Hanwha REIT Co. Ltd. (451800) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Hanwha REIT Co. Ltd. stock KRW 902, price KRW 4,415, that is 79.6% below the price, quality 65 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
43‑month range 3,048 KRW – 6,710 KRW · fair‑value band 901.76 KRW – 3,607 KRW · the 4,415 KRW price screens above the 901.76 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Hanwha REIT Co., Ltd. engages in acquisition, management, development, leasing, and other related services for real estate properties. The company was incorporated in 2022 and is based in Seoul, South Korea.
Stock analysis
Hanwha REIT Co. Ltd. (451800) currently trades at 4,415 KRW, while our model-based Fair Value estimate is 901.76 KRW, 80% 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 4,428 KRW per share, and 1 of the 11 models we run sit above the 4,415 KRW price.
Bear case: the DCF Models group reads lowest at 658.74 KRW, and 10 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: 901.76 KRW (bear) to 3,607 KRW (bull), the price of 4,415 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 65/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hanwha REIT Co. Ltd. reported revenue of 52.4B KRW in FY2025 versus 22.8B KRW in FY2023, a compound +51.6%/yr. Reported net income was 11.6B KRW in FY2025, compounding +90.4%/yr from FY2023.
Key figures
Market cap 780B KRW (≈ $572M) Small · P/E ratio 23.2 · P/S ratio 7.19 · EPS (TTM) 193.87 KRW · Dividend yield 6.1% · Net margin 32.1% · Return on equity 5.0% · Return on assets (EBIT) 1.9% (3-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (medium confidence).
What moves the price
The share trades about 34% below its 52-week high and 14% 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 −80%, 451800 screens richer than that median.
Fair Value models
Bear901.76 KRWFair Value 901.76 KRWBull3,607 KRW
Price 4,415 KRW · Downside -79.6%
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.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.
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.71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
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).
+34.5%
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 +31.8% 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 · 63 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−79.6% · Bottom 25%
Profitability
Return on equity (12 months)5.0% · Above median
Return on assets0.8% · Below median
Net margin (12 months)32.1% · Above median
Operating margin (12 months)59.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.0% · Below median
Dividend yield (12 months)6.1% · Below median
Balance sheet
Debt / equity1.10× · Highest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Is Hanwha REIT Co. Ltd. (451800) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 901.76 KRW versus a price of 4,415 KRW, about 80% lower (overvalued).
What is the fair value of 451800?
Our model-based fair value for Hanwha REIT Co. Ltd. is 901.76 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 4,415 KRW.
What is the quality score of 451800?
Hanwha REIT Co. Ltd. has a Quality Score of 65/100. 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 Hanwha REIT Co. Ltd. (451800)?
Our model-based price target is the fair value of 901.76 KRW (as of Nov 7, 2026) from 15 valuation models. Cautious scenario 901.76 KRW, optimistic scenario 3,607 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanwha REIT Co. Ltd. stock forecast for 2026?
Our models put fair value at 901.76 KRW, about 80% lower versus a price of 4,415 KRW (overvalued). Cautious scenario 901.76 KRW, optimistic scenario 3,607 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hanwha REIT Co. Ltd. (451800)?
Hanwha REIT Co. Ltd. reported trailing-twelve-month revenue of about 109B KRW (latest available figure, as of Nov 7, 2026).
Does Hanwha REIT Co. Ltd. pay a dividend?
Hanwha REIT Co. Ltd. currently shows a dividend yield of 6.12% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Hanwha REIT Co. Ltd. (451800) and when is the ex-dividend date?
Hanwha REIT Co. Ltd. pays a dividend of 270.00 KRW per share a year, a dividend yield of 6.1%. The last ex-dividend date was Apr 29, 2026. The payout ratio is 139% of earnings. Free cash flow covers the dividend 0.47 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Hanwha REIT Co. Ltd. (451800)?
For today's price to be fair in a discounted-cash-flow model, Hanwha REIT Co. Ltd. would have to grow free cash flow by +34.5 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +51.6 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 451800 use?
Our models discount Hanwha REIT Co. Ltd. at 10.2 %: a base by market capitalisation (small), damped by beta 0.32, 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 Hanwha REIT Co. Ltd. that is +34.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Hanwha REIT Co. Ltd. (451800) delivered so far?
