPARISON

Shinhan Alpha REIT Co vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Shinhan Alpha REIT Co (293940) and Merlin Properties SOCIMI (MRL) compare, as of Aug 11, 2026.

As of Aug 11, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Shinhan Alpha REIT Co trades at KRW 5,290 versus a fair value of KRW 847 (-84%), while Merlin Properties SOCIMI trades at €14.55 versus €10.51 (-28%).
Shinhan Alpha REIT Co
293940.KO · KRW · Energy
-84%
upside to fair value
overvalued
PriceKRW 5,290
Fair ValueKRW 847
Quality49/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-28%
upside to fair value
overvalued
Price€14.55
Fair Value€10.51
Quality53/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Shinhan Alpha REIT CoMerlin Properties SOCIMI
Valuation
P/E (TTM)11.0×
P/S (TTM)18.63×
P/B1.34×
31.4×EV/EBITDA31.9×
PEG1.31×
7.0%Dividend yield
KRW 364Dividend per share
Profitability
0%Net margin134%
58%Operating margin74%
287%Return on equity9%
0%Return on assets2%
Growth
0%Revenue growth (YoY)10%
18.7%Avg. growth/yr (3Y)7.1%
26.5%Avg. growth/yr (5Y)3.9%
Balance & size
1.96×Debt / equity0.52×
$450MMarket cap$11B
healthyGrowth qualitymixed

Merlin Properties SOCIMI leads: 4 to 5 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Shinhan Alpha REIT Coof which business quality 46 · market factors 52 Merlin Properties SOCIMIof which business quality 54 · market factors 60
ProfitabilityMargins and returns on capital today
21
39
Quality GrowthAre margins and returns improving?
60
63
CashflowEarnings quality: real cash, not paper profit
99
76
Fin. StrengthBalance sheet, leverage, solvency risk
10
57
InvestmentDisciplined investing over empire-building
48
81
Low VolatilityCalm price path (market factor)
90
74
MomentumPrice trend over the last 3–12 months (market factor)
35
50
52W MomentumDistance to the 52-week high (market factor)
37
59
Net IssuanceBuybacks instead of dilution
40
8

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Shinhan Alpha REIT Co

MultiplesKRW 1,236
Asset-BasedKRW 3,456
Economic ProfitKRW 3,490

4 of 4 models see the stock below the current price.

Merlin Properties SOCIMI

DCF Models€7.82
Dividend Discount€3.25
Multiples€19.96
Asset-Based€8.74
Growth DCF€7.52
Economic Profit€12.30

10 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Shinhan Alpha REIT Co
Bear KRW 635Fair Value KRW 847Bull KRW 2,777
KRW 5,290 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.54Fair Value €10.51Bull €15.79
€14.55 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Shinhan Alpha REIT Co · Energy

Quality score49 · above median
Fair value upside-84% · bottom 25%

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-28% · below median

Bottom line

As of Aug 11, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Shinhan Alpha REIT Co trades at KRW 5,290 versus a fair value of KRW 847 (-84%), while Merlin Properties SOCIMI trades at €14.55 versus €10.51 (-28%).

Merlin Properties SOCIMI has the higher quality score (53/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.