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Hyundai Energy Solutions Co Ltd (322000) Fair Value & Analysis

Technology · KR · Market cap 1.9T KRW (≈ $1.3B) · ISIN KR7322000001

What is Hyundai Energy Solutions Co Ltd really worth?

HE Hyundai Energy Solutions Co Ltd 322000 · KO
Price138,900 KRW
Fair Value88,223 KRW
Upside−36.5%
Quality68/100

A solid business, but trading 57% above our fair value of 88,223 KRW.

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Strengths

Solidly profitable · 11.5% net margin
Ranks above peers (7/9)

Risks

!Weak Growth (revenue 5y +4.5 %/yr)
!Low debt · negative free cash flow
!Moderate moat 60/100
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 8 out of 100
Evidence: Medium Range 32,144 KRW – 109,792 KRW

Fair value as of: Aug 23, 2026

From 17 valuation models · updated 13 days ago

Share price +16.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (109,792 KRW). The favourable scenario is already priced in.
  • The model range is unusually wide (32,144 KRW to 109,792 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

244,000 KRW 18,480 KRW Fair Value 88,223 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range 18,480 KRW – 244,000 KRW · fair‑value band 32,144 KRW – 109,792 KRW · the 138,900 KRW price screens above the 88,223 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

Full chart & analysis →

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Analysis

Hyundai Energy Solutions Co Ltd (322000) currently trades at 138,900 KRW, while our model-based Fair Value estimate is 88,223 KRW, implying the stock looks roughly 57.4% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 176,020 KRW per share, and 2 of the 17 models we run sit above the 138,900 KRW price. Bear case: the Dividend Discount group reads lowest at 10,321 KRW, and 15 of the 17 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Hyundai Energy Solutions Co Ltd generated revenue of 567B KRW at a net margin of 11.5%. Revenue grew 87.6% year over year. It earns a return on equity of 16.1%. Fundamentals as of Aug 23, 2026

Our scenario range runs from 32,144 KRW (bear case) to 109,792 KRW (bull case); at 138,900 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high and 236% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at −36%, 322000 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV best evidence 35,071 KRW 40,917 KRW 46,113 KRW 74
Residual Income 33,217 KRW 37,260 KRW 72,289 KRW 70
ROIC Compounder 35,071 KRW 47,061 KRW 63,105 KRW 69
All 17 models by family
DCF Models
Owner Earnings 54,760 KRW 125,695 KRW 281,271 KRW 67
Earnings-Based
Graham-Dodd 25,304 KRW 176,464 KRW 247,641 KRW 61
Lynch FV 83,666 KRW 119,523 KRW 155,380 KRW 59
PEG = 1.0 83,666 KRW 119,523 KRW 155,380 KRW 55
EPV best evidence 35,071 KRW 40,917 KRW 46,113 KRW 74
Dividend Discount
Gordon GGM 5,771 KRW 12,600 KRW 21,200 KRW 63
DDM Multi-Stage 5,771 KRW 10,321 KRW 13,131 KRW 64
Multiples
P/E Multiple 78,144 KRW 104,192 KRW 130,240 KRW 63
P/S Multiple 47,444 KRW 63,259 KRW 79,074 KRW 58
P/B Multiple 47,444 KRW 63,259 KRW 79,074 KRW 55
EV/EBIT 68,196 KRW 90,280 KRW 112,364 KRW 66
EV/EBITDA 66,654 KRW 88,223 KRW 109,792 KRW 67
EV/Revenue 35,439 KRW 49,793 KRW 64,148 KRW 54
Asset-Based
NCAV (Graham) 18,651 KRW 24,992 KRW 37,302 KRW 54
Economic Profit
Residual Income 33,217 KRW 37,260 KRW 72,289 KRW 70
ROIC Compounder 35,071 KRW 47,061 KRW 63,105 KRW 69
Growth Earnings
Growth-Adj P/E 123,214 KRW 176,020 KRW 228,826 KRW 65

Widest divergence: Growth Earnings (176,020 KRW) versus Dividend Discount (10,321 KRW). Highest evidence: EPV (74).

