Financials Shinhan Alpha REIT Co., Ltd.

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
6,320 ^KRW	-1.10%		-1.71%	-1.25%

2023	Shinhan Alpha Gwanggyo REIT Co., Ltd. announced that it has received KRW 15 billion in funding from Shinhan Alpha REIT Co., Ltd.	CI
2023	Shinhan Alpha Gwanggyo REIT Co., Ltd. announced that it expects to receive KRW 15 billion in funding from Shinhan Alpha REIT Co., Ltd.	CI

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	359,508	425,444	562,586	540,054	556,793	556,793	-
Enterprise Value (EV) ²	773	1,241	1,862	1,505	1,602	1,713	1,708
P/E ratio	118 x	75.3 x	94.1 x	57.8 x	7.2 x	19.9 x	27.8 x
Yield	-	1.88%	4.48%	6.31%	5.95%	9.68%	5.75%
Capitalization / Revenue	8.06 x	8.6 x	7.06 x	5.47 x	6 x	5.07 x	5.46 x
EV / Revenue	17.3 x	25.1 x	23.4 x	15.2 x	17.3 x	15.6 x	16.7 x
EV / EBITDA	27.6 x	36.1 x	33.4 x	22.1 x	24.6 x	21.8 x	24.2 x
EV / FCF	56.8 x	-2.06 x	-3.97 x	276 x	69.3 x	-36.1 x	47.9 x
FCF Yield	1.76%	-48.5%	-25.2%	0.36%	1.44%	-2.77%	2.09%
Price to Book	2.6 x	1.19 x	1.4 x	1.06 x	1.07 x	1.11 x	1.13 x
Nbr of stocks (in thousands)	52,330	52,330	73,830	88,100	88,100	88,100	-
Reference price ³	6,870	8,130	7,620	6,130	6,320	6,320	6,320
Announcement Date	12/30/19	12/29/20	12/13/21	12/13/22	12/14/23	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	44.59	49.44	79.64	98.77	92.8	109.8	102.1
EBITDA ¹	27.98	34.39	55.81	68.15	65.19	78.63	70.57
EBIT ¹	21.75	27.32	44.89	55.23	52.26	69.63	60.9
Operating Margin	48.78%	55.25%	56.36%	55.92%	56.31%	63.42%	59.67%
Earnings before Tax (EBT) ¹	6.034	8.249	9.873	12.23	18.55	28.8	20.53
Net income ¹	6.034	8.478	7.521	9.732	77.29	28.93	20.53
Net margin	13.53%	17.15%	9.44%	9.85%	83.28%	26.35%	20.12%
EPS ²	58.00	108.0	81.00	106.0	878.0	317.7	227.2
Free Cash Flow ³	13,603	-601,504	-469,175	5,453	23,095	-47,500	35,650
FCF margin	30,506.36%	-1,216,546.73%	-589,111.6%	5,520.38%	24,886.17%	-43,260.47%	34,928.15%
FCF Conversion (EBITDA)	48,616.47%	-	-	8,000.72%	35,427.58%	-	50,519.6%
FCF Conversion (Net income)	225,423.48%	-	-	56,027.02%	29,881.66%	-	173,620.16%
Dividend per Share ²	-	153.0	341.0	387.0	376.0	611.7	363.7
Announcement Date	12/30/19	12/29/20	12/13/21	12/13/22	12/14/23	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	414	815	1,299	965	1,045	1,156	1,152
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	14.78 x	23.7 x	23.28 x	14.15 x	16.03 x	14.7 x	16.32 x
Free Cash Flow ²	13,603	-601,504	-469,175	5,453	23,095	-47,500	35,650
ROE (net income / shareholders' equity)	-	2.67%	2.35%	2.74%	16%	5.33%	3.93%
ROA (Net income/ Total Assets)	-	0.78%	0.46%	0.51%	4.12%	1.73%	1.2%
Assets ¹	-	1,094	1,642	1,917	1,875	1,669	1,711
Book Value Per Share ³	2,639	6,820	5,433	5,777	5,925	5,704	5,588
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	619	521	31.6	-	-	-
Capex / Sales	-	1,251.65%	654.62%	32.03%	-	-	-
Announcement Date	12/30/19	12/29/20	12/13/21	12/13/22	12/14/23	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6,320 KRW

Average target price

8,867 KRW

Spread / Average Target

+40.30%

	1st Jan change	Capi.
SHINHAN ALPHA REIT CO., LTD.	-1.25%	408M
REALTY INCOME CORPORATION	-4.08%	47.96B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-2.59%	21.6B
SEGRO PLC	+2.55%	15.74B
UNIBAIL-RODAMCO-WESTFIELD SE	+18.38%	11.97B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-3.40%	9.95B
CAPITALAND ASCENDAS REIT	-12.87%	8.61B
FEDERAL REALTY INVESTMENT TRUST	-1.71%	8.4B
KLÉPIERRE	+4.05%	7.91B
FIBRA UNO	-18.06%	5.75B