REFINE Co. Ltd. (377450) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of REFINE Co. Ltd. stock KRW 11,400, price KRW 13,170, that is 13.4% below the price, quality 52 out of 100. Rating: overvalued. Calculated from audited financials with 16 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 8, 2026.
How to read this chart
60‑month range 6,786 KRW – 18,293 KRW · fair‑value band 8,041 KRW – 15,882 KRW · the 13,170 KRW price screens above the 11,400 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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REFINE Co., Ltd. provides real estate services in South Korea.
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The company offers secure real estate transactions; real estate mortgage loans rights investigation; non face to face surety insurance and mortgage loan related services; after care services; investigation of moveable property loan right; and title insurance underwriting for title investigations services.
It serves financial institutions, public institutions, insurance companies, credit information companies, and cooperating institutions. The company was founded in 2002 and is headquartered in Seoul, South Korea.
Stock analysis
REFINE Co. Ltd. (377450) currently trades at 13,170 KRW, while our model-based Fair Value estimate is 11,400 KRW, 13% 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 14,805 KRW per share, and 7 of the 16 models we run sit above the 13,170 KRW price.
Bear case: the Economic Profit group reads lowest at 8,730 KRW, and 9 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: 8,041 KRW (bear) to 15,882 KRW (bull), the price of 13,170 KRW 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 52/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
REFINE Co. Ltd. reported revenue of 61.6B KRW in FY2025 versus 58.8B KRW in FY2021, a compound +1.2%/yr. Reported net income was 9.1B KRW in FY2025, compounding −14.4%/yr from FY2021.
Key figures
Market cap 228B KRW (≈ $169M) Micro · P/E ratio 14.3 · P/S ratio 3.95 · EPS (TTM) 935.29 KRW · Dividend yield 2.0% · Net margin 28.0% · Return on equity 19.3% · Return on assets (EBIT) 11.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −13%, 377450 screens cheaper than that median.
Fair Value models
Bear8,041 KRWFair Value 11,400 KRWBull15,882 KRW
Price 13,170 KRW · Downside -13.4%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (579.08 KRW per share) are deliberately not added.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.
Best data coverage
FCF DCF9,005 KRW11,287 KRW14,593 KRW80
Growth DCF9,178 KRW11,314 KRW14,220 KRW77
Residual Income8,780 KRW8,730 KRW8,968 KRW76
All 16 models by family
DCF Models
FCF DCF9,005 KRW11,287 KRW14,593 KRW80
5Y Revenue Exit9,460 KRW13,412 KRW18,716 KRW70
5Y EBITDA Exit11,487 KRW16,901 KRW23,496 KRW73
10Y Revenue Exit8,966 KRW12,126 KRW15,787 KRW65
10Y EBITDA Exit10,296 KRW14,184 KRW18,684 KRW67
Dividend Discount
Gordon GGM27.77 KRW35.32 KRW42.09 KRW69
DDM Multi-Stage27.77 KRW35.81 KRW43.94 KRW67
Multiples
P/S Multiple6,667 KRW8,889 KRW11,111 KRW58
P/B Multiple9,737 KRW12,983 KRW16,228 KRW55
EV/EBIT18,631 KRW24,642 KRW30,654 KRW63
EV/EBITDA15,446 KRW20,395 KRW25,345 KRW64
EV/Revenue10,543 KRW14,805 KRW19,068 KRW51
Asset-Based
NCAV (Graham)6,779 KRW10,272 KRW12,840 KRW52
Growth DCF
Growth DCF9,178 KRW11,314 KRW14,220 KRW77
Rev-Margin DCF9,460 KRW13,571 KRW18,324 KRW70
Economic Profit
Residual Income8,780 KRW8,730 KRW8,968 KRW76
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−9.3%
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.
+3.8%
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.
+2.6%
Start year 2020 (pandemic)
Revenue growth 6 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.
+5.5%
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.3%
Dividend (yield on the price)2.0%
Profit margin 2019 to 2024 ⓘ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.12% → 30%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−10.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −12.3% a year for the price.
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 · 472 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−13.7% · Below median
Profitability
Return on equity (12 months)19.3% · Top 25%
Return on assets3.9% · Above median
Net margin (12 months)28.0% · Above median
Operating margin (12 months)37.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.0% · Below median
Dividend yield (12 months)2.0% · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (12 months)14.3× · Pricier than median
P/B1.03× · Pricier than median
P/S (12 months)3.95× · Pricier than median
Price / free cash flow (fiscal year)13.1× · Pricier than median
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Is REFINE Co. Ltd. (377450) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 11,400 KRW versus a price of 13,170 KRW, about 13% lower (overvalued).
What is the fair value of 377450?
Our model-based fair value for REFINE Co. Ltd. is 11,400 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 13,170 KRW.
What is the quality score of 377450?
REFINE Co. Ltd. has a Quality Score of 52/100. 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 REFINE Co. Ltd. (377450)?
Our model-based price target is the fair value of 11,400 KRW (as of Nov 8, 2026) from 16 valuation models. Cautious scenario 8,041 KRW, optimistic scenario 15,882 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the REFINE Co. Ltd. stock forecast for 2026?
