Hyundai Motor Group (Hyundai Mobis, Hyundai Motor Company, Kia Motors) 012330.KS / 005380.KS / 000270.KS
The three reasons
- 1
Mobis, HMC and Kia trade at 57%, 26% and 73% EV/EBITDA discounts to global peers — peers re-rate if structure is fixed
- 2
HMG's plan leaks KRW 1.7bn US$ of avoidable tax value (7% of Mobis market cap) by skipping a real holdco
- 3
Mobis and HMC sit on KRW 6tn of excess cash each while Kia is under-capitalized — capital is trapped
Primary demands
- Recast the HMG Restructuring Plan into a true holding company structure: merge Mobis with HMC into 'Hyundai Mergeco', then demerge into Hyundai Motor Holdco and Hyundai Motor Opco
- Return up to KRW 6.0 trillion of excess cash at each of Mobis and HMC and cancel all existing and future treasury shares
- Commit to a clear dividend policy paying 40-50% of net income in cash dividends plus buybacks across Mobis, HMC and Kia
- Add 3 independent directors with international/sector-diverse backgrounds at each board and amend articles of incorporation to strengthen governance
- Ensure a transparent process and fair value realization for Kia's stake in Mobis
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (6)
Notes
First public Elliott presentation on Hyundai Motor Group — the 'Accelerate Hyundai' campaign (acceleratehyundai.com), companion to a separately filed Letter. Tone is unusually collaborative for an Elliott deck: opens by 'welcoming' HMG's own 28-March-2018 restructuring initiative before arguing it is suboptimal, then proposes a 4-step alternative (Merger / Demerger / Tender / Optimization). Cites Elliott's 2016 Samsung Electronics Value Enhancement campaign as a Korean-market track-record proof point. Uses third-party validation as a substitute for a CEO-contradiction device — page 20 stacks Reuters / FT / Morgan Stanley / JPM / Breakingviews quotes that echo Elliott's critique of the Glovis merger. No named villain: critique stays institutional/structural rather than attacking the Chung founding family by name. Peer-gap visuals are the visual spine (pages 24-29 form a 6-slide TSR/multiples gap sequence). Cover date derived from 20-April-2018 data cutoff in disclaimer plus 4/19/2018 chart x-axis; filename is 'April 2018' with no day. Campaign withdrawn at 29-May-2018 Mobis EGM when HMG pulled the spin-off vote — outcome left as 'unknown' here for downstream classification.