HD HyundaiHD현대
267250 · KOSPI · ₩267250 · HD현대
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
₩123,691
vs the current price (₩145,100)
- Assets before discount
- ₩16T
- Equity value
- ₩9.8T
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
- ₩82,460
- −43.2%
- Base
- ₩123,691
- −14.8%
- Bull
- ₩173,167
- +19.3%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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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
- 78,993,085
- Share price
- ₩145,100
- Market cap
- ₩11T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| HD Korea Shipbuilding & Offshore Engineering | 35.1% | ₩6T |
| HD Hyundai Electric | 35.7% | ₩6T |
| HD Hyundai Marine Solution | 55.3% | ₩4.3T |
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% | ₩131,937 | ₩115,445 | ₩98,953 | ₩82,460 | ₩65,968 |
| −10.0% | ₩148,429 | ₩129,875 | ₩111,322 | ₩92,768 | ₩74,214 |
| 0.0% | ₩164,921 | ₩144,306 | ₩123,691 | ₩103,076 | ₩82,460 |
| +10.0% | ₩181,413 | ₩158,736 | ₩136,060 | ₩113,383 | ₩90,706 |
| +20.0% | ₩197,905 | ₩173,167 | ₩148,429 | ₩123,691 | ₩98,953 |
Now (TTM)
- Market cap
- ₩11T
- Enterprise value
- ₩14T
- P/E
- 4.2×
- P/B
- 0.9×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 2.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩188,500 | ₩79,200 | ₩63,300 | ₩57,100 | ₩53,700 |
| Market cap | ₩15T | ₩6.3T | ₩5T | ₩4.5T | ₩4.2T |
| P/E | 15.5× | 12.3× | 18.9× | 3.2× | — |
| P/B | 1.5× | 0.7× | 0.7× | 0.6× | 0.7× |
| P/S | 0.2× | 0.1× | 0.1× | 0.1× | 0.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 2.1% | 4.5% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| HD Hyundai | 4.2× | 0.9× | 0.1× | — | 2.8% |
| SK Square | 3.7× | 2.2× | 98.7× | 3.6× | 0.0% |
| KB Financial Group | 8.7× | 0.9× | — | 9.5× | 2.8% |
| Shinhan Financial Group | 7.7× | 0.7× | — | 10.1× | 2.9% |
| SK | 4.9× | 1.1× | 0.3× | — | 1.5% |
| Hana Financial Group | 7.6× | 0.7× | — | 9.9× | 3.6% |
| Woori Financial Group | 6.9× | 0.6× | — | 8.3× | 4.5% |
| Similar companies (median) | 7.3× | 0.8× | 49.5× | 9.5× | 2.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: HD Hyundai / HD현대 / 267250 / KRX:267250
Source: KRX statistical information