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Wharf Real Estate Investment Company (WRFRF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Wharf Real Estate Investment Company $3.61, price $4.15, upside -13.0%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Real Estate · US · ISIN KYG9593A1040

WR Wharf Real Estate Investment Company logo Some data Sep 24, 2026

Wharf Real Estate Investment Company

WRFRF · US

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value $3.61 · Overvalued (−13.0%)
✓Quality 60/100
!Weak Growth (revenue 5y −3.8 %/yr)
!Loss-making · -33.2% net margin (TTM)
✓Low debt · generates free cash flow
!Narrow moat 34/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$5.64 $0.5326 Fair Value $3.61 Aug 2018 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $0.5326 – $5.64 · fair‑value band $2.44 – $5.60 · the $4.15 price screens above the $3.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Wharf Real Estate Investment Company Limited, an investment holding company, develops, owns, and operates properties and hotels in Hong Kong, Mainland China, and Singapore. It operates through Investment Properties, Development Properties, Hotel, and Investment segments.

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Wharf Real Estate Investment Company Limited, an investment holding company, develops, owns, and operates properties and hotels in Hong Kong, Mainland China, and Singapore. It operates through Investment Properties, Development Properties, Hotel, and Investment segments. The company's properties include Harbour City, a commercial space comprising offices, retail shops, serviced apartments, hotels and clubs, and car parking spaces; and Times Square, a retail space that consists of office and car parking spaces. It also owns and operates the Wheelock House and Crawford House commercial properties; The Murray hotel; Plaza Hollywood, a shopping mall with shops, restaurants, and a cinema multiplex; The Star Ferry, which operates two inner harbor ferry services; and Wheelock Place and Scotts Square malls. In addition, the company engages in the leasing and management of retail and office properties, and serviced apartments; property and equity investments; and provision of leasing, finance, treasury, public transport, and management services. The company was founded in 1886 and is headquartered in Kowloon, Hong Kong.

Stock analysis

Wharf Real Estate Investment Company (WRFRF) currently trades at $4.15, while our model-based Fair Value estimate is $3.61, 13.0% 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 $5.94 per share, and 4 of the 13 models we run sit above the $4.15 price.

Bear case: the Dividend Discount group reads lowest at $1.54, and 9 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: $2.44 (bear) to $5.60 (bull), the price of $4.15 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 60/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Wharf Real Estate Investment Company reported revenue of HK$12.8B in FY2025 versus HK$16.0B in FY2021, a compound −5.5%/yr. Reported net income was −HK$4.3B in FY2025.

Key figures

Market cap $8.2B · P/S ratio 0.64 · EPS (TTM) $−0.1800 · Net margin −33.2% · Return on equity −2.3% · Return on assets (EBIT) 3.8% · Operating margin 72.8% · Revenue (TTM) HK$12.8B.

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 at its 52-week high and 74% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at −13%, WRFRF screens cheaper than that median.

Fair Value models

Bear $2.44 Fair Value $3.61 Bull $5.60
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. 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. 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.
Highest evidence
FCF DCF $2.20 $3.33 $5.37 79
Growth DCF $2.33 $3.42 $5.23 78
5Y EBITDA Exit $2.97 $4.99 $7.65 74
All 13 models by family
DCF Models
FCF DCF $2.20 $3.33 $5.37 79
5Y Revenue Exit $1.79 $2.94 $4.60 71
5Y EBITDA Exit $2.97 $4.99 $7.65 74
10Y Revenue Exit $1.87 $2.72 $3.63 67
10Y EBITDA Exit $2.64 $3.96 $5.38 69
Dividend Discount
Gordon GGM $1.41 $1.54 $1.73 69
DDM Multi-Stage $1.41 $1.74 $2.20 67
Multiples
EV/EBIT $5.57 $7.73 $9.89 66
EV/EBITDA $4.23 $5.94 $7.65 67
EV/Revenue $1.74 $2.87 $4.00 52
Asset-Based
NCAV (Graham) $3.81 $5.11 $7.63 54
Growth DCF
Growth DCF $2.33 $3.42 $5.23 78
Rev-Margin DCF $1.77 $2.91 $4.28 72

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Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 60

Profitability 6
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 23/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−0.8%
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.
+0.9%
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.
−3.8%
Start year 2020 (pandemic). Over 10 years: −3.1% a year
Revenue growth 11 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.
−2.8%
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.
59.7% (2014) → 77.2% (2018)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

WRFRF screens overvalued: fair value 13% below the price. Compare with Vingroup Joint Stock Company →

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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.Real Estate Services · 529 stocks

Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 62 · Above median
Fair Value upside +26.4% · Above median
Profitability
Return on assets 2.5% · Above median
Net margin (TTM) −33.2% · Bottom 25%
Operating margin (TTM) 72.8% · Top 25%
Growth and dividend
Revenue growth 0.0% · Below median
Dividend yield (TTM) 48.9% · Top 25%
Balance sheet
Debt / equity 0.13× · Below median

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B 0.05× · Cheapest 25%
P/S (TTM) 0.64× · Cheaper than median
P/FCF 1.2× · Cheapest 25%
EV/EBITDA 3.1× · Cheapest 25%
PEG 0.21× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 232,000 VND 25,731 VND −89%
CBRE Group CBRE $134.55 $91.06 −32%
KE Holdings 2423 HK$42.92 HK$17.16 −60%
Swire Properties Limited 1972 HK$24.32 HK$13.39 −45%
Cellnex Telecom, S.A CLNX €23.99 €23.94 +0%
Vonovia SE VNA €16.82 €36.55 +117%
Jones Lang LaSalle Incorporated JLL $308.07 $540.65 +75%
CoStar Group CSGP $26.95 $6.19 −77%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.00 HK$56.36 +52%
CapitaLand Investment Limited 9CI 2.60 SGD 0.5600 SGD −78%

