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Hyundai Corporation Holdings

227840 · KOSPI · ₩227840 · 현대코퍼레이션홀딩스

₩12,250 ₩0 (0.00%)End-of-day · Oct 30, 2026 · End-of-day prices.
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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

₩50,929

vs the current price (₩12,250)

Enterprise value
₩426B
Equity value
₩463B
WACC
7.3%

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 316% 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 ₩12,250, the model needs an operating margin of 2.2% every year (it uses 8.8%).
  • 66% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 2.1× against a typical 3.1× 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
₩30,173
+146.3%
Base
₩50,929
+315.7%
Bull
₩86,332
+604.7%

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

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (8.8%).

Revenue growth

  • 15%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (15% a year, annual reports), fading to 3% by year 5.

  • 12%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (15% a year, annual reports), fading to 3% by year 5.

  • 9%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (15% a year, annual reports), fading to 3% by year 5.

  • 6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (15% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (15% a year, annual reports), fading to 3% by year 5.

Business

  • 8.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2.1%

    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).

  • 2.6%

    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).

  • 10.6%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.16, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    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)
₩282B
Net debt (borrowings and leases − cash and deposits)
−₩37B
Shares
9,100,836
Share price
₩12,250
Market cap
₩111B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩188B₩216B₩250B₩325B₩364B₩396B₩420B₩433B
Growth14.6%14.5%16.1%15.0%12.0%9.0%6.0%3.0%
EBIT₩19B₩20B₩21B₩29B₩32B₩35B₩37B₩38B
EBIT margin9.9%9.0%8.5%8.8%8.8%8.8%8.8%8.8%
After-tax EBIT₩14B₩14B₩15B₩21B₩23B₩25B₩27B₩28B
+ Depreciation———₩6.8B₩7.6B₩8.3B₩8.8B₩9.1B
− Capital spending₩10B₩2.9B₩2.6B₩8.4B₩9.5B₩10B₩11B₩11B
− Working capital−₩7.2B₩2B₩221M₩4.5B₩4.1B₩3.5B₩2.5B₩1.3B
Free cash flow———₩15B₩17B₩20B₩22B₩24B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩14B₩15B₩16B₩17B₩17B

Terminal value ₩495B, worth ₩348B today: 82% 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:

LowTypicalHigh
Price / book (book value ₩39,330 a share)Now 0.31×₩12,7690.32×₩15,3900.39×₩19,6540.50×
Price / earnings (last 12 months: ₩5,827 a share)Now 2.10×₩14,1892.43×₩18,0663.10×₩30,9935.32×
P/E on run-rate earnings (Q2 2026 × 4: ₩10,717 a share)Now 1.14×₩26,0942.43×₩33,2233.10×₩56,9975.32×

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%
6.3%₩53,330₩57,359₩62,320₩68,579₩76,725
6.8%₩48,867₩52,113₩56,030₩60,852₩66,935
7.3%₩45,116₩47,774₩50,929₩54,736₩59,422
7.8%₩41,920₩44,127₩46,709₩49,776₩53,476
8.3%₩39,165₩41,018₩43,163₩45,673₩48,653

Now (TTM)

Market cap
₩111B
Enterprise value
₩72B
P/E
2.1×
P/B
0.3×
P/S
0.4×
EV/EBITDA
—
Dividend yield
4.1%

Over time (at each year end)

20252024202320222021
Price₩12,180₩10,300₩10,730₩10,350₩11,900
Market cap₩111B₩94B₩98B₩94B₩108B
P/E3.0×2.2×3.3×2.8×8.7×
P/B0.3×0.3×0.4×0.4×0.5×
P/S0.4×0.4×0.5×0.6×0.8×
EV/EBITDA—————
Dividend yield4.1%4.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hyundai Corporation Holdings2.1×0.3×0.4×—4.1%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Hyundai Corporation Holdings / 현대코퍼레이션홀딩스 / 227840 / KRX:227840

Source: KRX statistical information