Shinhan Seobu T&D REIT Co Ltd (404990) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Shinhan Seobu T&D REIT Co Ltd KRW 6,682, price KRW 3,915, upside +70.7%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Shinhan Seobu T&D REIT Co., Ltd. is a diversified REIT firm and is headquartered in Seoul, South Korea.
Stock analysis
Shinhan Seobu T&D REIT Co Ltd (404990) currently trades at 3,915 KRW, while our model-based Fair Value estimate is 6,682 KRW, implying the stock looks roughly 41.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 5,778 KRW per share, and 7 of the 14 models we run sit above the 3,915 KRW price.
Bear case: the Multiples group reads lowest at 1,017 KRW, and 7 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: 3,369 KRW (bear) to 14,183 KRW (bull), the price of 3,915 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 48/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Shinhan Seobu T&D REIT Co Ltd reported revenue of 32.1B KRW in FY2026 versus 14.7B KRW in FY2022, a compound +21.6%/yr. Reported net income was 2.0B KRW in FY2026, compounding −20.3%/yr from FY2022.
Key figures
Market cap 226B KRW (≈ $166M) · P/S ratio 3.81 · Dividend yield 6.9% · Net margin 6.1% · Return on equity 1.7% · Return on assets (EBIT) 1.6% · Operating margin 60.5% · Revenue (TTM) 58.9B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 1% fair-value upside, at 71%, 404990 screens cheaper than that median.
Fair Value models
Bear 3,369 KRWFair Value 6,682 KRWBull 14,183 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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+19.0%
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.
+29.0%
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.
+27.3%
Start year 2021 (pandemic)
’21
’22
’23
’24
’25
’26
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. 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.
−10.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.1%
Dividend (yield on the price)6.9%
Profit margin 2021 to 2026 ⓘ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% → 74%
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).
+32.3%
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 +29.6% a year for the price.
Compare Shinhan Seobu T&D 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 · 155 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+71% · Top 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets2% · Above median
Net margin (TTM)3% · Bottom 25%
Operating margin (TTM)60% · Above median
Growth and dividend
Revenue growth48% · Top 25%
Dividend yield (TTM)6.9% · Above median
Balance sheet
Debt / equity0.76× · Above median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Shinhan Seobu T&D REIT Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/404990
Frequently asked questions
Is Shinhan Seobu T&D REIT Co Ltd (404990) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6,682 KRW versus a price of 3,915 KRW, about +71% upside (undervalued).
What is the fair value of 404990?
Our model-based fair value for Shinhan Seobu T&D REIT Co Ltd is 6,682 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,915 KRW.
What is the quality score of 404990?
Shinhan Seobu T&D REIT Co Ltd has a Quality Score of 48/100. 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 Shinhan Seobu T&D REIT Co Ltd (404990)?
Our model-based price target is the fair value of 6,682 KRW (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 3,369 KRW, optimistic scenario 14,183 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Shinhan Seobu T&D REIT Co Ltd stock forecast for 2026?
Our models put fair value at 6,682 KRW, about +71% upside versus a price of 3,915 KRW (undervalued). Cautious scenario 3,369 KRW, optimistic scenario 14,183 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Shinhan Seobu T&D REIT Co Ltd (404990)?
Shinhan Seobu T&D REIT Co Ltd reported trailing-twelve-month revenue of about 58.9B KRW (latest available figure, as of Sep 24, 2026).
Does Shinhan Seobu T&D REIT Co Ltd pay a dividend?
Shinhan Seobu T&D REIT Co Ltd currently shows a dividend yield of about 6.90% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Shinhan Seobu T&D REIT Co Ltd (404990)?
For today's price to be fair in a discounted-cash-flow model, Shinhan Seobu T&D REIT Co Ltd would have to grow free cash flow by +32.3 % 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 +27.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 404990 use?
Our models discount Shinhan Seobu T&D REIT Co Ltd at 11.6 %: a base by market capitalisation (micro), damped by beta 0.22, 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 Shinhan Seobu T&D REIT Co Ltd that is +32.3 % 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 Shinhan Seobu T&D REIT Co Ltd (404990) delivered so far?
