Hanwha Corp: Updated NAV Analysis - Defense Assets Undervalued
We provide an updated NAV analysis of Hanwha Corporation which is a holding company of the Hanwha Group. We argue that Hanwha Corp's shares are trading excessively below its NAV.
Hanwha Corp is down 10.5% YTD, underperforming Hanwha Aerospace (up 54.2% YTD). Hanwha Corp's stake in Hanwha Aerospace is worth 1.9 trillion won (14% higher than Hanwha Corp's market cap).
Our NAV analysis of Hanwha Corporation (000880 KS) suggests NAV of 2.3 trillion won or NAV per share of 30,203 won which is 33% higher than current price.
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