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$3.61 −13%Fair Value
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Cite: Fair Value Calculator (2026). "Wharf Real Estate Investment Company Fair Value". https://www.fairvalue-calculator.com/stock/WRFRF

Frequently asked questions

Is Wharf Real Estate Investment Company (WRFRF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $3.61 versus the last price from Sep 25, 2026 of $4.15, about −13% upside (overvalued).
What is the fair value of WRFRF?
Our model-based fair value for Wharf Real Estate Investment Company is $3.61 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $4.15.
What is the quality score of WRFRF?
Wharf Real Estate Investment Company 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 Wharf Real Estate Investment Company (WRFRF)?
Our model-based price target is the fair value of $3.61 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $2.44, optimistic scenario $5.60. It is a calculation from audited fundamentals, not an analyst target.
What is the Wharf Real Estate Investment Company stock forecast for 2026?
Our models put fair value at $3.61, about −13% upside versus the last price from Sep 25, 2026 of $4.15 (overvalued). Cautious scenario $2.44, optimistic scenario $5.60. The calculation is refreshed regularly with new filings.
What is the revenue of Wharf Real Estate Investment Company (WRFRF)?
Wharf Real Estate Investment Company reported trailing-twelve-month revenue of about HK$12.8B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Wharf Real Estate Investment Company (WRFRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wharf Real Estate Investment Company it is $3.61 per share (as of Sep 24, 2026), against a price of $4.15. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Wharf Real Estate Investment Company stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WRFRF trades above its calculated fair value: price $4.15, fair value $3.61, a gap of about −13% (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 WRFRF?
No. The price is what the market pays today ($4.15); the fair value is what the company's own numbers justify ($3.61). For Wharf Real Estate Investment Company the two are $0.5400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Wharf Real Estate Investment Company worth?
The market values Wharf Real Estate Investment Company at about $8.2B (market capitalisation, as of Sep 24, 2026). Per share that is $4.15; our models calculate a fair value of $3.61 per share.
What do the bullish and bearish scenarios say about WRFRF?
Our models span a range for Wharf Real Estate Investment Company: cautious scenario $2.44, base $3.61, optimistic $5.60 per share (as of Sep 24, 2026, price $4.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of WRFRF?
The PEG ratio of Wharf Real Estate Investment Company is 0.21 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Wharf Real Estate Investment Company (WRFRF)?
Balance-sheet figures for Wharf Real Estate Investment Company (as of Sep 24, 2026): return on equity −2.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is WRFRF from its 52-week high?
Wharf Real Estate Investment Company trades at $4.15, at its 52-week high of $4.15 and 74% above the low of $2.39 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $3.61 is for.
Which stocks are comparable to Wharf Real Estate Investment Company?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, KE Holdings, Swire Properties Limited, 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 Wharf Real Estate Investment Company stock attractive at the current price?
The data as of Sep 24, 2026: price $4.15, calculated fair value $3.61 (−13%), 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 WRFRF calculated?
We run Wharf Real Estate Investment Company 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 $3.61, 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 14.5 % above its aggregate fair value. Wharf Real Estate Investment Company 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 Wharf Real Estate Investment Company (WRFRF)?
The latest price we hold is from Sep 25, 2026 and stands at $4.15. Our model-based fair value is $3.61, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wharf Real Estate Investment Company right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($2.44 to $5.60) 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.
Where does the earnings growth of Wharf Real Estate Investment Company (WRFRF) come from?
Earnings per share at Wharf Real Estate Investment Company grew −20.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.2 %, EBIT margin +1.6 %, tax rate −2.9 %, residual (interest, one-offs) −16.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Wharf Real Estate Investment Company

How large is the market capitalisation of Wharf Real Estate Investment Company (WRFRF)?
The market capitalisation of Wharf Real Estate Investment Company is $8.2B. 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 Wharf Real Estate Investment Company (WRFRF)?
The price-to-sales ratio of Wharf Real Estate Investment Company is 0.64 (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 Wharf Real Estate Investment Company (WRFRF)?
Earnings per share at Wharf Real Estate Investment Company are $−0.1800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Wharf Real Estate Investment Company (WRFRF)?
The net margin of Wharf Real Estate Investment Company is −33.2% (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 return on equity of Wharf Real Estate Investment Company (WRFRF)?
The return on equity (ROE) of Wharf Real Estate Investment Company is −2.3% (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 Wharf Real Estate Investment Company (WRFRF)?
On an EBIT basis the return on assets of Wharf Real Estate Investment Company is 3.8% (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 Wharf Real Estate Investment Company (WRFRF)?
The operating margin of Wharf Real Estate Investment Company is 72.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at Wharf Real Estate Investment Company (WRFRF)?
Earnings per share at Wharf Real Estate Investment Company are growing −34.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Wharf Real Estate Investment Company (WRFRF) generate?
The free cash flow of Wharf Real Estate Investment Company is HK$6.7B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Wharf Real Estate Investment Company (WRFRF) carry?
The net debt of Wharf Real Estate Investment Company is HK$32.0B (fiscal year 2025, ≈ 4.8 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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