HD Korea Shipbuilding & Offshore EngineeringHD한국조선해양
009540 · KOSPI · ₩HDKSOE · HD한국조선해양
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩176,778
vs the current price (₩231,500)
- Assets before discount
- ₩21T
- Equity value
- ₩13T
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩117,852
- −49.1%
- Base
- ₩176,778
- −23.6%
- Bull
- ₩247,489
- +6.9%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
Sign in to change the assumptions and see the results update. Sign in
Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 70,773,116
- Share price
- ₩231,500
- Market cap
- ₩16T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| HD Hyundai Heavy Industries | 69.2% | ₩20T |
| HD Hyundai Energy Solutions | 53.6% | ₩445B |
| HD-Hyundai Marine Engine | 35.1% | ₩423B |
| Hyundai Hyms | 20.8% | ₩72B |
| KCC | 0.1% | ₩2B |
| KCC Glass | 0.0% | ₩102M |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩188,563 | ₩164,993 | ₩141,422 | ₩117,852 | ₩94,282 |
| −10.0% | ₩212,133 | ₩185,617 | ₩159,100 | ₩132,583 | ₩106,067 |
| 0.0% | ₩235,704 | ₩206,241 | ₩176,778 | ₩147,315 | ₩117,852 |
| +10.0% | ₩259,274 | ₩226,865 | ₩194,456 | ₩162,046 | ₩129,637 |
| +20.0% | ₩282,845 | ₩247,489 | ₩212,133 | ₩176,778 | ₩141,422 |
Now (TTM)
- Market cap
- ₩16T
- Enterprise value
- ₩8.4T
- P/E
- 4.8×
- P/B
- 1.1×
- P/S
- 0.5×
- EV/EBITDA
- —
- Dividend yield
- 5.3%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩407,000 | ₩228,000 | ₩120,900 | ₩70,700 | ₩94,600 |
| Market cap | ₩29T | ₩16T | ₩8.6T | ₩5T | ₩6.7T |
| P/E | 13.3× | 13.8× | 38.6× | — | — |
| P/B | 2.2× | 1.5× | 0.9× | 0.5× | 0.7× |
| P/S | 1.0× | 0.6× | 0.4× | 0.3× | 0.4× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 3.0% | 2.2% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| HD Korea Shipbuilding & Offshore Engineering | 4.8× | 1.1× | 0.5× | — | 5.3% |
| SK Square | 3.6× | 2.2× | 96.1× | 3.5× | 0.0% |
| KB Financial Group | 8.8× | 0.9× | — | 9.6× | 2.8% |
| Shinhan Financial Group | 7.8× | 0.7× | — | 10.2× | 2.9% |
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 8.0× | 0.7× | — | 10.0× | 3.4% |
| Woori Financial Group | 7.1× | 0.6× | — | 8.5× | 4.4% |
| Similar companies (median) | 7.5× | 0.8× | 48.2× | 9.6× | 2.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: HD Korea Shipbuilding & Offshore Engineering / HD한국조선해양 / 009540 / KRX:009540
Source: KRX statistical information