Mirae Asset Global REIT Co. Ltd. (396690) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Mirae Asset Global REIT Co. Ltd. KRW 358, price KRW 1,355, upside -73.6%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Mirae Asset Global REIT Co., Ltd. operates as a real estate investment trust. The company is based in Seoul, South Korea.
Stock analysis
Mirae Asset Global REIT Co. Ltd. (396690) currently trades at 1,355 KRW, while our model-based Fair Value estimate is 358.13 KRW, 73.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 2,436 KRW per share, and 1 of the 6 models we run sit above the 1,355 KRW price.
Bear case: the DCF Models group reads lowest at 199.09 KRW, and 5 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: 358.13 KRW (bear) to 1,331 KRW (bull), the price of 1,355 KRW sits above 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 50/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Mirae Asset Global REIT Co. Ltd. reported revenue of 11.8B KRW in FY2026 versus 8.3B KRW in FY2022, a compound +9.4%/yr. Reported net income was −2.4B KRW in FY2026.
Key figures
Market cap 53.7B KRW (≈ $39.9M) · P/S ratio 2.27 · Net margin −20.1% · Return on equity −3.1% · Return on assets (EBIT) 0.3% · Operating margin 39.0% · Revenue (TTM) 23.7B KRW · Revenue growth (YoY) −36.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −3% fair-value upside, at −74%, 396690 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (194.71 KRW to 2,436 KRW). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 358.13 KRWFair Value 358.13 KRWBull 1,331 KRW
Price 1,355 KRW · Upside -73.6%
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. 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.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.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.9%
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.
−1.9%
’22
’23
’24
’25
’26
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.
−38.7% (2022) → 14.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 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.
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).
+36.0%
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 +33.2% a year for the price.
Compare Mirae Asset Global REIT 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.REIT - Diversified · 153 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−73.6% · Bottom 25%
Profitability
Return on assets0.6% · Bottom 25%
Net margin (TTM)−20.1% · Bottom 25%
Operating margin (TTM)39.0% · Below median
Growth and dividend
Revenue growth−36.8% · Bottom 25%
Dividend yield (TTM)19.2% · Top 25%
Balance sheet
Debt / equity0.55× · Above median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
EV/EBITDA6.4× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 26
FUTURE (revenue growth)0· sector 16
PAST (return on equity)0· sector 20
HEALTH (low debt)72· sector 76
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
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). "Mirae Asset Global REIT Co. Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/396690
Frequently asked questions
Is Mirae Asset Global REIT Co. Ltd. (396690) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of 358.13 KRW versus a price of 1,355 KRW, about −74% upside (overvalued).
What is the fair value of 396690?
Our model-based fair value for Mirae Asset Global REIT Co. Ltd. is 358.13 KRW (as of Oct 4, 2026), built from audited fundamentals. The current price: 1,355 KRW.
What is the quality score of 396690?
Mirae Asset Global REIT Co. Ltd. has a Quality Score of 50/100. 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 Mirae Asset Global REIT Co. Ltd. (396690)?
Our model-based price target is the fair value of 358.13 KRW (as of Oct 4, 2026) from 6 valuation models. Cautious scenario 358.13 KRW, optimistic scenario 1,331 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Mirae Asset Global REIT Co. Ltd. stock forecast for 2026?
Our models put fair value at 358.13 KRW, about −74% upside versus a price of 1,355 KRW (overvalued). Cautious scenario 358.13 KRW, optimistic scenario 1,331 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Mirae Asset Global REIT Co. Ltd. (396690)?
Mirae Asset Global REIT Co. Ltd. reported trailing-twelve-month revenue of about 23.7B KRW (latest available figure, as of Oct 4, 2026).
What growth is priced into Mirae Asset Global REIT Co. Ltd. (396690)?
For today's price to be fair in a discounted-cash-flow model, Mirae Asset Global REIT Co. Ltd. would have to grow free cash flow by +36.0 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +9.4 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of 396690 use?
Our models discount Mirae Asset Global REIT Co. Ltd. at 8.9 %: a base by market capitalisation (nano), damped by beta 0.01, 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 Mirae Asset Global REIT Co. Ltd. that is +36.0 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Mirae Asset Global REIT Co. Ltd. (396690) delivered so far?
