Hanwha REIT Co. Ltd. (451800) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hanwha REIT Co. Ltd. KRW 1,178, price KRW 5,460, upside -78.4%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 5,460 KRW, while our model-based Fair Value estimate is 1,178 KRW, implying the stock looks roughly 363.4% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 2,599 KRW per share, and 0 of the 9 models we run sit above the 5,460 KRW price.
Bear case: the DCF Models group reads lowest at 981.54 KRW, and 9 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,178 KRW (bear) to 4,713 KRW (bull), the price of 5,460 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 60/100 (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 981B KRW (≈ $686M) · Dividend yield 4.9% · Net margin 22.2% · Return on assets (EBIT) 1.9% · Free cash flow 18.6B KRW · Net debt 768B 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 19% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −78%, 451800 screens richer than that median.
Fair Value models
Bear 1,178 KRWFair Value 1,178 KRWBull 4,713 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.66/100
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).
+37.8%
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 +35.0% 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.REIT - Office · 68 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−78% · Bottom 25%
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)22% · Above median
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth0% · Above median
Dividend yield (TTM)4.9% · Below median
Balance sheet
Debt / equity1.10× · Above median
Valuation Multiplesvs REIT - Office median · lower = cheaper
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 39
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 11
HEALTH (low debt)45· sector 66
DIVIDEND (yield)99· sector 100
VALUE 0: the price sits above our fair-value range.
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Is Hanwha REIT Co. Ltd. (451800) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 1,178 KRW versus a price of 5,460 KRW, about −78% upside (overvalued).
What is the fair value of 451800?
Our model-based fair value for Hanwha REIT Co. Ltd. is 1,178 KRW (as of Sep 23, 2026), built from audited fundamentals. The current price: 5,460 KRW.
What is the quality score of 451800?
Hanwha REIT Co. Ltd. has a Quality Score of 60/100. 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 1,178 KRW (as of Sep 23, 2026) from 13 valuation models. Cautious scenario 1,178 KRW, optimistic scenario 4,713 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 1,178 KRW, about −78% upside versus a price of 5,460 KRW (overvalued). Cautious scenario 1,178 KRW, optimistic scenario 4,713 KRW. The calculation is refreshed regularly with new filings.
Does Hanwha REIT Co. Ltd. pay a dividend?
Hanwha REIT Co. Ltd. currently shows a dividend yield of about 4.95% relative to its recent price (as of Sep 23, 2026).
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 +37.8 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +51.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 451800 use?
Our models discount Hanwha REIT Co. Ltd. at 9.1 %: a base by market capitalisation (mega), 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 +37.8 % per year a year over ten years, using the same discount rate (9.1 %) 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 +37.8 % 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 Hanwha REIT Co. Ltd. (451800) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Hanwha REIT Co. Ltd. (+37.8 % 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 Hanwha REIT Co. Ltd. (451800)?
The free-cash-flow yield on the price is 1.90 %: that much free cash flow Hanwha REIT Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of 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 1,178 KRW per share (as of Sep 23, 2026), against a price of 5,460 KRW. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Hanwha REIT Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 451800 trades above its calculated fair value: price 5,460 KRW, fair value 1,178 KRW, a gap of about −78% (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 (5,460 KRW); the fair value is what the company's own numbers justify (1,178 KRW). For Hanwha REIT Co. Ltd. the two are 4,282 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 981B KRW (market capitalisation, as of Sep 23, 2026). Per share that is 5,460 KRW; our models calculate a fair value of 1,178 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 1,178 KRW, base 1,178 KRW, optimistic 4,713 KRW per share (as of Sep 23, 2026, price 5,460 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hanwha REIT Co. Ltd. (451800)?
Balance-sheet figures for Hanwha REIT Co. Ltd. (as of Sep 23, 2026): debt of 1.10 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 451800 from its 52-week high?
Hanwha REIT Co. Ltd. trades at 5,460 KRW, about 19% below its 52-week high of 6,710 KRW and 45% above the low of 3,767 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,178 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, 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 Hanwha REIT Co. Ltd. stock attractive at the current price?
The data as of Sep 23, 2026: price 5,460 KRW, calculated fair value 1,178 KRW (−78%), Quality Score 60/100, from 13 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 13 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 1,178 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. 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 Sep 23, 2026 was 5,460 KRW. Our model-based fair value is 1,178 KRW, about −78% upside (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 (4,713 KRW). The favourable scenario is already priced in. The model range is unusually wide (1,178 KRW to 4,713 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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 981B KRW (≈ $686M). 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 dividend yield of Hanwha REIT Co. Ltd. (451800)?
The dividend yield of Hanwha REIT Co. Ltd. is 4.9%. 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 Hanwha REIT Co. Ltd. (451800)?
The net margin of Hanwha REIT Co. Ltd. is 22.2% (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 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.
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, ≈ 41.3 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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