Over the past 2 years revenue at Hanwha REIT Co. Ltd. grew +51.6 % a year. The price currently implies free-cash-flow growth of +34.5 % 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 Hanwha REIT Co. Ltd. (451800) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Hanwha REIT Co. Ltd. (+34.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hanwha REIT Co. Ltd. (451800)?
The free-cash-flow yield on the price is 2.90 %: that much free cash flow Hanwha REIT Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hanwha REIT Co. Ltd. (451800)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanwha REIT Co. Ltd. it is 901.76 KRW per share (as of Nov 7, 2026), against a price of 4,415 KRW. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Hanwha REIT Co. Ltd. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 451800 trades above its calculated fair value: price 4,415 KRW, fair value 901.76 KRW, a gap of about −80% (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 451800?
No. The price is what the market pays today (4,415 KRW); the fair value is what the company's own numbers justify (901.76 KRW). For Hanwha REIT Co. Ltd. the two are 3,513 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanwha REIT Co. Ltd. worth?
The market values Hanwha REIT Co. Ltd. at about 780B KRW (market capitalisation, as of Nov 7, 2026). Per share that is 4,415 KRW; our models calculate a fair value of 901.76 KRW per share.
What do the bullish and bearish scenarios say about 451800?
Our models span a range for Hanwha REIT Co. Ltd.: cautious scenario 901.76 KRW, base 901.76 KRW, optimistic 3,607 KRW per share (as of Nov 7, 2026, price 4,415 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 451800?
Hanwha REIT Co. Ltd. trades at a price-to-earnings ratio of 23.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 901.76 KRW is built from several models across several years. Other multiples: P/B 1.1, P/S 7.2, EV/EBITDA 18.6.
How solid is the balance sheet of Hanwha REIT Co. Ltd. (451800)?
Balance-sheet figures for Hanwha REIT Co. Ltd. (as of Nov 7, 2026): return on equity 5.0%, debt of 1.10 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 451800 from its 52-week high?
Hanwha REIT Co. Ltd. trades at 4,415 KRW, about 34% below its 52-week high of 6,710 KRW and 14% above the low of 3,884 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 901.76 KRW is for.
Which stocks are comparable to Hanwha REIT Co. Ltd.?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Alexandria Real Estate Equities, Inc, Vornado Realty Trust, 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 Hanwha REIT Co. Ltd. stock attractive at the current price?
The data as of Nov 7, 2026: price 4,415 KRW, calculated fair value 901.76 KRW (−80%), Quality Score 65/100, from 15 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 451800 calculated?
We run Hanwha REIT Co. Ltd. through 15 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 901.76 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 13.0% above its aggregate fair value. Hanwha 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 Hanwha REIT Co. Ltd. (451800)?
The closing price on Nov 6, 2026 was 4,415 KRW. Our model-based fair value is 901.76 KRW, about 80% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanwha REIT Co. Ltd. right now?
The price sits above even our optimistic bull case (3,607 KRW). The favourable scenario is already priced in. The model range is unusually wide (901.76 KRW to 3,607 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (65/100) 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 Hanwha REIT Co. Ltd.
How large is the market capitalisation of Hanwha REIT Co. Ltd. (451800)?
The market capitalisation of Hanwha REIT Co. Ltd. is 780B KRW (≈ $572M). 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 Hanwha REIT Co. Ltd. (451800)?
The price-to-sales ratio of Hanwha REIT Co. Ltd. is 7.19 (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 Hanwha REIT Co. Ltd. (451800)?
Earnings per share at Hanwha REIT Co. Ltd. are 193.87 KRW (price ÷ EPS = P/E 23.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hanwha REIT Co. Ltd. (451800)?
The dividend yield of Hanwha REIT Co. Ltd. is 6.1% (payout 139%). 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 Hanwha REIT Co. Ltd. (451800)?
The net margin of Hanwha REIT Co. Ltd. is 32.1% (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 Hanwha REIT Co. Ltd. (451800)?
The return on equity (ROE) of Hanwha REIT Co. Ltd. is 5.0% (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 Hanwha REIT Co. Ltd. (451800)?
On an EBIT basis the return on assets of Hanwha REIT Co. Ltd. is 1.9% (avg 3y). 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 Hanwha REIT Co. Ltd. (451800)?
The operating margin of Hanwha REIT Co. Ltd. is 59.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much net debt does Hanwha REIT Co. Ltd. (451800) carry?
The net debt of Hanwha REIT Co. Ltd. is 768B KRW (fiscal year 2025, ≈ 33.4 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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Broad data
Nov 7, 2026