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Igis Value Plus Reit

334890 · KOSPI · ₩334890 · 이지스밸류플러스리츠

₩3,105▼ ₩5 (0.16%)End-of-day · Oct 28, 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

₩293

vs the current price (₩3,105)

Enterprise value
₩75B
Equity value
₩20B
WACC
6.3%

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 91% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Or revenue growth +31.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 6.1% to 96.7% 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.

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
—
Base
₩293
−90.6%
Bull
₩873
−71.9%

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 (-22.7% 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 (-22.7% 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 (-22.7% 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 (-22.7% 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 (-22.7% 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.

  • 0.1%

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

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 0.1%

    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).

  • 40%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.09, 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.

  • 5.58%

    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)
₩8.2B
Net debt (borrowings and leases − cash and deposits)
₩106B
+ Stakes and investments
₩52B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩233M
Shares
69,448,683
Share price
₩3,105
Market cap
₩216B

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₩54B₩10B₩22B₩7.4B₩6.9B₩6.6B₩6.6B₩6.8B
Growth13.7%−80.6%109.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩40B₩636M₩17B₩5.2B₩4.8B₩4.6B₩4.6B₩4.8B
EBIT margin74.9%6.1%76.3%70.0%70.0%70.0%70.0%70.0%
After-tax EBIT₩29B₩461M₩12B₩3.7B₩3.5B₩3.4B₩3.4B₩3.5B
+ Depreciation———₩7.4M₩6.9M₩6.6M₩6.6M₩6.8M
− Capital spending₩70M——₩7.4M₩6.9M₩6.6M₩6.6M₩6.8M
− Working capital₩47B₩3.8B−₩40B−₩327M−₩197M−₩96M−₩5.3M₩79M
Free cash flow———₩4.1B₩3.7B₩3.5B₩3.4B₩3.4B
Discount factor———0.9410.8850.8330.7840.737
Present value———₩3.8B₩3.3B₩2.9B₩2.6B₩2.5B

Terminal value ₩81B, worth ₩60B today: 80% 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 ₩6,292 a share)Now 0.49×₩4,0490.64×₩5,0870.81×₩11,9751.90×

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%
5.3%₩339₩459₩616₩829₩1,135
5.8%₩222₩315₩433₩586₩794
6.3%₩128₩202₩293₩408₩557
6.8%₩50₩110₩182₩271₩383
7.3%—₩34₩92₩162₩249

Now (TTM)

Market cap
₩216B
Enterprise value
₩322B
P/E
—
P/B
0.5×
P/S
26.3×
EV/EBITDA
—
Dividend yield
5.6%

Over time (at each year end)

20252024202320222021
Price₩4,165₩4,390₩4,545₩4,840₩5,880
Market cap₩289B₩305B₩316B₩336B₩408B
P/E23.3×—9.2×7.5×18.4×
P/B0.8×0.7×0.8×1.2×2.3×
P/S13.3×29.3×5.9×7.1×17.5×
EV/EBITDA—————
Dividend yield4.2%13.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Igis Value Plus Reit—0.5×26.3×—5.6%
SK Reit50.0×0.8×23.0×—1.3%
Lotte Reit59.8×1.1×16.4×—2.8%
Hanwha Reit68.0×1.4×16.6×45.3×2.5%
ESR Kendall Square Reit1,180.4×0.7×11.6×73.5×4.5%
Shinhan Alpha REIT98.0×1.2×8.0×34.4×3.0%
SamsungFN Reit148.2×1.1×37.2×—1.5%
Similar companies (median)83.0×1.1×16.5×45.3×2.6%

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

Also known as: Igis Value Plus Reit / 이지스밸류플러스리츠 / 334890 / KRX:334890

Source: KRX statistical information