Hyundai Steel (004020) fair value: what the stock is really worth
As of Oct 8, 2026: fair value of Hyundai Steel KRW 45,120, price KRW 28,200, upside +60.0%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range 19,078 KRW – 50,566 KRW · fair‑value band 45,120 KRW – 75,173 KRW · the 28,200 KRW price screens below the 45,120 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 30, 2026.
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Hyundai Steel Company, together with its subsidiaries, engages in the manufacture and sale of steel and other industrial metal products in Korea, rest of Asia, the United States, and Europe.
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Hyundai Steel Company, together with its subsidiaries, engages in the manufacture and sale of steel and other industrial metal products in Korea, rest of Asia, the United States, and Europe. The company offers hot and cold rolled steel sheets, steel and heavy plates, ERW and steel pipes, reinforcing bars, special steel bars, heavy machinery, wire rods, and automotive parts, as well as tailor welded blanks, hydroforming, and hot stamping products; and H-sections, angles, I beams, steel sheet piles, and railway rails. It serves automobile, shipbuilding, and construction industries. The company was formerly known as INI Steel Company and changed its name to Hyundai Steel Company in March 2006. Hyundai Steel Company was founded in 1953 and is headquartered in Incheon, South Korea.
Stock analysis
Hyundai Steel (004020) currently trades at 28,200 KRW, while our model-based Fair Value estimate is 45,120 KRW, implying the stock looks roughly 37.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 116,598 KRW per share, and 6 of the 12 models we run sit above the 28,200 KRW price.
Bear case: the Growth DCF group reads lowest at 5,172 KRW, and 6 of the 12 models stay below the price. Evidence for this calculation is medium.
Scenario range: 45,120 KRW (bear) to 75,173 KRW (bull), the price of 28,200 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Hyundai Steel reported revenue of 22.7T KRW in FY2025 versus 22.8T KRW in FY2021, a compound −0.1%/yr. Reported net income was −6.9B KRW in FY2025.
Key figures
Market cap 3.7T KRW (≈ $2.8B) · P/S ratio 0.17 · Dividend yield 1.8% · Net margin 0.0% · Return on equity 0.0% · Return on assets (EBIT) 2.9% · Operating margin 1.0% · Revenue (TTM) 23.1T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −45% fair-value upside, at 60%, 004020 screens cheaper than that median.
Fair Value models
Bear 45,120 KRWFair Value 45,120 KRWBull 75,173 KRW
Price 28,200 KRW · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.34/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
0.4% (2020) → 1.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +12.7% a year for the price and +1.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 408 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+60.0% · Top 25%
Profitability
Return on assets0.4% · Below median
Net margin (TTM)−0.1% · Bottom 25%
Operating margin (TTM)1.0% · Below median
Growth and dividend
Revenue growth2.7% · Below median
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity0.30× · Highest 25%
Valuation Multiplesvs Steel median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hyundai Steel Fair Value". https://www.fairvalue-calculator.com/stock/004020
Frequently asked questions
Is Hyundai Steel (004020) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of 45,120 KRW versus a price of 28,200 KRW, about +60% upside (undervalued).
What is the fair value of 004020?
Our model-based fair value for Hyundai Steel is 45,120 KRW (as of Sep 30, 2026), built from audited fundamentals. The current price: 28,200 KRW.
What is the quality score of 004020?
Hyundai Steel has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hyundai Steel (004020)?
Our model-based price target is the fair value of 45,120 KRW (as of Sep 30, 2026) from 12 valuation models. Cautious scenario 45,120 KRW, optimistic scenario 75,173 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hyundai Steel stock forecast for 2026?
Our models put fair value at 45,120 KRW, about +60% upside versus a price of 28,200 KRW (undervalued). Cautious scenario 45,120 KRW, optimistic scenario 75,173 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hyundai Steel (004020)?
Hyundai Steel reported trailing-twelve-month revenue of about 23.1T KRW (latest available figure, as of Sep 30, 2026).
