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Lotte rental · 089860 · Other

Lotte Rental: Largest Shareholder Holdings Change Filed After Control Change

Why this report

Written after:

A filing dated 2026-10-30 reports a change in the largest shareholder's holdings at Lotte Rental, following the separate filing of a change of largest shareholder. The excerpt is not available, so the new holder's identity, stake and terms cannot be confirmed from our data, and the financial picture is unchanged.

Written Oct 30, 2026 · Data as of Oct 29, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-30 a filing titled as a change in the largest shareholder's holdings, submitted because the largest shareholder changed, was published. It was judged highly material because it signals a new controlling shareholder. The filing text is not available to us, so we cannot give the number of shares, the percentage stake or the price.

Other filings the same day include a change of largest shareholder, a 5%+ holding report and the results of an extraordinary shareholders' meeting. In the days before, there were filings related to a securities registration statement, a prospectus and a securities issuance results report. News headlines from October 20 to 26 link the company to an acquisition by TPG and to analysts expecting stronger shareholder returns, but we cannot verify the details from the filings given.

What it changes for the thesis

The previous report described a slow-growing, thin-margin, highly leveraged business whose share price had risen faster than earnings, with the reasons for the rally unconfirmed. This filing adds to the evidence that a control change has taken place, which fits the news reports about TPG, though the new holder is not named in the data we have.

The financial base is unchanged: TTM revenue of ₩2.98T, operating margin of 11.3%, net income of ₩118.4B, liabilities to equity of 412.6% and free cash flow of -₩412.4B. Borrowings of ₩4.85T against cash of ₩384.0B keep refinancing relevant. Whether the new owner changes capital structure, dividends or strategy is not shown in the data. The share price is up 36.4% over three months and 74.1% over one year.

What it changes for the valuation

The model has a base estimate of ₩563,479 per share, with a bear case of ₩299,298 and a bull case of ₩1,127,181, at a 5.0% discount rate on TTM to H1 2026 financials. This is identical to the previous report's range, so the filing changes nothing in the model. The share price is ₩51,200.

This is a model estimate based on the assumptions shown. The range is very wide and far above the share price, so it is highly sensitive to inputs such as the discount rate and negative free cash flow. The model does not capture any effect of new ownership.

At the current price the stock trades at 15.7 times earnings, 1.2 times book and 0.6 times sales, with a dividend yield of 2.3%. Enterprise value is ₩6.32T. EV/EBITDA is not available.

Closing view

The filing supports the view that Lotte Rental has a new largest shareholder, giving weight to the earlier news reports. The buyer's stake, price and plans cannot be seen in our data, and the business and model estimate are unchanged. Leverage, negative free cash flow and the wide model range remain the main cautions. Later filings may clarify the new owner's identity and stake, the effect on financing and payout policy. This note offers no recommendation.

Model estimate of fair value

Bear
₩299,298
+469%
Base
₩563,479
+971%
Bull
₩1,127,181
+2043%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 30, 2026Update noteCEO / control changeLotte Rental: Largest Shareholder Holdings Change Filed After Control Change
  2. Oct 30, 2026Update noteCEO / control changeLotte Rental: Filing Confirms Change of Largest Shareholder
  3. Oct 22, 2026Update noteNewsLotte Rental: News Reports Point to TPG as New Controlling Shareholder
  4. Oct 13, 2026InitiationStart of coverage (300 largest)Lotte Rental: Sharp Share Price Rise Meets Thin Margins, High Leverage and a Wide Model Range

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information