Hyundai Elevator (017800) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai Elevator makes and sells elevators and escalators for apartments and buildings, and with a domestic installed-base share of over 40% it has held the number-one position for 18 straight years. Its revenue comes from new installations, recurring maintenance service, and large overseas projects, and the company is also effectively the holding company of the Hyundai Group, controlling Hyundai Movex (40.79% stake) and Hyundai Asan (about 70%). In May it declared a large cash dividend of ₩14,010 per share (including a special dividend funded from capital reserves), and in June it disclosed a plan to sell 9 million Hyundai Movex shares (about ₩333.4 billion) to fund shareholder returns. The key points to watch are that its recurring revenue is solid thanks to a commanding lead in both installation and maintenance, ROE stands at 19.4%, and management has pledged to return more than 50% of net profit through 2027 - while, on the other side, a slowdown in domestic construction is shrinking core revenue and operating profit, net profit swings widely because it is driven by equity-method income from subsidiaries, and much of the special dividend is funded from capital reserves, so the same level cannot be expected every year.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Machinery & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 283.8%).
- Revenue fell 14.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 8.2% lower than a year earlier.
- ROE is 26.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.3%.
- The P/E sits below the sector median.
Ownership & governance As of 2022-12-31
Largest shareholder Hyundai Network 10.6% (corporate)
Controlling bloc incl. related parties 26.5%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
Net asset value (NAV) assessment
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Hyundai Movex | 48.9% |
🔎 In-depth analysis Reading
Hyundai Elevator is a company that makes and sells the elevators and escalators that go into apartments and buildings. With a domestic installation-market share of over 40%, it has ranked first for 18 straight years since 2007, and in the maintenance market that continues after installation it services more than 200,000 units, holding the top spot for many years. It makes money in roughly three ways: first, new installations (sensitive to construction activity); second, maintenance and service fees that come in steadily every year (recurring revenue that is independent of the economic cycle); and third, large overseas project orders such as Saudi Arabia's NEOM City and Indonesia's new capital. The company has set a target of ₩5 trillion in revenue by 2030, with overseas accounting for 50% and a global fifth-place ranking, and is concentrating its sales efforts on infrastructure investment in emerging markets. On top of this, the company is effectively the holding company of the Hyundai Group, controlling the listed logistics-automation firm Hyundai Movex (40.79% stake) and the unlisted tourism and construction firm Hyundai Asan (about 70%), so it has a dual character in which both the elevator operating value and the value of its subsidiary stakes must be considered together.
The latest close is ₩72,400 and the market capitalization is ₩2.8 trillion. The price sits above its 20-day moving average (₩68,640) and below its 60-day moving average (₩75,253). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.3, a neutral level. The one-month change is +0.8%, the three-month change is -25.4%, and the position relative to the 52-week high is -35.2%. Relative strength versus the KOSPI is 18 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 17% of all stocks. Over the past three months it lagged the index by 12.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
With a P/E of 10.17x (how many times one year's earnings the share price is) and a P/B of 1.97x (how many times book net assets the share price is), the headline figures do not look burdensome. ROE (how much is earned in a year on equity) of 19.4% is quite high, and an operating margin of 8.5% and a net margin of 10.6% are also sound. Two interpretations are needed, however. First, the debt ratio (debt relative to equity) of 275% looks high, but much of it is a mix of advance payments on elevator contracts and financial liabilities, so it cannot be judged risky by ordinary manufacturing standards alone (interest coverage is 3.6x). Second, this company's net profit moves separately from its elevator operating profit. Net profit over the past four years swung sharply from ₩78.4 billion to ₩318.9 billion to ₩183.2 billion to ₩262.0 billion, because non-operating items such as equity-method income from subsidiaries and financial and derivative-related gains and losses are heavily reflected. It is therefore hard to judge cheap or expensive from last year's confirmed P/E alone, and, as befits a holding company, a net asset value (NAV) perspective should be considered together.
