KOSPI · 011760 · Retail & Trade · ₩011760

Hyundai현대코퍼레이션

011760 · KOSPI · ₩011760 · 현대코퍼레이션

₩23,800▲ ₩200 (0.85%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩200,666

vs the current price (₩23,800)

Enterprise value: ₩3.3T
Equity value: ₩2.7T
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 is 743% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩23,800, the model needs an operating margin of 0.7% every year (it uses 1.6%).
Today's P/E is 3.2× against a typical 3.2× 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: ₩200,666; +743.1%
Bull: ₩1,047,056; +4,299.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (1.6%).

Revenue growth

Revenue growth, year 17.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation0.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending0.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital8.3%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
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 0.26, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.58%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩8.7T
Net debt (borrowings and leases − cash and deposits): ₩863B
+ Stakes and investments: ₩199B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩4.6B
Shares: 13,228,966
Share price: ₩23,800
Market cap: ₩315B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

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	₩6.6T	₩7T	₩7.6T	₩9.3T	₩9.9T	₩10T	₩11T	₩11T
Growth	7.4%	6.3%	8.0%	7.2%	6.2%	5.1%	4.1%	3.0%
EBIT	₩99B	₩134B	₩140B	₩149B	₩158B	₩166B	₩173B	₩178B
EBIT margin	1.5%	1.9%	1.9%	1.6%	1.6%	1.6%	1.6%	1.6%
After-tax EBIT	₩72B	₩97B	₩102B	₩108B	₩114B	₩120B	₩125B	₩129B
+ Depreciation	—	—	—	₩9.3B	₩9.9B	₩10B	₩11B	₩11B
− Capital spending	₩1.7B	₩1.5B	₩23B	₩9.3B	₩9.9B	₩10B	₩11B	₩11B
− Working capital	₩150B	₩91B	₩418B	₩52B	₩48B	₩42B	₩35B	₩27B
Free cash flow	—	—	—	₩56B	₩67B	₩79B	₩90B	₩102B
Discount factor	—	—	—	0.953	0.908	0.865	0.825	0.786
Present value	—	—	—	₩53B	₩61B	₩68B	₩74B	₩80B

Terminal value ₩3.8T, worth ₩3T today: 90% 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 ₩57,620 a share)Now 0.41×	₩22,6680.39×	₩28,2050.49×	₩36,7620.64×
Price / earnings (last 12 months: ₩7,470 a share)Now 3.19×	₩16,8602.26×	₩23,7653.18×	₩35,4354.74×
P/E on run-rate earnings (Q2 2026 × 4: ₩12,168 a share)Now 1.96×	₩27,4622.26×	₩38,7093.18×	₩57,7184.74×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, 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%	₩229,991	₩271,708	₩334,814	₩441,639	₩662,180
4.4%	₩187,441	₩215,085	₩253,959	₩312,757	₩412,281
4.9%	₩155,733	₩174,971	₩200,666	₩236,792	₩291,429
5.4%	₩131,202	₩145,074	₩162,905	₩186,717	₩220,189
5.9%	₩111,666	₩121,940	₩134,759	₩151,231	₩173,222

Now (TTM)

Market cap: ₩315B
Enterprise value: ₩1.2T
P/E: 3.2×
P/B: 0.4×
P/S: 0.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩21,550	₩19,110	₩18,880	₩16,200	₩16,800
Market cap	₩285B	₩253B	₩250B	₩214B	₩222B
P/E	3.3×	2.1×	3.0×	2.7×	5.9×
P/B	0.4×	0.4×	0.4×	0.5×	0.6×
P/S	0.0×	0.0×	0.0×	0.0×	0.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	3.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hyundai	3.2×	0.4×	0.0×	—	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Hyundai / 현대코퍼레이션 / 011760 / KRX:011760

Source: KRX statistical information