Rankings Grid & electrical equipment HD Hyundai Electric
HD Hyundai Electric
74
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−6
- Governance−6
- Cash flow−5
Strengths
- Net cash+3
- Raised order target+3
- Order book+2
How the score is built
From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 439,000 KRW
- Median analyst target
- 890,000 KRW
- Upside to median
- +102.7%
- Analysts
- 23
- Target range
- 530,000 – 1,500,000 KRW
- 52-week change
- −50%
- P/E (trailing)
- 18.7
- Forward P/E
- 14.3
- PEG
- 0.57
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−3 of −30
- −2Quality of growthThe operating margin has been lifted from 0.6% (2021) to 25.7% (TTM) and ROIC to 66%, but the lift rests on scarcity pricing in a transformer cycle. The Distribution segment has shrunk from KRW 868bn to 728bn (2024 → TTM), so growth is narrow: it comes from Power (high voltage), mainly to North America.
- −1Capital allocationCapex has grown from KRW 28bn to 312bn a year (2021 → TTM) for expansions in Ulsan, Cheongju and Alabama – capacity built at the top of the cycle.
Price
Today's multiples against the company's own history and its peers. · 3 findings−11 of −35
- −6Multiples vs own historyForward P/E 21.9 and EV/EBITDA 20.3 vs 10.4–12.3 and 9.7–18.0 in 2021–23; only the boom years 2024–25 (forward P/E 21.5–28.7) were more expensive. P/B is 11.1.
- −4Absolute price levelFCF yield 2.7% and earnings yield 3.4% – calculated on the highest margins in the company's history. If the margin normalises, the stock is expensive.
- −1PeersForward P/E 21.9 vs Hyosung Heavy 26.9 and LS Electric 47.8 – cheaper than its Korean competitors, but in line with Prysmian (22.6), which has a more stable business.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−22 of −35
- −5Cash flowFCF has fallen from KRW 912bn to 671bn (2024 → TTM) while revenue rose 31%. Inventory is up 21% in six months to KRW 1,539bn (35% of annual revenue), and inventory turnover has halved from 4.4 to 2.1 since 2021.
- −6GovernanceIndicted in the KEPCO bid-rigging case (tenders of KRW 670bn) together with seven other companies and 11 employees.
- −3Competition and capacitySince 2023 almost USD 2bn has been committed to new transformer capacity in North America: Hitachi Energy over USD 1bn (including 457m in Virginia), Siemens Energy in North Carolina and Hyosung in Memphis. Wood Mackenzie put the shortfall in power transformers at about 30% in 2025; when it closes, scarcity pricing falls.
- −3TariffsA 15% US tariff on grid equipment from Korea, and the Alabama plant expansion is only completed in 2027. Until then exports to the US are exposed.
- −3Macro and demand concentrationNorth America is 47.5% of revenue and is expected to reach about 54% in 2027, driven by data centres and AI. The stock trades as an AI theme: Korean grid stocks fell 38% on average in one month in June with no company news.
- −2Group structureThe HD Hyundai group is the controlling shareholder (free float only 23.2m of 36.0m shares), and management owns 0.03%. Minority shareholders have little influence (the Korean conglomerate discount).
Plus
Only documented strengths. · 4 findings+10 of +15
- +3
- +3Raised order targetThe 2026 order target was raised 22.8% in July from USD 4.22bn to 5.19bn.
- +2Order bookOrder book of USD 8.49bn (+29%, about 2.7 years of revenue); Q2 order intake of USD 1.44bn (+44%) with several high-margin 765 kV orders. Prices in the US are rising broadly.
- +2
Caveats
What the score does not capture, or where the data is weak.
Fell about 40% in June together with the entire Korean power grid sector (the AI trade unwound), not because of company news; the price (KRW 681,000 on 29/9) is about 52% below the May peak, and many price targets predate the fall. Margins are the highest in the company's history in a transformer market with shortages. Insider trading and customer lists have not been examined
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