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  "documentTitle": "Hyundai Motor Group",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "The slide uses a comparative table to highlight the discrepancy between the implied P/E multiples of the spun-off business versus the remaining business and Glovis.",
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      "kind": "callout",
      "text": "Proposed terms of the spin-off and the merger ratio do not ascribe fair value to Mobis's module manufacturing and after-sales parts businesses",
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      "text": "Although Mobis's spun-off business represents 54% of pre-tax income in FY17, the implied valuation of the spun-off business at KRW 9.3 trillion only represents 37% of the pre-announcement market value of Mobis.",
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