KB Star REIT Co. Ltd. (432320) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of KB Star REIT Co. Ltd. KRW 1,446, price KRW 1,637, upside -11.7%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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KB STAR REIT Co., Ltd. is headquartered in South Korea.
Stock analysis
KB Star REIT Co. Ltd. (432320) currently trades at 1,637 KRW, while our model-based Fair Value estimate is 1,446 KRW, implying the stock looks roughly 13.2% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 2,089 KRW per share, and 2 of the 9 models we run sit above the 1,637 KRW price.
Bear case: the Asset-Based group reads lowest at 1,187 KRW, and 7 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 795.57 KRW (bear) to 2,249 KRW (bull), the price of 1,637 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 51/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
KB Star REIT Co. Ltd. reported revenue of 32.4B KRW in FY2026 versus 28.6B KRW in FY2023, a compound +4.2%/yr. Reported net income was −21.1B KRW in FY2026.
Key figures
Market cap 181B KRW (≈ $127M) · Net margin −65.1% · Return on assets (EBIT) −2.3% · Free cash flow 21.6B KRW · Net debt 773B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 51% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −12%, 432320 screens richer than that median.
Fair Value models
Bear 795.57 KRWFair Value 1,446 KRWBull 2,249 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.44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.1%
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.
+4.2%
’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.
−75.0% (2023) → −2.7% (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).
+33.8%
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 +31.1% 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.REIT - Office · 68 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−12% · Below median
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−65% · Bottom 25%
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth0% · Above median
Dividend yield (TTM)20.8% · Top 25%
Balance sheet
Debt / equity0.74× · Above median
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Cite: Fair Value Calculator (2026). "KB Star REIT Co. Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/432320
Frequently asked questions
Is KB Star REIT Co. Ltd. (432320) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,446 KRW versus a price of 1,637 KRW, about −12% upside (overvalued).
What is the fair value of 432320?
Our model-based fair value for KB Star REIT Co. Ltd. is 1,446 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,637 KRW.
What is the quality score of 432320?
KB Star REIT Co. Ltd. has a Quality Score of 51/100. 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 KB Star REIT Co. Ltd. (432320)?
Our model-based price target is the fair value of 1,446 KRW (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 795.57 KRW, optimistic scenario 2,249 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the KB Star REIT Co. Ltd. stock forecast for 2026?
Our models put fair value at 1,446 KRW, about −12% upside versus a price of 1,637 KRW (overvalued). Cautious scenario 795.57 KRW, optimistic scenario 2,249 KRW. The calculation is refreshed regularly with new filings.
What growth is priced into KB Star REIT Co. Ltd. (432320)?
For today's price to be fair in a discounted-cash-flow model, KB Star REIT Co. Ltd. would have to grow free cash flow by +33.8 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +4.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 432320 use?
Our models discount KB Star REIT Co. Ltd. at 13.1 %: a base by market capitalisation (micro), 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 KB Star REIT Co. Ltd. that is +33.8 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has KB Star REIT Co. Ltd. (432320) delivered so far?
Over the past 3 years revenue at KB Star REIT Co. Ltd. grew +4.2 % a year. The price currently implies +33.8 % 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 KB Star REIT Co. Ltd. (432320) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into KB Star REIT Co. Ltd. (+33.8 % 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 KB Star REIT Co. Ltd. (432320)?
The free-cash-flow yield on the price is 11.94 %: that much free cash flow KB Star REIT Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KB Star REIT Co. Ltd. (432320)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KB Star REIT Co. Ltd. it is 1,446 KRW per share (as of Sep 24, 2026), against a price of 1,637 KRW. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is KB Star REIT Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 432320 trades above its calculated fair value: price 1,637 KRW, fair value 1,446 KRW, a gap of about −12% (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 432320?
No. The price is what the market pays today (1,637 KRW); the fair value is what the company's own numbers justify (1,446 KRW). For KB Star REIT Co. Ltd. the two are 190.87 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is KB Star REIT Co. Ltd. worth?
The market values KB Star REIT Co. Ltd. at about 181B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,637 KRW; our models calculate a fair value of 1,446 KRW per share.
What do the bullish and bearish scenarios say about 432320?
Our models span a range for KB Star REIT Co. Ltd.: cautious scenario 795.57 KRW, base 1,446 KRW, optimistic 2,249 KRW per share (as of Sep 24, 2026, price 1,637 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of KB Star REIT Co. Ltd. (432320)?
Balance-sheet figures for KB Star REIT Co. Ltd. (as of Sep 24, 2026): debt of 0.74 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 432320 from its 52-week high?
KB Star REIT Co. Ltd. trades at 1,637 KRW, about 51% below its 52-week high of 3,366 KRW and 29% above the low of 1,267 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,446 KRW is for.
Which stocks are comparable to KB Star REIT Co. Ltd.?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, 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 KB Star REIT Co. Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 1,637 KRW, calculated fair value 1,446 KRW (−12%), Quality Score 51/100, from 9 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 432320 calculated?
We run KB Star REIT Co. Ltd. through 9 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 1,446 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 14.1 % above its aggregate fair value. KB Star 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 KB Star REIT Co. Ltd. (432320)?
The closing price on Sep 23, 2026 was 1,637 KRW. Our model-based fair value is 1,446 KRW, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KB Star REIT Co. Ltd. right now?
The model range is unusually wide (795.57 KRW to 2,249 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of KB Star REIT Co. Ltd.
How large is the market capitalisation of KB Star REIT Co. Ltd. (432320)?
The market capitalisation of KB Star REIT Co. Ltd. is 181B KRW (≈ $127M). 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 net margin of KB Star REIT Co. Ltd. (432320)?
The net margin of KB Star REIT Co. Ltd. is −65.1% (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 EBIT return on assets of KB Star REIT Co. Ltd. (432320)?
On an EBIT basis the return on assets of KB Star REIT Co. Ltd. is −2.3% (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.
How much net debt does KB Star REIT Co. Ltd. (432320) carry?
The net debt of KB Star REIT Co. Ltd. is 773B KRW (fiscal year 2026, ≈ 35.8 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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