Does Hyundai Steel pay a dividend?
Hyundai Steel currently shows a dividend yield of about 1.77% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Hyundai Steel (004020)?
For today's price to be fair in a discounted-cash-flow model, Hyundai Steel would have to grow free cash flow by +15.1 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of 004020 use?
Our models discount Hyundai Steel at 11.3 %: a base by market capitalisation (mid), damped by beta 1.46, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hyundai Steel that is +15.1 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Hyundai Steel (004020) delivered so far?
Over the past 5 years revenue at Hyundai Steel grew +4.8 % a year. The price currently implies +15.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hyundai Steel (004020) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Hyundai Steel (+15.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hyundai Steel (004020)?
The free-cash-flow yield on the price is 14.39 %: that much free cash flow Hyundai Steel produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hyundai Steel (004020)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hyundai Steel it is 45,120 KRW per share (as of Sep 30, 2026), against a price of 28,200 KRW. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Hyundai Steel stock overvalued or undervalued in 2026?
As of Sep 30, 2026, 004020 trades below its calculated fair value: price 28,200 KRW, fair value 45,120 KRW, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 004020?
No. The price is what the market pays today (28,200 KRW); the fair value is what the company's own numbers justify (45,120 KRW). For Hyundai Steel the two are 16,920 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hyundai Steel worth?
The market values Hyundai Steel at about 3.7T KRW (market capitalisation, as of Sep 30, 2026). Per share that is 28,200 KRW; our models calculate a fair value of 45,120 KRW per share.
What do the bullish and bearish scenarios say about 004020?
Our models span a range for Hyundai Steel: cautious scenario 45,120 KRW, base 45,120 KRW, optimistic 75,173 KRW per share (as of Sep 30, 2026, price 28,200 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hyundai Steel (004020)?
Balance-sheet figures for Hyundai Steel (as of Sep 30, 2026): return on equity 0.0%, debt of 0.30 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 004020 from its 52-week high?
Hyundai Steel trades at 28,200 KRW, about 39% below its 52-week high of 46,150 KRW and 15% above the low of 24,500 KRW (as of Oct 8, 2026). Distance from the high says nothing about value: that is what the fair value of 45,120 KRW is for.
Which stocks are comparable to Hyundai Steel?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hyundai Steel stock attractive at the current price?
The data as of Sep 30, 2026: price 28,200 KRW, calculated fair value 45,120 KRW (+60%), Quality Score 46/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 004020 calculated?
We run Hyundai Steel through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 45,120 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Hyundai Steel currently trades 38 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hyundai Steel (004020)?
The closing price on Oct 8, 2026 was 28,200 KRW. Our model-based fair value is 45,120 KRW, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hyundai Steel right now?
The price is below even our cautious bear case (45,120 KRW). The market is more pessimistic than our downside scenario. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Hyundai Steel
How large is the market capitalisation of Hyundai Steel (004020)?
The market capitalisation of Hyundai Steel is 3.7T KRW (≈ $2.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hyundai Steel (004020)?
The price-to-sales ratio of Hyundai Steel is 0.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hyundai Steel (004020)?
The dividend yield of Hyundai Steel is 1.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hyundai Steel (004020)?
The net margin of Hyundai Steel is 0.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hyundai Steel (004020)?
The return on equity (ROE) of Hyundai Steel is 0.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hyundai Steel (004020)?
On an EBIT basis the return on assets of Hyundai Steel is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hyundai Steel (004020)?
The operating margin of Hyundai Steel is 1.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hyundai Steel (004020)?
Revenue at Hyundai Steel is growing +2.7% versus a year earlier (3y avg −6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hyundai Steel (004020)?
Earnings per share at Hyundai Steel are growing −75.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hyundai Steel (004020) carry?
The net debt of Hyundai Steel is 7.9T KRW (fiscal year 2025, ≈ 14.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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