KOSPI · 357250 · Real estate · ₩357250

Miraeasset Maps REIT 1미래에셋맵스리츠

357250 · KOSPI · ₩357250 · 미래에셋맵스리츠

₩1,648▼ ₩31 (1.85%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

With these assumptions the model gives no positive value.

Enterprise value: ₩113B
Equity value: −₩20B
WACC: 4.8%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩1,648, the model needs an operating margin of 87.4% every year (it uses 57.2%).
Or revenue growth +10.2 points a year higher than assumed in each of the 5 years.
Margins ranged from 52.9% to 74.2% 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: —
Bull: ₩2,877; +74.6%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (57.2%).

Revenue growth

Revenue growth, year 15.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin57.2%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation21.5%
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).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital40%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
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.
Beta0.6
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 0.02, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩6.9B
Net debt (borrowings and leases − cash and deposits): ₩145B
+ Stakes and investments: ₩12B; Associates, long-term financial assets and deposits (book value)
Shares: 24,995,105
Share price: ₩1,648
Market cap: ₩41B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩11B	₩6.9B	₩6.9B	₩7.3B	₩7.6B	₩7.9B	₩8.2B	₩8.5B
Growth	83.3%	−36.9%	0.5%	5.2%	4.6%	4.1%	3.5%	3.0%
EBIT	₩8.1B	₩4B	₩4.1B	₩4.2B	₩4.4B	₩4.5B	₩4.7B	₩4.8B
EBIT margin	74.2%	58.3%	59.1%	57.2%	57.2%	57.2%	57.2%	57.2%
After-tax EBIT	₩5.9B	₩2.9B	₩3B	₩3B	₩3.2B	₩3.3B	₩3.4B	₩3.5B
+ Depreciation	₩1.7B	₩1.7B	₩1.7B	₩1.6B	₩1.6B	₩1.7B	₩1.8B	₩1.8B
− Capital spending	—	—	—	₩292M	₩305M	₩318M	₩329M	₩339M
− Working capital	₩4.8B	₩1.6B	₩186M	₩144M	₩134M	₩125M	₩111M	₩99M
Free cash flow	—	—	—	₩4.2B	₩4.4B	₩4.6B	₩4.7B	₩4.9B
Discount factor	—	—	—	0.954	0.910	0.869	0.829	0.791
Present value	—	—	—	₩4B	₩4B	₩4B	₩3.9B	₩3.9B

Terminal value ₩119B, worth ₩94B today: 83% 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:

	Low	Typical	High
Price / book (book value ₩3,646 a share)Now 0.45×	₩2,2380.61×	₩3,1560.87×	₩4,8111.32×

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%
3.8%	—	₩277	₩1,600	₩3,936	₩9,165
4.3%	—	—	₩150	₩1,442	₩3,720
4.8%	—	—	—	₩27	₩1,287
5.3%	—	—	—	—	—
5.8%	—	—	—	—	—

Now (TTM)

Market cap: ₩41B
Enterprise value: ₩186B
P/E: 211.2×
P/B: 0.5×
P/S: 5.9×
EV/EBITDA: 32.3×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,625	₩2,470	₩2,840	₩3,470	₩4,900
Market cap	₩66B	₩62B	₩71B	₩87B	₩122B
P/E	251.5×	40.2×	12.7×	137.0×	209.9×
P/B	0.7×	0.6×	0.8×	1.0×	1.3×
P/S	9.5×	9.0×	6.5×	14.6×	21.0×
EV/EBITDA	36.6×	36.2×	22.1×	47.6×	55.6×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Miraeasset Maps REIT 1	211.2×	0.5×	5.9×	32.3×	0.0%
SK Reit	50.0×	0.8×	23.0×	—	1.3%
Lotte Reit	59.8×	1.1×	16.4×	—	2.8%
Hanwha Reit	68.0×	1.4×	16.6×	45.3×	2.5%
ESR Kendall Square Reit	1,180.4×	0.7×	11.6×	73.5×	4.5%
Shinhan Alpha REIT	98.0×	1.2×	8.0×	34.4×	3.0%
SamsungFN Reit	148.2×	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: Miraeasset Maps REIT 1 / 미래에셋맵스리츠 / 357250 / KRX:357250

Source: KRX statistical information