Our models put fair value at 11,400 KRW, about 13% lower versus a price of 13,170 KRW (overvalued). Cautious scenario 8,041 KRW, optimistic scenario 15,882 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of REFINE Co. Ltd. (377450)?
REFINE Co. Ltd. reported trailing-twelve-month revenue of about 58.0B KRW (latest available figure, as of Nov 8, 2026).
Does REFINE Co. Ltd. pay a dividend?
REFINE Co. Ltd. currently shows a dividend yield of 1.97% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of REFINE Co. Ltd. (377450) and when is the ex-dividend date?
REFINE Co. Ltd. pays a dividend of 260.00 KRW per share a year, a dividend yield of 2.0%. The last ex-dividend date was Mar 30, 2026. The payout ratio is 27.8% of earnings. Free cash flow covers the dividend 3.88 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into REFINE Co. Ltd. (377450)?
For today's price to be fair in a discounted-cash-flow model, REFINE Co. Ltd. would have to grow free cash flow by -10.5 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.6 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 377450 use?
Our models discount REFINE Co. Ltd. at 11.6 %: a base by market capitalisation (micro), damped by beta 0.50, country premium for South Korea. 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 REFINE Co. Ltd. that is -10.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has REFINE Co. Ltd. (377450) delivered so far?
Over the past 5 years revenue at REFINE Co. Ltd. grew +2.6 % a year. The price currently implies free-cash-flow growth of -10.5 % 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 REFINE Co. Ltd. (377450) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into REFINE Co. Ltd. (-10.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of REFINE Co. Ltd. (377450)?
The free-cash-flow yield on the price is 7.65 %: that much free cash flow REFINE Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of REFINE Co. Ltd. (377450)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For REFINE Co. Ltd. it is 11,400 KRW per share (as of Nov 8, 2026), against a price of 13,170 KRW. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is REFINE Co. Ltd. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 377450 trades above its calculated fair value: price 13,170 KRW, fair value 11,400 KRW, a gap of about −13% (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 377450?
No. The price is what the market pays today (13,170 KRW); the fair value is what the company's own numbers justify (11,400 KRW). For REFINE Co. Ltd. the two are 1,770 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is REFINE Co. Ltd. worth?
The market values REFINE Co. Ltd. at about 228B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 13,170 KRW; our models calculate a fair value of 11,400 KRW per share.
What do the bullish and bearish scenarios say about 377450?
Our models span a range for REFINE Co. Ltd.: cautious scenario 8,041 KRW, base 11,400 KRW, optimistic 15,882 KRW per share (as of Nov 8, 2026, price 13,170 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 377450?
REFINE Co. Ltd. trades at a price-to-earnings ratio of 14.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 11,400 KRW is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 9.5. Other multiples: P/B 1.0, P/S 3.9, EV/EBITDA 10.6.
How solid is the balance sheet of REFINE Co. Ltd. (377450)?
Balance-sheet figures for REFINE Co. Ltd. (as of Nov 8, 2026): return on equity 19.3%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 377450 from its 52-week high?
REFINE Co. Ltd. trades at 13,170 KRW, about 23% below its 52-week high of 17,160 KRW and 53% above the low of 8,610 KRW (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 11,400 KRW is for.
Which stocks are comparable to REFINE 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 REFINE Co. Ltd. stock attractive at the current price?
The data as of Nov 8, 2026: price 13,170 KRW, calculated fair value 11,400 KRW (−13%), Quality Score 52/100, from 16 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 377450 calculated?
We run REFINE Co. Ltd. through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 11,400 KRW 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 13.3% above its aggregate fair value. REFINE 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 REFINE Co. Ltd. (377450)?
The closing price on Nov 9, 2026 was 13,170 KRW. Our model-based fair value is 11,400 KRW, about 13% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with REFINE Co. Ltd. right now?
Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (8,041 KRW to 15,882 KRW) 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.
Key figures of REFINE Co. Ltd.
How large is the market capitalisation of REFINE Co. Ltd. (377450)?
The market capitalisation of REFINE Co. Ltd. is 228B KRW (≈ $169M). 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/S ratio of REFINE Co. Ltd. (377450)?
The price-to-sales ratio of REFINE Co. Ltd. is 3.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of REFINE Co. Ltd. (377450)?
Earnings per share at REFINE Co. Ltd. are 935.29 KRW (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of REFINE Co. Ltd. (377450)?
The dividend yield of REFINE Co. Ltd. is 2.0% (payout 27.8%). 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 REFINE Co. Ltd. (377450)?
The net margin of REFINE Co. Ltd. is 28.0% (last twelve months). 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 REFINE Co. Ltd. (377450)?
The return on equity (ROE) of REFINE Co. Ltd. is 19.3% (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 REFINE Co. Ltd. (377450)?
On an EBIT basis the return on assets of REFINE Co. Ltd. is 11.7% (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 REFINE Co. Ltd. (377450)?
The operating margin of REFINE Co. Ltd. is 37.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at REFINE Co. Ltd. (377450)?
Revenue at REFINE Co. Ltd. is growing −5.0% versus a year earlier (3y avg +3.8%). 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 REFINE Co. Ltd. (377450)?
Earnings per share at REFINE Co. Ltd. are growing −31.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 8, 2026