KOSPI · 400760 · Real estate · ₩400760

NH All-One ReitNH올원리츠

400760 · KOSPI · ₩400760 · NH올원리츠

₩2,575▲ ₩15 (0.59%)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

₩920

vs the current price (₩2,575)

Enterprise value: ₩524B
Equity value: ₩51B
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 is 64% 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 ₩2,575, the model needs an operating margin of 71.8% every year (it uses 61.1%).
Or revenue growth +3.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 53.4% to 67.3% 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: ₩920; −64.3%
Bull: ₩8,844; +243.5%

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 (61.1%).

Revenue growth

Revenue growth, year 18.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.5% 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 (8.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin61.1%
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 & amortisation15.2%
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 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 rate4.08%
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.
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)5.58%
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): ₩27B
Net debt (borrowings and leases − cash and deposits): ₩509B
+ Stakes and investments: ₩36B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩429M
Shares: 54,929,275
Share price: ₩2,575
Market cap: ₩141B

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	₩21B	₩19B	₩28B	₩29B	₩31B	₩33B	₩34B	₩35B
Growth	−5.9%	−5.9%	44.5%	8.5%	7.2%	5.8%	4.4%	3.0%
EBIT	₩12B	₩10B	₩19B	₩18B	₩19B	₩20B	₩21B	₩22B
EBIT margin	60.8%	53.4%	67.3%	61.1%	61.1%	61.1%	61.1%	61.1%
After-tax EBIT	₩9B	₩7.5B	₩14B	₩13B	₩14B	₩15B	₩15B	₩16B
+ Depreciation	₩3.2B	₩3.2B	₩3.7B	₩4.4B	₩4.7B	₩5B	₩5.2B	₩5.4B
− Capital spending	—	—	—	₩1.2B	₩1.2B	₩1.3B	₩1.4B	₩1.4B
− Working capital	−₩8.1B	−₩5.6B	−₩139B	−₩228M	−₩209M	−₩181M	−₩145M	−₩103M
Free cash flow	—	—	—	₩16B	₩18B	₩18B	₩19B	₩20B
Discount factor	—	—	—	0.954	0.911	0.870	0.830	0.792
Present value	—	—	—	₩16B	₩16B	₩16B	₩16B	₩16B

Terminal value ₩561B, worth ₩445B 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:

	Low	Typical	High
Price / book (book value ₩3,518 a share)Now 0.73×	₩2,8800.82×	₩3,5181.00×	₩4,2331.20×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%	₩1,257	₩3,166	₩6,154	₩11,493	₩23,758
4.3%	—	₩1,086	₩2,961	₩5,896	₩11,139
4.8%	—	—	₩920	₩2,761	₩5,643
5.3%	—	—	—	₩757	₩2,566
5.8%	—	—	—	—	₩598

Now (TTM)

Market cap: ₩141B
Enterprise value: ₩650B
P/E: 74.9×
P/B: 0.7×
P/S: 5.3×
EV/EBITDA: 28.8×
Dividend yield: 6.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,365	₩3,370	₩3,390	₩3,400	₩5,190
Market cap	₩185B	₩185B	₩186B	₩187B	₩285B
P/E	132.8×	—	94.0×	48.4×	189.1×
P/B	0.9×	1.0×	1.0×	0.9×	1.4×
P/S	6.6×	9.6×	9.1×	8.6×	16.8×
EV/EBITDA	30.6×	42.1×	39.9×	39.6×	44.7×
Dividend yield	5.1%	5.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
NH All-One Reit	74.9×	0.7×	5.3×	28.8×	6.6%
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: NH All-One Reit / NH올원리츠 / 400760 / KRX:400760

Source: KRX statistical information