Over the past 4 years revenue at Mirae Asset Global REIT Co. Ltd. grew +9.4 % a year. The price currently implies +36.0 % 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 Mirae Asset Global REIT Co. Ltd. (396690) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into Mirae Asset Global REIT Co. Ltd. (+36.0 % 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 Mirae Asset Global REIT Co. Ltd. (396690)?
The free-cash-flow yield on the price is 6.83 %: that much free cash flow Mirae Asset Global REIT Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mirae Asset Global REIT Co. Ltd. (396690)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mirae Asset Global REIT Co. Ltd. it is 358.13 KRW per share (as of Oct 4, 2026), against a price of 1,355 KRW. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Mirae Asset Global REIT Co. Ltd. stock overvalued or undervalued in 2026?
As of Oct 4, 2026, 396690 trades above its calculated fair value: price 1,355 KRW, fair value 358.13 KRW, a gap of about −74% (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 396690?
No. The price is what the market pays today (1,355 KRW); the fair value is what the company's own numbers justify (358.13 KRW). For Mirae Asset Global REIT Co. Ltd. the two are 996.87 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Mirae Asset Global REIT Co. Ltd. worth?
The market values Mirae Asset Global REIT Co. Ltd. at about 53.7B KRW (market capitalisation, as of Oct 4, 2026). Per share that is 1,355 KRW; our models calculate a fair value of 358.13 KRW per share.
What do the bullish and bearish scenarios say about 396690?
Our models span a range for Mirae Asset Global REIT Co. Ltd.: cautious scenario 358.13 KRW, base 358.13 KRW, optimistic 1,331 KRW per share (as of Oct 4, 2026, price 1,355 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mirae Asset Global REIT Co. Ltd. (396690)?
Balance-sheet figures for Mirae Asset Global REIT Co. Ltd. (as of Oct 4, 2026): return on equity −3.1%, debt of 0.55 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 396690 from its 52-week high?
Mirae Asset Global REIT Co. Ltd. trades at 1,355 KRW, about 47% below its 52-week high of 2,559 KRW and 2% above the low of 1,330 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 358.13 KRW is for.
Which stocks are comparable to Mirae Asset Global REIT Co. Ltd.?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, 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 Mirae Asset Global REIT Co. Ltd. stock attractive at the current price?
The data as of Oct 4, 2026: price 1,355 KRW, calculated fair value 358.13 KRW (−74%), Quality Score 50/100, from 6 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 396690 calculated?
We run Mirae Asset Global REIT Co. Ltd. through 6 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 358.13 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 15.0 % above its aggregate fair value. Mirae Asset Global REIT 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 Mirae Asset Global REIT Co. Ltd. (396690)?
The closing price on Oct 2, 2026 was 1,355 KRW. Our model-based fair value is 358.13 KRW, about −74% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mirae Asset Global REIT Co. Ltd. right now?
The model range is unusually wide (358.13 KRW to 1,331 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Mirae Asset Global REIT Co. Ltd.
How large is the market capitalisation of Mirae Asset Global REIT Co. Ltd. (396690)?
The market capitalisation of Mirae Asset Global REIT Co. Ltd. is 53.7B KRW (≈ $39.9M). 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 Mirae Asset Global REIT Co. Ltd. (396690)?
The price-to-sales ratio of Mirae Asset Global REIT Co. Ltd. is 2.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Mirae Asset Global REIT Co. Ltd. (396690)?
The net margin of Mirae Asset Global REIT Co. Ltd. is −20.1% (fiscal year 2026). 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 Mirae Asset Global REIT Co. Ltd. (396690)?
The return on equity (ROE) of Mirae Asset Global REIT Co. Ltd. is −3.1% (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 Mirae Asset Global REIT Co. Ltd. (396690)?
On an EBIT basis the return on assets of Mirae Asset Global REIT Co. Ltd. is 0.3% (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 Mirae Asset Global REIT Co. Ltd. (396690)?
The operating margin of Mirae Asset Global REIT Co. Ltd. is 39.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mirae Asset Global REIT Co. Ltd. (396690)?
Revenue at Mirae Asset Global REIT Co. Ltd. is growing −36.8% versus a year earlier (3y avg −1.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Mirae Asset Global REIT Co. Ltd. (396690) carry?
The net debt of Mirae Asset Global REIT Co. Ltd. is 197B KRW (fiscal year 2026, ≈ 53.9 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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