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  "documentTitle": "Hyundai Motor Group",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "Includes a bridge-style logic showing how margin and valuation discount metrics lead to a market cap upside.",
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      "kind": "callout",
      "text": "Our calculation suggests this element of the Proposals alone could lead to as much as 15% upside in the value of the combined businesses of HMC and Mobis",
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      "text": "Combined Market Cap",
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      "text": "Source: Market data, company filings. Notes: 1. Combined market cap excludes the market value of Mobis's shareholding in HMC. 2. Pro forma market cap is based on the implied enterprise value of combined HMC and Mobis's A/S business...",
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      "text": "market cap: 15%",
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      "text": "We see a compelling case for combining Mobis and HMC's after-sale service business. In addition to the margin uplift, the after-sale service business would bring further stability to HMC's profitability and encourage a valuation re-rating for the merged company",
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      "kind": "title",
      "text": "A Merger between Mobis and HMC can unlock substantial value",
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