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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": "Uses a waterfall-style bridge to illustrate the excess cash gap.",
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      "kind": "callout",
      "text": "Review and return excess cash on Mobis and HMC's balance sheets to be in line with peers",
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      "kind": "callout",
      "text": "Excess cash of up to KRW 6.0 trillion (18% of HMC market cap) should be reduced from HMC's balance sheet. Excess cash of up to KRW 6.0 trillion (26% of Mobis market cap) should be reduced from Mobis's balance sheet",
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      "kind": "callout",
      "text": "Excess cash of up to KRW 6.0 trillion (18% of HMC market cap) should be reduced from HMC's balance sheet Excess cash of up to KRW 6.0 trillion (26% of Mobis market cap) should be reduced from Mobis's balance sheet",
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      "text": "Net cash as % of assets",
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      "kind": "disclaimer",
      "text": "Source: Market data, company filings. Notes: 1. Net cash (cash and cash equivalents + short-term financial instruments + marketable securities - short-term and long-term borrowings) as of most recent reported quarter.",
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      "text": "Likewise our analysis suggests Mobis's net cash balance of KRW 6.0 trillion is 14.3% of assets as compared to peers' average of 9.0% of assets. This is equivalent to KRW 6.0 trillion or US $5.6 billion of assets, which is 26% of Mobis's market cap.",
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      "text": "Our analysis suggests HMC's net cash balance of KRW 16.5 trillion is 17.5% of assets as compared to peers' average of 11.1% of assets. This is equivalent to KRW 6.0 trillion or US $5.6 billion of assets, which is 18% of HMC's market cap.",
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      "text": "Accelerate Hyundai Proposals",
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