Over the past 5 years revenue at Shinhan Seobu T&D REIT Co Ltd grew +27.3 % a year. The price currently implies +32.3 % 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 Shinhan Seobu T&D REIT Co Ltd (404990) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into Shinhan Seobu T&D REIT Co Ltd (+32.3 % 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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The free-cash-flow yield on the price is 7.69 %: that much free cash flow Shinhan Seobu T&D REIT 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 Shinhan Seobu T&D REIT Co Ltd (404990)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shinhan Seobu T&D REIT Co Ltd it is 6,682 KRW per share (as of Sep 24, 2026), against a price of 3,915 KRW. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Shinhan Seobu T&D REIT Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 404990 trades below its calculated fair value: price 3,915 KRW, fair value 6,682 KRW, a gap of about +71% (undervalued). 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 404990?
No. The price is what the market pays today (3,915 KRW); the fair value is what the company's own numbers justify (6,682 KRW). For Shinhan Seobu T&D REIT Co Ltd the two are 2,767 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Shinhan Seobu T&D REIT Co Ltd worth?
The market values Shinhan Seobu T&D REIT Co Ltd at about 226B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,915 KRW; our models calculate a fair value of 6,682 KRW per share.
What do the bullish and bearish scenarios say about 404990?
Our models span a range for Shinhan Seobu T&D REIT Co Ltd: cautious scenario 3,369 KRW, base 6,682 KRW, optimistic 14,183 KRW per share (as of Sep 24, 2026, price 3,915 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shinhan Seobu T&D REIT Co Ltd (404990)?
Balance-sheet figures for Shinhan Seobu T&D REIT Co Ltd (as of Sep 24, 2026): return on equity 1.7%, debt of 0.76 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 404990 from its 52-week high?
Shinhan Seobu T&D REIT Co Ltd trades at 3,915 KRW, about 20% below its 52-week high of 4,870 KRW and 20% above the low of 3,267 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 6,682 KRW is for.
Which stocks are comparable to Shinhan Seobu T&D REIT Co Ltd?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Shinhan Seobu T&D REIT Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 3,915 KRW, calculated fair value 6,682 KRW (+71%), Quality Score 48/100, from 14 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 404990 calculated?
We run Shinhan Seobu T&D REIT Co Ltd through 14 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 6,682 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. Shinhan Seobu T&D REIT Co Ltd currently trades 71 % below its own fair value, and the market average says nothing about that. 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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The closing price on Sep 23, 2026 was 3,915 KRW. Our model-based fair value is 6,682 KRW, about +71% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shinhan Seobu T&D REIT Co Ltd right now?
The model range is unusually wide (3,369 KRW to 14,183 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Shinhan Seobu T&D REIT Co Ltd
How large is the market capitalisation of Shinhan Seobu T&D REIT Co Ltd (404990)?
The market capitalisation of Shinhan Seobu T&D REIT Co Ltd is 226B KRW (≈ $166M). 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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The price-to-sales ratio of Shinhan Seobu T&D REIT Co Ltd is 3.81 (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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The dividend yield of Shinhan Seobu T&D REIT Co Ltd is 6.9%. 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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The net margin of Shinhan Seobu T&D REIT Co Ltd is 6.1% (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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The return on equity (ROE) of Shinhan Seobu T&D REIT Co Ltd is 1.7% (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 Shinhan Seobu T&D REIT Co Ltd (404990)?
On an EBIT basis the return on assets of Shinhan Seobu T&D REIT Co Ltd is 1.6% (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 Shinhan Seobu T&D REIT Co Ltd (404990)?
The operating margin of Shinhan Seobu T&D REIT Co Ltd is 60.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shinhan Seobu T&D REIT Co Ltd (404990)?
Revenue at Shinhan Seobu T&D REIT Co Ltd is growing +48.3% versus a year earlier (3y avg +29.0%). 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 Shinhan Seobu T&D REIT Co Ltd (404990) carry?
The net debt of Shinhan Seobu T&D REIT Co Ltd is 633B KRW (fiscal year 2026, ≈ 36.5 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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