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Key figures & financial health

P/S ratio 3.31 TTM
Dividend yield 0.4%
Net margin 8.5% FY2025
Return on equity 16.1% TTM
Return on assets (EBIT) 5.5% avg 5y
Operating margin 18.2% TTM
More key figures
Growth
Revenue (TTM) 567B KRW TTM
Revenue growth (YoY) +87.6% 3y avg −20.6%
EPS growth (YoY) +148%
Balance sheet & cash flow
Free cash flow −866M KRW FY2025

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 62 · Market factors (momentum, volatility) 59

Profitability 49
Margins and returns on capital today
Quality Growth 84
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 73
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

HD Hyundai Energy Solutions Co.,Ltd. provides solar cells and modules. It offers monofacial, bifacial, and shingled PV modules; transformer-less and outdoor box inverters; and ground, floating, and agro PV solutions, as well as smart solar city. HD Hyundai Energy Solutions Co.,Ltd.

Full company description

HD Hyundai Energy Solutions Co.,Ltd. provides solar cells and modules. It offers monofacial, bifacial, and shingled PV modules; transformer-less and outdoor box inverters; and ground, floating, and agro PV solutions, as well as smart solar city. HD Hyundai Energy Solutions Co.,Ltd. was formerly known as Hyundai Energy Solutions Co.,Ltd and changed its name to HD Hyundai Energy Solutions Co.,Ltd. in April 2023. HD Hyundai Energy Solutions Co.,Ltd. was founded in 2004 and is based in Seongnam-si, South Korea. HD Hyundai Energy Solutions Co.,Ltd. operates as a subsidiary of HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hyundai Energy Solutions Co Ltd reported revenue of 493B KRW in FY2025 versus 593B KRW in FY2021, a compound −4.5%/yr. Reported net income was 41.7B KRW in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
493B KRW
Latest YoY
+16.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−20.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.5%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+55.5%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+23.3% (22.9 + 0.4)
Revenue −4.5%/yr
FY21 593B KRW
FY22 985B KRW
FY23 546B KRW
FY24 422B KRW
FY25 493B KRW
Net income
FY21 −6.7B KRW
FY22 60.6B KRW
FY23 −2.9B KRW
FY24 114M KRW
FY25 41.7B KRW

322000 screens 57% overvalued. Compare with First Solar, Inc →

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Cite: Fair Value Calculator (2026). "Hyundai Energy Solutions Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/322000

Peer Group

Solar · 109 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 68 · Top 25%
Fair Value upside −37% · Below median
Return on equity (TTM) 16% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 88% · Top 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 0.04× · Lower than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 15
FUTURE100 · sector 0
PAST64 · sector 0
HEALTH98 · sector 85
DIVIDEND8 · sector 29

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $210.10 $392.12 +87%
Nextpower Inc NXT $103.67 $69.61 −33%
Waaree Energies Limited WAAREEENER ₹2,624 ₹2,709 +3%
Tongwei Co 600438 ¥12.89 ¥12.13 −6%
Jinko Solar Co 688223 ¥4.16 ¥6.47 +56%
Enphase Energy, Inc ENPH $39.25 $24.15 −38%
CSI Solar Co 688472 ¥10.28 ¥6.76 −34%
Hengdian Group 002056 ¥21.53 ¥31.86 +48%
Premier Energies Limited PREMIERENE ₹1,017 ₹648.94 −36%
Trina Solar Co 688599 ¥12.77 ¥7.97 −38%

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Frequently asked questions

Is Hyundai Energy Solutions Co Ltd (322000) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of 88,223 KRW versus a price of 138,900 KRW, about −36% upside (overvalued).
What is the fair value of 322000?
Our model-based fair value for Hyundai Energy Solutions Co Ltd is 88,223 KRW (as of Aug 23, 2026), built from audited fundamentals. The current price: 138,900 KRW.
What is the quality score of 322000?
Hyundai Energy Solutions Co Ltd has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hyundai Energy Solutions Co Ltd (322000)?
Hyundai Energy Solutions Co Ltd reported trailing-twelve-month revenue of about 567B KRW (latest available figure, as of Aug 23, 2026).
What is the net profit margin of 322000?
The net profit margin of Hyundai Energy Solutions Co Ltd is about 11.5%, meaning it keeps roughly 11.5% of revenue as net income. Based on the latest reported figures.
Does Hyundai Energy Solutions Co Ltd pay a dividend?
Hyundai Energy Solutions Co Ltd currently shows a dividend yield of about 0.40% relative to its recent price (as of Aug 23, 2026).
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