Over five years revenue grew from ₩1.97 trillion in 2021 to ₩2.89 trillion in 2024, then fell -14.5% to ₩2.47 trillion in 2025. This reflects lower new-installation volumes as domestic construction slowed, and in the first quarter of 2026 the core-business slowdown continued, with revenue of ₩545.8 billion (-8.2%), operating profit of ₩40.5 billion (-16.3%), and net profit of ₩27.1 billion (-22.4%). Unlike operating profit, the net-profit trajectory is heavily swayed by non-operating gains and losses and so varies from year to year. Looking ahead, the plan the company itself has laid out is central. Through its corporate value-up plan, the company has formally committed to reaching a return on equity (ROE) of 15% by 2027 and returning more than 50% of net profit via dividends and share buybacks/cancellations, and to fund this it sold part of its Hyundai Movex stake (from 48.9% to 40.79%), securing about ₩333.4 billion. In short, the growth story is built on two pillars: expanding the core elevator business overseas and in maintenance, and shareholder returns funded by trimming subsidiary stakes.
Recent disclosures read as a single thread of shareholder returns. On May 14 the company declared a large cash dividend of ₩14,010 per share (a year-end ₩12,010 plus a quarterly ₩2,000), which includes a special-dividend element funded by transferring capital reserves into retained earnings, pushing the dividend yield into double digits on the market price. In June it disclosed a decision to sell 9 million Hyundai Movex shares (about ₩333.4 billion) via off-hours trading starting July 6, lowering its stake to 40.79%, which the company explained as realizing a disposal gain and securing funds for returns under its value-up plan. Around the same time, disclosures on a subsidiary's rights offering, acquisitions and disposals of stakes in other companies, and a corporate governance report followed, showing a move to reorganize the group's governance structure as well. In the short term these events leave dividends and disposal gains as dry powder, and in the medium term they leave subsidiary-portfolio adjustment and the durability of returns as points to watch.
The strengths are clear. The company leads by a wide margin in both domestic elevator installation and maintenance, giving it a solid recurring-revenue base; ROE of 19.4% signals high profitability; and management has formally pledged an ROE of 15% and a payout of more than 50% of net profit through 2027, even securing the funds via a subsidiary stake sale, so the direction of shareholder returns is clear. Given this profitability and return policy, the headline P/E of 10.8x and P/B of 2.1x are hard to view as excessively expensive, and considering that, as a holding company, its subsidiary stakes are carried at low acquisition cost so the P/B looks higher than it really is, there may in fact be undervaluation on a net asset value (NAV) basis. The cautions should be weighed just as evenly. The core business is seeing revenue and operating profit shrink amid a domestic construction slowdown, and overseas expansion will take time. Net profit is swayed by equity-method income and financial gains and losses, making it volatile and unsuited to a simple P/E multiple approach, and much of the large special dividend is funded from capital reserves, so the same level is hard to expect every year. In sum, this is a stock that is strong when construction recovers, when overseas and maintenance revenue grows, and when the return policy continues, and weak when the construction slowdown drags on or subsidiary earnings wobble.
🔎 Valuation vs peers Undervalued
A domestic listed machinery-and-holding-company composite peer set (judged on cash generation, profitability, and holding-company character); the core elevator business should be viewed alongside global elevator makers, and the ownership structure alongside holding companies, giving it a dual character.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Doosan | 253.85x | 8.72x | 7.52% |
| LS ELECTRIC | 105.98x | 14.69x | 16.36% |
| HD Hyundai Construction Equipment | 68.43x | 1.45x | 5.27% |
(a) Position versus peers: with a P/E of 10.8x, a P/B of 2.1x, and an ROE of 19.4%, its profitability is higher and its multiples lower than domestic machinery-and-holding composites such as Doosan, LS Electric, and HD Hyundai Construction Equipment. (b) Premium/discount: as a holding company its subsidiary stakes are carried on the books at acquisition cost, so its net asset value (NAV) exceeds book value, yet the P/B sits at just 1.97x, meaning that on a NAV basis there is in fact room for a discount. (c) Limits of the trailing P/E: because net profit varies widely from year to year owing to equity-method income and financial gains and losses, it is hard to pin down value from last year's confirmed P/E alone, and for a holding company a net-asset-value approach that sums the market value of its stakes and the elevator operating value is more accurate than consolidated P/E or P/B. Taken together, accounting for profitability, the return policy, and the value of its subsidiary stakes, there is more room for undervaluation than the headline figures suggest.
