Koramco the One Reit코람코더원리츠
417310 · KOSPI · ₩417310 · 코람코더원리츠
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
- ₩139B
- Equity value
- −₩144B
- WACC
- 4.9%
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:
- No operating margin up to 90% gets the model to today's price at these growth assumptions.
- Or revenue growth +24.1 points a year higher than assumed in each of the 5 years.
- Today's P/E is 33.0× against a typical 15.2× 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
- —
- Bull
- —
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 (67.2%).
Revenue growth
- 3.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.2% a year, annual reports), fading to 3% by year 5.
- 3.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.2% a year, annual reports), fading to 3% by year 5.
- 3.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.2% 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 (3.2% 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 (3.2% a year, annual reports), fading to 3% by year 5.
Business
- 67.2%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 11.9%
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.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 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 0.18, 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.
- 5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.
Starting point
- Revenue (FY 2025)
- ₩7.6B
- Net debt (borrowings and leases − cash and deposits)
- ₩286B
- + Stakes and investments
- ₩2.5B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 40,400,000
- Share price
- ₩2,405
- Market cap
- ₩97B
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 | ₩7.1B | ₩7.4B | ₩7.6B | ₩7.8B | ₩8.1B | ₩8.3B | ₩8.6B | ₩8.8B |
| Growth | 3.6% | 3.9% | 2.0% | 3.2% | 3.1% | 3.1% | 3.0% | 3.0% |
| EBIT | ₩4.8B | ₩5.1B | ₩5.1B | ₩5.2B | ₩5.4B | ₩5.6B | ₩5.7B | ₩5.9B |
| EBIT margin | 66.9% | 69.3% | 67.4% | 67.2% | 67.2% | 67.2% | 67.2% | 67.2% |
| After-tax EBIT | ₩3.5B | ₩3.7B | ₩3.7B | ₩3.8B | ₩3.9B | ₩4B | ₩4.2B | ₩4.3B |
| + Depreciation | ₩876M | ₩876M | ₩876M | ₩929M | ₩958M | ₩988M | ₩1B | ₩1B |
| − Capital spending | — | — | — | ₩312M | ₩322M | ₩332M | ₩342M | ₩352M |
| − Working capital | −₩371M | ₩503M | −₩12B | −₩24M | −₩24M | −₩25M | −₩25M | −₩26M |
| Free cash flow | — | — | — | ₩4.4B | ₩4.6B | ₩4.7B | ₩4.9B | ₩5B |
| Discount factor | — | — | — | 0.954 | 0.910 | 0.867 | 0.827 | 0.789 |
| Present value | — | — | — | ₩4.2B | ₩4.2B | ₩4.1B | ₩4B | ₩4B |
Terminal value ₩150B, worth ₩119B 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 ₩4,887 a share)Now 0.49× | ₩9050.19× | ₩1,0250.21× | ₩2,0890.43× |
| Price / earnings (last 12 months: ₩73 a share)Now 33.0× | ₩99313.6× | ₩1,10515.2× | ₩2,08928.6× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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% |
|---|---|---|---|---|---|
| 3.9% | — | — | — | ₩45 | ₩3,941 |
| 4.4% | — | — | — | — | — |
| 4.9% | — | — | — | — | — |
| 5.4% | — | — | — | — | — |
| 5.9% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩97B
- Enterprise value
- ₩383B
- P/E
- 33.0×
- P/B
- 0.5×
- P/S
- 12.8×
- EV/EBITDA
- 64.1×
- Dividend yield
- 0.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Price | ₩1,821 | ₩884 | ₩974 | ₩895 |
| Market cap | ₩74B | ₩36B | ₩39B | ₩36B |
| P/E | 25.0× | 10.8× | 13.9× | 13.9× |
| P/B | 0.4× | 0.2× | 0.2× | 0.2× |
| P/S | 9.7× | 4.8× | 5.5× | 5.2× |
| EV/EBITDA | 60.2× | 53.7× | 57.8× | — |
| Dividend yield | 1.1% | 2.3% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Koramco the One Reit | 33.0× | 0.5× | 12.8× | 64.1× | 0.8% |
| SK Reit | 49.6× | 0.8× | 22.8× | — | 1.3% |
| Lotte Reit | 59.2× | 1.1× | 16.3× | — | 2.8% |
| Hanwha Reit | 68.1× | 1.4× | 16.7× | 45.4× | 2.5% |
| ESR Kendall Square Reit | 1,184.3× | 0.7× | 11.7× | 73.5× | 4.5% |
| Shinhan Alpha REIT | 97.6× | 1.2× | 8.0× | 34.3× | 3.0% |
| SamsungFN Reit | 153.7× | 1.2× | 38.5× | — | 1.4% |
| Similar companies (median) | 82.9× | 1.1× | 16.5× | 45.4× | 2.7% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Koramco the One Reit / 코람코더원리츠 / 417310 / KRX:417310
Source: KRX statistical information