KOSPI · 396690 · Real estate · ₩396690

Mirae Asset Global REIT미래에셋글로벌리츠

396690 · KOSPI · ₩396690 · 미래에셋글로벌리츠

₩710▲ ₩45 (6.77%)End-of-day · Oct 30, 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

₩1,955

vs the current price (₩710)

Enterprise value: ₩24B
Equity value: ₩77B
WACC: 7.3%

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 175% 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 ₩710, the model needs an operating margin of −15.7% every year (it uses 16.0%).
Margins ranged from −20.6% to 37.7% over the last 4 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: ₩1,731; +143.7%
Base: ₩1,955; +175.3%
Bull: ₩2,323; +227.2%

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 (16.0%).

Revenue growth

Revenue growth, year 10.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% 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 (0.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 4 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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
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 capital-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

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 rate4.01%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta -0.15, 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)5.51%
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): ₩11B
Net debt (borrowings and leases − cash and deposits): −₩16B
+ Stakes and investments: ₩37B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩295M
Shares: 39,605,940
Share price: ₩710
Market cap: ₩28B

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	₩13B	₩13B	₩12B	₩11B	₩11B	₩12B	₩12B	₩12B
Growth	4.8%	1.6%	−4.4%	0.6%	1.2%	1.8%	2.4%	3.0%
EBIT	₩4.4B	₩4.2B	−₩2.5B	₩1.8B	₩1.8B	₩1.9B	₩1.9B	₩2B
EBIT margin	35.2%	33.3%	−20.6%	16.0%	16.0%	16.0%	16.0%	16.0%
After-tax EBIT	₩3.2B	₩3.1B	−₩1.8B	₩1.3B	₩1.3B	₩1.4B	₩1.4B	₩1.4B
+ Depreciation	—	—	—	₩340M	₩344M	₩351M	₩359M	₩370M
− Capital spending	—	—	—	₩454M	₩459M	₩468M	₩479M	₩493M
− Working capital	₩191M	−₩2.4B	−₩116B	−₩6.8M	−₩14M	−₩21M	−₩28M	−₩36M
Free cash flow	—	—	—	₩1.2B	₩1.2B	₩1.3B	₩1.3B	₩1.3B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩1.1B	₩1.1B	₩1B	₩978M	₩944M

Terminal value ₩27B, worth ₩19B today: 79% 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 ₩3,610 a share)Now 0.20×	₩1,5490.43×	₩2,6440.73×	₩5,1491.43×

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%
6.3%	₩1,972	₩2,029	₩2,099	₩2,187	₩2,303
6.8%	₩1,917	₩1,963	₩2,019	₩2,088	₩2,175
7.3%	₩1,870	₩1,909	₩1,955	₩2,010	₩2,078
7.8%	₩1,831	₩1,863	₩1,901	₩1,946	₩2,000
8.3%	₩1,797	₩1,824	₩1,856	₩1,893	₩1,938

Now (TTM)

Market cap: ₩28B
Enterprise value: ₩12B
P/E: —
P/B: 0.2×
P/S: 2.5×
EV/EBITDA: —
Dividend yield: 20.0%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩2,580	₩2,585	₩2,700	₩3,700
Market cap	₩102B	₩102B	₩107B	₩147B
P/E	—	—	43.5×	73.2×
P/B	0.7×	0.6×	0.7×	1.0×
P/S	8.4×	8.0×	8.5×	12.2×
EV/EBITDA	—	—	—	—
Dividend yield	5.5%	5.1%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Mirae Asset Global REIT	—	0.2×	2.5×	—	20.0%
SK Reit	48.8×	0.8×	22.5×	—	1.3%
Lotte Reit	58.5×	1.1×	16.1×	—	2.8%
Hanwha Reit	64.5×	1.4×	15.8×	44.1×	2.7%
ESR Kendall Square Reit	1,170.6×	0.7×	11.5×	73.2×	4.6%
Shinhan Alpha REIT	97.6×	1.2×	8.0×	34.3×	3.0%
SamsungFN Reit	144.5×	1.1×	36.2×	—	1.5%
Similar companies (median)	81.1×	1.1×	15.9×	44.1×	2.7%

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

Also known as: Mirae Asset Global REIT / 미래에셋글로벌리츠 / 396690 / KRX:396690

Source: KRX statistical information