AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of AEON REIT Investment Corporation (hereinafter, "AEON REIT") stock $578, price $639, that is 9.6% below the price, quality 68 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.
How to read this chart
22‑month range $548.81 – $639.45 · fair‑value band $361.97 – $860.15 · the $639.45 price screens above the $578.09 fair value. As of Nov 14, 2026.
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AEON REIT Investment Corporation (hereinafter, "AEON REIT") invests primarily in retail and related properties which, as an integral part of the communities in which they are located, form the backbone of communities and their retail business infrastructure.
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Through said investment, we aim to ensure stable earnings over the medium to long term and achieve steady portfolio growth.
AEON REIT was established on November 30, 2012, in accordance with the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; hereinafter, the "Investment Trusts Act"), with AEON Reit Management Co., Ltd. (hereinafter, the "Asset Manager") serving as the organizer.
AEON REIT was listed on the Real Estate Investment Trust Securities Market (J-REIT market) of the Tokyo Stock Exchange (securities code: 3292) on November 22, 2013.
The real estate held by AEON REIT as of July 31, 2025, totaled 53 properties in Japan and overseas, including AEON MALL SEREMBAN 2 it owns through an overseas real estate holding corporation established in Malaysia (hereinafter, the "Overseas SPC"), with a total acquisition price of ¥480,736 million.
Total leasable area is 4,339,016.65 m2 and the occupancy rate of the entire portfolio is 100.0% as of the same date. AEON REIT Investment Corporation was incorporated in 2012 in Japan.
Stock analysis
AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) currently trades at $639.45, while our model-based Fair Value estimate is $578.09, 10% 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 $688.12 per share, and 5 of the 16 models we run sit above the $639.45 price.
Bear case: the Asset-Based group reads lowest at $344.12, and 11 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $361.97 (bear) to $860.15 (bull), the price of $639.45 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 68/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
AEON REIT Investment Corporation (hereinafter, "AEON REIT") reported revenue of ¥42.2B in FY2024 versus ¥35.4B in FY2021, a compound +6.0%/yr. Reported net income was ¥13.6B in FY2024, compounding +4.7%/yr from FY2021.
Key figures
Market cap $1.7B Small · P/E ratio 15.3 · P/S ratio 4.94 · EPS (TTM) $41.67 · Dividend yield 5.6% · Net margin 32.2% · Return on equity 5.7% · Return on assets (EBIT) 3.5% (4-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and below its previous 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at −10%, AEORF screens cheaper than that median.
Fair Value models
Bear$361.97Fair Value $578.09Bull$860.15
Price $639.45 · Downside -9.6%
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.63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.0%
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.
+6.0%
’21
’22
’23
’24
What shareholders gained per year (last 3 years), in JPY ⓘ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 3 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 JPY: 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.
+5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.4%
Dividend (yield on the price)5.6%
Profit margin 2021 to 2024 ⓘ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% → 37%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+7.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +4.9% a year for the price.
Compare AEON REIT Investment Corporation (hereinafter, "AEON REIT") 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 - Retail · 88 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−9.6% · Above median
Profitability
Return on equity (12 months)5.7% · Below median
Return on assets3.0% · Below median
Net margin (12 months)32.2% · Below median
Operating margin (12 months)33.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)0.5% · Below median
Dividend yield (12 months)5.6% · Below median
Balance sheet
Debt / equity0.68× · Above median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
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Is AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) overvalued or undervalued?
As of Nov 14, 2026, our model estimates a fair value of $578.09 versus a price of $639.45, about 10% lower (overvalued).
What is the fair value of AEORF?
Our model-based fair value for AEON REIT Investment Corporation (hereinafter, "AEON REIT") is $578.09 (as of Nov 14, 2026), built from audited fundamentals. The current price: $639.45.
What is the quality score of AEORF?
AEON REIT Investment Corporation (hereinafter, "AEON REIT") has a Quality Score of 68/100. 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
Our model-based price target is the fair value of $578.09 (as of Nov 14, 2026) from 16 valuation models. Cautious scenario $361.97, optimistic scenario $860.15. It is a calculation from audited fundamentals, not an analyst target.
What is the AEON REIT Investment Corporation (hereinafter, "AEON REIT") stock forecast for 2026?
Our models put fair value at $578.09, about 10% lower versus a price of $639.45 (overvalued). Cautious scenario $361.97, optimistic scenario $860.15. The calculation is refreshed regularly with new filings.
What is the revenue of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
AEON REIT Investment Corporation (hereinafter, "AEON REIT") reported trailing-twelve-month revenue of about ¥42.7B (latest available figure, as of Nov 14, 2026).
Does AEON REIT Investment Corporation (hereinafter, "AEON REIT") pay a dividend?
AEON REIT Investment Corporation (hereinafter, "AEON REIT") currently shows a dividend yield of 5.64% relative to its recent price (as of Nov 14, 2026).
How much is the dividend of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) and when is the ex-dividend date?
