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Hyundai Autoever

307950 · KOSPI · ₩307950 · 현대오토에버

₩332,500▼ ₩17,500 (5.00%)End-of-day · Oct 29, 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

₩103,653

vs the current price (₩332,500)

Enterprise value
₩2.4T
Equity value
₩2.8T
WACC
11.3%

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 69% 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 ₩332,500, the model needs an operating margin of 18.4% every year (it uses 5.7%).
  • Or revenue growth +38.1 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 47.8× against a typical 32.8× 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
₩57,941
−82.6%
Base
₩103,653
−68.8%
Bull
₩171,886
−48.3%

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 (5.7%).

Revenue growth

  • 15.6%

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

    Default: the last 3 years' revenue growth (15.6% a year, annual reports), fading to 3% by year 5.

  • 12.4%

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

    Default: the last 3 years' revenue growth (15.6% a year, annual reports), fading to 3% by year 5.

  • 9.3%

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

    Default: the last 3 years' revenue growth (15.6% a year, annual reports), fading to 3% by year 5.

  • 6.1%

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

    Default: the last 3 years' revenue growth (15.6% 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 (15.6% a year, annual reports), fading to 3% by year 5.

Business

  • 5.7%

    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.

  • 3.1%

    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).

  • 3.8%

    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).

  • 4.9%

    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.

  • 4.08%

    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.

  • 1.32

    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 1.47, 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.

  • 5.58%

    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)
₩4.6T
Net debt (borrowings and leases − cash and deposits)
−₩462B
+ Stakes and investments
₩40B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩30B
Shares
27,423,982
Share price
₩332,500
Market cap
₩9.1T

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₩3.1T₩3.7T₩4.3T₩5.3T₩5.9T₩6.5T₩6.9T₩7.1T
Growth11.3%21.2%14.5%15.6%12.4%9.3%6.1%3.0%
EBIT₩181B₩224B₩255B₩301B₩338B₩369B₩392B₩404B
EBIT margin5.9%6.0%6.0%5.7%5.7%5.7%5.7%5.7%
After-tax EBIT₩132B₩163B₩185B₩218B₩245B₩268B₩284B₩293B
+ Depreciation———₩164B₩184B₩201B₩213B₩220B
− Capital spending₩63B₩143B₩237B₩200B₩225B₩246B₩261B₩269B
− Working capital−₩155B₩102B−₩43B₩35B₩32B₩27B₩19B₩10B
Free cash flow———₩146B₩171B₩195B₩217B₩233B
Discount factor———0.8980.8070.7240.6510.584
Present value———₩131B₩138B₩142B₩141B₩136B

Terminal value ₩2.9T, worth ₩1.7T today: 71% 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 ₩68,995 a share)Now 4.82×₩146,9342.13×₩179,7032.60×₩378,8215.49×
Price / earnings (last 12 months: ₩6,957 a share)Now 47.8×₩169,74524.4×₩228,47732.8×₩374,79553.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩9,946 a share)Now 33.4×₩242,68724.4×₩326,65832.8×₩535,85053.9×

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%
10.3%₩107,387₩110,923₩114,879₩119,334₩124,391
10.8%₩102,396₩105,497₩108,944₩112,800₩117,144
11.3%₩97,896₩100,630₩103,653₩107,014₩110,773
11.8%₩93,818₩96,241₩98,907₩101,854₩105,130
12.3%₩90,106₩92,264₩94,626₩97,225₩100,098

Now (TTM)

Market cap
₩9.1T
Enterprise value
₩8.5T
P/E
47.8×
P/B
4.8×
P/S
2.0×
EV/EBITDA
—
Dividend yield
0.6%

Over time (at each year end)

20252024202320222021
Price₩332,000₩126,100₩211,500₩95,500₩138,000
Market cap₩9.1T₩3.5T₩5.8T₩2.6T₩3.8T
P/E49.9×20.2×42.1×23.0×54.2×
P/B4.9×2.0×3.7×1.8×2.8×
P/S2.1×0.9×1.9×1.0×1.8×
EV/EBITDA—————
Dividend yield0.6%1.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hyundai Autoever47.8×4.8×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.2×—0.0%
NHN22.0×1.0×0.6×3.6×0.0%
Similar companies (median)8.5×1.2×2.0×5.2×0.3%

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

Also known as: Hyundai Autoever / 현대오토에버 / 307950 / KRX:307950

Source: KRX statistical information