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JONBUR Research · Update note

HD Hyundai Marine Solution · 443060 · Engineering services

HD Hyundai Marine Solution Agrees to Acquire Goltens New York and Goltens Oslo for ₩331.5B

Why this report

Written after:

On October 8, 2026, HD Hyundai Marine Solution filed a decision to acquire 100.0% of Goltens New York Corp and Goltens Oslo AS for about ₩331.5B in cash. This turns the acquisition item flagged in our initiation report into a sized deal, funded from IPO proceeds and due to close on February 28, 2027.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

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

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What happened

The company decided to acquire 13,479 shares across Goltens New York Corp (GNY, US) and Goltens Oslo AS (GO), giving it a 100.0% stake. The purchase price is ₩331,489,452,067 (about ₩331.5B). This equals 26.1% of total assets (₩1,272.3B) and 40.2% of equity (₩824.7B). The sellers are three family holding vehicles: Kasper Family Holdings LLC, Bayley Family Holdings LLC and Strand Family Holdings LLC. Each receives USD 82,509,322 (about ₩110.5B). Payment is a single cash payment at closing, after the conditions in the share purchase agreement are met. The filing states the funding comes from the company's own cash, namely IPO proceeds. The stated purpose is to gain global technical-service capability and an overseas service network. The target's business is maintenance and engineering services for marine and onshore engines and machinery. The expected closing date is February 28, 2027. An external valuation by Samduk Accounting Corp used a discounted cash flow method as of December 31, 2025. The excerpt is cut off, so the valuation range is not available to us. A corrected attachment to the filing was posted on October 12. Target revenue, profit and debt are not in the data we have.

What it changes for the thesis

Our initiation report described a profitable, growing business with a 17.2% TTM operating margin, 40.2% ROE and ₩267.6B free cash flow, and noted that the acquisition filings were an item to watch with no detail available. The detail is now available on size and funding, and it fits a strategy of expanding the service footprint abroad. It does not change the earnings profile we reported. The deal is large relative to the balance sheet, at 40.2% of equity, so execution and integration become a more important part of the story. Without target earnings figures, we cannot say whether the deal would raise or dilute margins or returns.

What it changes for the valuation

Our model fair value range is ₩101,252 (bear), ₩123,805 (base) and ₩154,793 (bull) per share, based on 13.6% growth, a 9.0% discount rate, free cash flow of ₩270.5B and net cash of ₩456.4B as of H1 2026. The initiation report had no model fair value, so there is no earlier range to compare. The share price of ₩220,500 is above the top of this range. The model is a simple one and does not include the acquisition. Paying about ₩331.5B in cash would use a large part of the ₩456.4B of cash, so net cash would fall after closing, while any earnings from the target would be added. We have no target earnings, so we have not changed the model. Peer data is mixed: Samsung E&A has a P/E of 13.6x, while KEPCO E&C and POSCO DX are at 119.2x and 94.1x, so the comparison is not informative. HD Hyundai Marine Solution trades at 29.6x earnings and 11.1x book.

Closing view

The filing gives clear facts on size, funding and timing: a cash deal worth 26.1% of assets, closing in February 2027, paid from IPO proceeds. It fits the company's growth story, but it also uses a big share of its cash and adds integration risk, and the data does not show what the target earns. Our model fair value range sits well below the current share price and excludes the deal, so the premium valuation is still not explained by the data we have. The next useful information would be the target's financials, the external valuation range, and the closing conditions.

Model estimate of fair value

Bear
₩101,252
-40%
Base
₩123,805
-27%
Bull
₩154,793
-9%

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

A simple 5-year discounted cash flow from filed statements (H1 2026): revenue growth 13.6% fading to 2%, discount rate 9%. Per share, not a price target. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026Update noteM&A / restructuringHD Hyundai Marine Solution Agrees to Acquire Goltens New York and Goltens Oslo for ₩331.5B
  2. Oct 13, 2026InitiationHD Hyundai Marine Solution: High Margins and Returns, Premium Multiples, Pullback Over the Past Month

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