REFINE Co. Ltd. (377450) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of REFINE Co. Ltd. KRW 11,400, price KRW 14,250, upside -20.0%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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REFINE Co., Ltd. provides real estate services in South Korea.
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REFINE Co., Ltd. provides real estate services in South Korea. 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 14,250 KRW, while our model-based Fair Value estimate is 11,400 KRW, implying the stock looks roughly 25.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 14,805 KRW per share, and 4 of the 16 models we run sit above the 14,250 KRW price.
Bear case: the Economic Profit group reads lowest at 7,965 KRW, and 12 of the 16 models stay below the price. Evidence for this calculation is medium.
Scenario range: 8,041 KRW (bear) to 15,882 KRW (bull), the price of 14,250 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 56/100 (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 247B KRW (≈ $181M) · P/S ratio 3.28 · Dividend yield 1.8% · Net margin 14.7% · Return on equity 19.3% · Return on assets (EBIT) 11.7% · Operating margin 37.1% · Revenue (TTM) 58.0B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 66% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −20%, 377450 screens cheaper than that median.
Fair Value models
Bear 8,041 KRWFair Value 11,400 KRWBull 15,882 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.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.
+0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.3%
Dividend (yield on the price)1.8%
Profit margin 2020 to 2025 ⓘ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.37% → 31%
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).
−7.1%
Yearly growth needed for the next five years to justify today's price.
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 −9.0% 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 · 547 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−20% · Below median
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets0% · Bottom 25%
Net margin (TTM)28% · Above median
Operating margin (TTM)37% · Above median
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)1.8% · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is REFINE Co. Ltd. (377450) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 11,400 KRW versus a price of 14,250 KRW, about −20% upside (overvalued).
What is the fair value of 377450?
Our model-based fair value for REFINE Co. Ltd. is 11,400 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 14,250 KRW.
What is the quality score of 377450?
REFINE Co. Ltd. has a Quality Score of 56/100. 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 Sep 24, 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 −20% upside versus a price of 14,250 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 Sep 24, 2026).
Does REFINE Co. Ltd. pay a dividend?
REFINE Co. Ltd. currently shows a dividend yield of about 1.82% relative to its recent price (as of Sep 24, 2026).
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 -7.1 % 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 Sep 24, 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 0.54, 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 -7.1 % per year a year over ten years, 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 -7.1 % per year free-cash-flow growth a 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 +1.9 % a year. That is the yardstick for the growth priced into REFINE Co. Ltd. (-7.1 % per year a 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 7.07 %: 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 Sep 24, 2026), against a price of 14,250 KRW. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is REFINE Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 377450 trades above its calculated fair value: price 14,250 KRW, fair value 11,400 KRW, a gap of about −20% (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 (14,250 KRW); the fair value is what the company's own numbers justify (11,400 KRW). For REFINE Co. Ltd. the two are 2,850 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 247B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 14,250 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 Sep 24, 2026, price 14,250 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of REFINE Co. Ltd. (377450)?
Balance-sheet figures for REFINE Co. Ltd. (as of Sep 24, 2026): return on equity 19.3%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 377450 from its 52-week high?
REFINE Co. Ltd. trades at 14,250 KRW, about 17% below its 52-week high of 17,160 KRW and 66% above the low of 8,610 KRW (as of Sep 23, 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 Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Sep 24, 2026: price 14,250 KRW, calculated fair value 11,400 KRW (−20%), Quality Score 56/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 11,400 KRW, 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 14.0 % 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 Sep 23, 2026 was 14,250 KRW. Our model-based fair value is 11,400 KRW, about −20% upside (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 (56/100) 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 247B KRW (≈ $181M). 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 3.28 (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 REFINE Co. Ltd. (377450)?
The dividend yield of REFINE Co. Ltd. is 1.8%. 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 14.7% (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 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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