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K-Top Reits

145270 · KOSPI · ₩145270 · 케이탑리츠

₩802▲ ₩5 (0.63%)End-of-day · Oct 27, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩2,828

vs the current price (₩802)

Enterprise value
₩114B
Equity value
₩136B
WACC
7.4%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 253% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩802, the model needs an operating margin of 10.1% every year (it uses 70.0%).
  • Margins ranged from 56.2% to 81.1% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 4.8× against a typical 5.2× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩2,148
+167.8%
Base
₩2,828
+252.6%
Bull
₩3,900
+386.3%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (70.0%).

Revenue growth

  • -10%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-11.3% a year, annual reports), fading to 3% by year 5.

  • -6.7%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-11.3% a year, annual reports), fading to 3% by year 5.

  • -3.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-11.3% a year, annual reports), fading to 3% by year 5.

  • -0.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-11.3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-11.3% a year, annual reports), fading to 3% by year 5.

Business

  • 70%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0.7%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 0.4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • -10%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta -0.04, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.61%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩16B
Net debt (borrowings and leases − cash and deposits)
−₩20B
+ Stakes and investments
₩4.4B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩2.4B
Shares
48,060,774
Share price
₩802
Market cap
₩39B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩27B₩12B₩15B₩14B₩13B₩13B₩13B₩13B
Growth24.3%−55.1%24.8%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩21B₩7.9B₩11B₩9.8B₩9.2B₩8.8B₩8.8B₩9.1B
EBIT margin76.3%65.5%70.4%70.0%70.0%70.0%70.0%70.0%
After-tax EBIT₩15B₩5.7B₩7.7B₩7.1B₩6.6B₩6.4B₩6.4B₩6.6B
+ Depreciation₩87M₩105M₩131M₩98M₩92M₩88M₩88M₩91M
− Capital spending₩114M——₩56M₩52M₩50M₩50M₩52M
− Working capital₩331M₩7.8B−₩339M₩156M₩94M₩46M₩2.5M−₩38M
Free cash flow₩15B——₩7B₩6.6B₩6.4B₩6.4B₩6.7B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩6.5B₩5.7B₩5.2B₩4.8B₩4.7B

Terminal value ₩124B, worth ₩87B today: 76% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩2,175 a share)Now 0.37×₩8970.41×₩1,0810.50×₩1,6650.77×
Price / earnings (last 12 months: ₩165 a share)Now 4.85×₩6593.98×₩8645.22×₩1,5999.67×
P/E on run-rate earnings (Q2 2026 × 4: ₩142 a share)Now 5.64×₩5673.98×₩7435.22×₩1,3769.67×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
6.4%₩2,908₩3,111₩3,360₩3,674₩4,079
6.9%₩2,701₩2,867₩3,067₩3,312₩3,620
7.4%₩2,527₩2,665₩2,828₩3,024₩3,265
7.9%₩2,379₩2,494₩2,629₩2,790₩2,983
8.4%₩2,250₩2,348₩2,462₩2,595₩2,752

Now (TTM)

Market cap
₩39B
Enterprise value
₩19B
P/E
4.8×
P/B
0.4×
P/S
2.5×
EV/EBITDA
1.6×
Dividend yield
6.2%

Over time (at each year end)

20252024202320222021
Price₩928₩953₩1,020₩885₩1,410
Market cap₩45B₩46B₩49B₩43B₩68B
P/E7.2×8.9×4.2×4.2×5.9×
P/B0.4×0.4×0.5×0.4×0.8×
P/S3.0×3.8×1.8×2.0×2.1×
EV/EBITDA9.6×12.2×4.3×9.9×10.1×
Dividend yield5.4%7.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
K-Top Reits4.8×0.4×2.5×1.6×6.2%
SK Reit49.6×0.8×22.8×—1.3%
Lotte Reit59.2×1.1×16.3×—2.8%
Hanwha Reit68.1×1.4×16.7×45.4×2.5%
ESR Kendall Square Reit1,184.3×0.7×11.7×73.5×4.5%
Shinhan Alpha REIT97.6×1.2×8.0×34.3×3.0%
SamsungFN Reit153.7×1.2×38.5×—1.4%
Similar companies (median)82.9×1.1×16.5×45.4×2.7%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: K-Top Reits / 케이탑리츠 / 145270 / KRX:145270

Source: KRX statistical information