Price history Close · MA20 · MA60
The latest close is ₩72,400 and the market capitalization is ₩2.8 trillion. The price sits above its 20-day moving average (₩68,640) and below its 60-day moving average (₩75,253). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.3, a neutral level. The one-month change is +0.8%, the three-month change is -25.4%, and the position relative to the 52-week high is -35.2%. Relative strength versus the KOSPI is 18 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 17% of all stocks. Over the past three months it lagged the index by 12.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -12.65% / 6M -39.19% / 12M -53.74%
Key metrics Computed vs sector median
Valuation
The P/E of 10.80x is below the sector median (14.07x). The P/B of 2.97x is above the sector median (1.01x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 26.7%, above the sector average (2.0%). The operating margin is 8.3%. The debt ratio is 283.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.8B | $2.0B | $1.7B | -14.48% ↓ slower |
| Operating profit | $58.0M | $158.6M | $147.0M | -7.32% ↓ slower |
| Net profit | $224.1M | $128.7M | $184.1M | +43.04% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.8B | $2.0B | $1.7B |
| Operating profit | $90.6M | $30.2M | $58.0M | $158.6M | $147.0M |
| Net profit | $79.5M | $55.0M | $224.1M | $128.7M | $184.1M |
| Revenue CAGR | 4-yr avg 5.74% | ||||
Revenue fell 14.5% year over year (2023 ₩2.6 trillion → 2024 ₩2.9 trillion → 2025 ₩2.5 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 7.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.7%. The two-year revenue CAGR is -2.6%. In the most recent quarter (Q1 2026), revenue was 8.2% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 19.4%, is on the high side.
- ROE of 26.7% points to solid profitability.
Points to watch
- Revenue fell 14.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-06-04FilingDecision to sell 9 million Hyundai Movex shares (about ₩333.4 billion) - reducing the stake from 48.9% to 40.79%, via off-hours disposal starting July 6Short term: realizes a disposal gain and secures funds for shareholder returns. Medium term: signals subsidiary-portfolio adjustment and progress on the corporate value-up plan. Source
- 2026-05-14DividendCash and in-kind dividend decision - ₩14,010 per share (a year-end ₩12,010 plus a quarterly ₩2,000), including a special-dividend element funded from transferred capital reservesShort term: a double-digit dividend yield on the market price, and the ex-dividend adjustment. Medium term: confirms the company's ability to execute its return policy. Source
- 2026-06-02FilingAmended disclosure of a subsidiary's key management matter (rights-offering decision) and a decision to acquire a stake in another company - part of the group-governance reorganizationMedium term: recapitalizing subsidiaries and adjusting the ownership structure, portfolio management as a holding company. Source
- 2026-05-29FilingCorporate governance report disclosure - meeting disclosure obligations on governance and return policyMedium term: material for confirming governance transparency and the direction of the return policy. Source
- 2026-05-15EarningsQ1 2026 quarterly report - revenue of ₩545.8 billion (-8.2%), operating profit of ₩40.5 billion (-16.3%), net profit of ₩27.1 billion (-22.4%)Short term: confirms a decline in core-business results owing to the domestic construction slowdown. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05OwnershipLargest-shareholder ownership change report
- 2026-06-04Disclosure
- 2026-06-02Amended filing
- 2026-06-02Paid-in capital increase (amended)
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-29Corporate governance report
- 2026-05-26OwnershipAmended filing
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipLargest-shareholder ownership change report
- 2026-05-14DividendCash/stock dividend decision
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.