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  "documentTitle": "Hyundai Motor Group",
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  "authorName": "Elliott",
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      "text": "The HMG Restructuring Plan does not resolve these longstanding issues, and HMG continues to trade at significant discounts",
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      "text": "A history of questionable capital deployment; An overcapitalized balance sheets at Mobis and HMC; Lagging shareholder returns; An outdated board structure",
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      "text": "Mobis's EV/EBITDA is at 2.8x representing 57% discount to peers, and ex-cash P/E is at 5.3x representing 51% discount to peers; HMC's EV/EBITDA is at 2.0x representing 26% discount to peers, and ex-cash P/E is at 2.9x representing 24% discount to peers; Kia's EV/EBITDA is at 0.7x representing 73% discount to peers, and ex-cash P/E is at 1.4x representing 63% discount to peers",
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      "text": "The HMG Restructuring Plan does not resolve these longstanding issues, and HMG continues to trade at significant discounts:",
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      "text": "HMG has been trading at substantial discount to its global peers, not only because of its complex ownership structure, but as a result of:",
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      "text": "Source: Market data, company filings. Notes: 1. Forward EBITDA and earnings based on brokers' estimates. 2. Mobis's peers include Mando, Hanon, Denso, Aisin Seiki, Continental, Brembo, Valeo, Magna, Autoliv and Tenneco. 3. HMC and Kia's peers include Toyota, Nissan, Daimler, BMW, Volkswagen, Renault, Peugeot, GM, Ford and Tata Motors.",
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