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JR Global Reit

348950 · KOSPI · ₩348950 · 제이알글로벌리츠

₩1,182 ₩0 (0.00%)End-of-day · Oct 29, 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

₩2,887

vs the current price (₩1,182)

Enterprise value
₩1.5T
Equity value
₩570B
WACC
4.5%

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 144% 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 ₩1,182, the model needs an operating margin of 45.1% every year (it uses 57.8%).
  • Or revenue growth −5.5 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 49.0% to 75.6% 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 14.0× against a typical 33.8× 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
—
Base
₩2,887
+144.3%
Bull
₩10,087
+753.4%

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 (57.8%).

Revenue growth

  • 9.5%

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

    Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.

  • 7.9%

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

    Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (9.5% 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 (9.5% a year, annual reports), fading to 3% by year 5.

Business

  • 57.8%

    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.

  • 20.3%

    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).

  • 4%

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

    Default: not in the statements, so a typical level.

  • -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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 -0.06, 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.

  • 5.51%

    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)
₩74B
Net debt (borrowings and leases − cash and deposits)
₩1.2T
+ Stakes and investments
₩238B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩122M
Shares
197,376,000
Share price
₩1,182
Market cap
₩233B

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₩60B₩63B₩72B₩81B₩88B₩93B₩98B₩101B
Growth10.1%3.5%15.3%9.5%7.9%6.3%4.6%3.0%
EBIT₩33B₩31B₩55B₩47B₩51B₩54B₩56B₩58B
EBIT margin53.9%49.5%75.6%57.8%57.8%57.8%57.8%57.8%
After-tax EBIT₩24B₩22B₩40B₩34B₩37B₩39B₩41B₩42B
+ Depreciation₩12B——₩17B₩18B₩19B₩20B₩20B
− Capital spending———₩3.3B₩3.5B₩3.7B₩3.9B₩4B
− Working capital−₩1.1T₩892B−₩67B−₩706M−₩643M−₩553M−₩429M−₩293M
Free cash flow———₩48B₩52B₩55B₩57B₩59B
Discount factor———0.9570.9150.8750.8380.801
Present value———₩46B₩47B₩48B₩48B₩47B

Terminal value ₩1.6T, worth ₩1.3T today: 85% 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 ₩5,993 a share)Now 0.20×₩1,1820.20×₩5,4820.91×₩7,9711.33×
Price / earnings (last 12 months: ₩85 a share)Now 14.0×₩1,22014.4×₩2,86433.8×₩4,69655.4×

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%
3.5%₩3,162₩4,895₩7,758₩13,395₩29,624
4.0%₩1,883₩3,023₩4,725₩7,537₩13,073
4.5%₩965₩1,768₩2,887₩4,559₩7,321
5.0%₩273₩866₩1,655₩2,755₩4,396
5.5%—₩187₩769₩1,544₩2,625

Now (TTM)

Market cap
₩233B
Enterprise value
₩1.4T
P/E
14.0×
P/B
0.2×
P/S
3.1×
EV/EBITDA
—
Dividend yield
9.7%

Over time (at each year end)

20252024202320222021
Price₩2,800₩2,755₩4,080₩4,210₩5,330
Market cap₩553B₩544B₩805B₩831B₩1.1T
P/E34.1×26.3×34.7×47.1×61.8×
P/B0.5×0.7×0.9×0.9×1.3×
P/S7.7×8.7×13.3×15.1×22.7×
EV/EBITDA——16.4×46.4×54.3×
Dividend yield4.1%7.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JR Global Reit14.0×0.2×3.1×—9.7%
SK Reit49.3×0.8×22.7×—1.3%
Lotte Reit59.9×1.1×16.5×—2.8%
Hanwha Reit68.1×1.4×16.7×45.4×2.5%
ESR Kendall Square Reit1,176.5×0.7×11.6×73.4×4.6%
Shinhan Alpha REIT98.1×1.2×8.0×34.4×3.0%
SamsungFN Reit148.7×1.1×37.3×—1.5%
Similar companies (median)83.1×1.1×16.6×45.4×2.6%

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

Also known as: JR Global Reit / 제이알글로벌리츠 / 348950 / KRX:348950

Source: KRX statistical information