AEON REIT Investment Corporation (hereinafter, "AEON REIT") has a dividend yield of 5.6%. The next ex-dividend date is Jan 28, 2027. The payout ratio is 89.1% of earnings. Free cash flow covers the dividend 1.78 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
For today's price to be fair in a discounted-cash-flow model, AEON REIT Investment Corporation (hereinafter, "AEON REIT") would have to grow free cash flow by 7.1 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew 6.1 % per year. As of Nov 14, 2026.
What discount rate (WACC) does the fair value of AEORF use?
Our models discount AEON REIT Investment Corporation (hereinafter, "AEON REIT") at 9.8 %: a base by market capitalisation (small), damped by beta 0.15, country premium for USA. 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") that is +7.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) delivered so far?
Over the past 3 years revenue at AEON REIT Investment Corporation (hereinafter, "AEON REIT") grew 6.1 % a year. The price currently implies free-cash-flow growth of +7.1 % 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into AEON REIT Investment Corporation (hereinafter, "AEON REIT") (+7.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The free-cash-flow yield on the price is 10.05 %: that much free cash flow AEON REIT Investment Corporation (hereinafter, "AEON REIT") produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AEON REIT Investment Corporation (hereinafter, "AEON REIT") it is $578.09 per share (as of Nov 14, 2026), against a price of $639.45. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is AEON REIT Investment Corporation (hereinafter, "AEON REIT") stock overvalued or undervalued in 2026?
As of Nov 14, 2026, AEORF trades above its calculated fair value: price $639.45, fair value $578.09, a gap of about −10% (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 AEORF?
No. The price is what the market pays today ($639.45); the fair value is what the company's own numbers justify ($578.09). For AEON REIT Investment Corporation (hereinafter, "AEON REIT") the two are $61.36 per share apart. That gap is exactly why we show both numbers side by side.
How much is AEON REIT Investment Corporation (hereinafter, "AEON REIT") worth?
The market values AEON REIT Investment Corporation (hereinafter, "AEON REIT") at about $1.7B (market capitalisation, as of Nov 14, 2026). Per share that is $639.45; our models calculate a fair value of $578.09 per share.
What do the bullish and bearish scenarios say about AEORF?
Our models span a range for AEON REIT Investment Corporation (hereinafter, "AEON REIT"): cautious scenario $361.97, base $578.09, optimistic $860.15 per share (as of Nov 14, 2026, price $639.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AEORF?
AEON REIT Investment Corporation (hereinafter, "AEON REIT") trades at a price-to-earnings ratio of 15.3 (as of Nov 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $578.09 is built from several models across several years. Other multiples: P/B 0.9, P/S 5.0, EV/EBITDA 16.0.
How solid is the balance sheet of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
Balance-sheet figures for AEON REIT Investment Corporation (hereinafter, "AEON REIT") (as of Nov 14, 2026): return on equity 5.7%, debt of 0.68 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is AEORF from its 52-week high?
AEON REIT Investment Corporation (hereinafter, "AEON REIT") trades at $639.45, about 21% below its 52-week high of $813.72 and below the previous low of $754.55 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of $578.09 is for.
Which stocks are comparable to AEON REIT Investment Corporation (hereinafter, "AEON REIT")?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") stock attractive at the current price?
The data as of Nov 14, 2026: price $639.45, calculated fair value $578.09 (−10%), Quality Score 68/100, from 16 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 AEORF calculated?
We run AEON REIT Investment Corporation (hereinafter, "AEON REIT") through 16 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 $578.09 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 14.1% above its aggregate fair value. AEON REIT Investment Corporation (hereinafter, "AEON REIT") 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The closing price on Nov 13, 2026 was $639.45. Our model-based fair value is $578.09, about 10% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AEON REIT Investment Corporation (hereinafter, "AEON REIT") right now?
A fairly wide model range ($361.97 to $860.15) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of AEON REIT Investment Corporation (hereinafter, "AEON REIT")
How large is the market capitalisation of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The market capitalisation of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is $1.7B. 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The price-to-sales ratio of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is 4.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
Earnings per share at AEON REIT Investment Corporation (hereinafter, "AEON REIT") are $41.67 (price ÷ EPS = P/E 15.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The dividend yield of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is 5.6% (payout 86.5%). 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The net margin of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is 32.2% (fiscal year 2024). 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The return on equity (ROE) of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is 5.7% (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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
On an EBIT basis the return on assets of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is 3.5% (avg 4y). 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
The operating margin of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is 33.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF)?
Revenue at AEON REIT Investment Corporation (hereinafter, "AEON REIT") is growing 0.5% versus a year earlier (3y avg +6.0%). 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 AEON REIT Investment Corporation (hereinafter, "AEON REIT") (AEORF) carry?
The net debt of AEON REIT Investment Corporation (hereinafter, "AEON REIT") is ¥157B (fiscal year 2024, ≈ 7.3 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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Broad data
Nov 14, 2026