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STOCK COMPARISON

Hanwha REIT Co. vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Hanwha REIT Co. (451800) and Merlin Properties SOCIMI (MRL) compare, as of Aug 10, 2026.

As of Aug 10, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Hanwha REIT Co. trades at KRW 5,190 versus a fair value of KRW 1,099 (-79%), while Merlin Properties SOCIMI trades at €14.77 versus €10.51 (-29%).
Hanwha REIT Co.
451800.KO · KRW · Real Estate
-79%
upside to fair value
overvalued
PriceKRW 5,190
Fair ValueKRW 1,099
Quality61/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-29%
upside to fair value
overvalued
Price€14.77
Fair Value€10.51
Quality53/100

Head-to-head numbers

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

Hanwha REIT Co.Merlin Properties SOCIMI
Valuation
P/E (TTM)11.0×
P/S (TTM)18.65×
P/B1.34×
EV/EBITDA31.9×
PEG1.31×
5.8%Dividend yield
KRW 270Dividend per share
Profitability
0%Net margin134%
0%Operating margin74%
Return on equity9%
0%Return on assets2%
Growth
0%Revenue growth (YoY)10%
Avg. growth/yr (3Y)7.1%
Avg. growth/yr (5Y)3.9%
Balance & size
1.10×Debt / equity0.52×
$592MMarket cap$11B
healthyGrowth qualitymixed

Merlin Properties SOCIMI leads: 0 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.

Hanwha REIT Co.of which business quality 59 · market factors 52 Merlin Properties SOCIMIof which business quality 54 · market factors 61
ProfitabilityMargins and returns on capital today
28
39
Quality GrowthAre margins and returns improving?
45
63
CashflowEarnings quality: real cash, not paper profit
93
76
Fin. StrengthBalance sheet, leverage, solvency risk
31
57
InvestmentDisciplined investing over empire-building
100
81
Low VolatilityCalm price path (market factor)
49
75
MomentumPrice trend over the last 3–12 months (market factor)
50
52
52W MomentumDistance to the 52-week high (market factor)
61
62
Net IssuanceBuybacks instead of dilution
80
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.

Hanwha REIT Co.

DCF ModelsKRW 1,088
MultiplesKRW 1,099
Asset-BasedKRW 2,598
Economic ProfitKRW 2,599

6 of 6 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.

Hanwha REIT Co.
Bear KRW 825Fair Value KRW 1,099Bull KRW 2,040
KRW 5,190 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.54Fair Value €10.51Bull €15.79
€14.77 = 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.

Hanwha REIT Co. · Real Estate

Quality score61 · above median
Fair value upside-79% · bottom 25%

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-29% · below median

Bottom line

As of Aug 10, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Hanwha REIT Co. trades at KRW 5,190 versus a fair value of KRW 1,099 (-79%), while Merlin Properties SOCIMI trades at €14.77 versus €10.51 (-29%).

Hanwha REIT Co. has the higher quality score (61/100).

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.