Company Valuation: TCL Electronics Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,044 7,824 6,394 16,008 26,167 40,083 - -
Change - -22.1% -18.28% 150.35% 63.46% 53.18% - -
Enterprise Value (EV) 1 4,533 7,824 6,394 16,008 19,182 26,946 31,070 22,133
Change - 72.6% -18.28% 150.35% 19.83% 40.47% 15.31% -28.77%
P/E 8.53x 17.5x 8.5x 9.11x 10.6x 12.9x 10.2x 8.64x
PBR 0.56x 0.48x 0.38x 0.93x 1.3x 1.87x 1.62x 1.43x
PEG - -0.3x 0.1x 0x 0.3x 0.5x 0.4x 0.5x
Capitalization / Revenue 0.13x 0.11x 0.08x 0.16x 0.23x 0.31x 0.25x 0.23x
EV / Revenue 0.06x 0.11x 0.08x 0.16x 0.17x 0.21x 0.19x 0.12x
EV / EBITDA 1.6x 2.93x 2.04x 3.69x 3.61x 5.55x 5.13x 3.37x
EV / EBIT 2.66x 5.53x 3.29x 5.02x 4.87x 7.08x 5.97x 3.63x
EV / FCF - - - - 4.83x 4.53x 72.7x 2.96x
FCF Yield - - - - 20.7% 22.1% 1.37% 33.7%
Dividend per Share 2 0.167 0.127 0.16 0.318 0.498 0.6117 0.7974 0.9234
Rate of return 4.12% 4.06% 6.27% 5.01% 4.8% 3.85% 5.02% 5.81%
EPS 2 0.475 0.1787 0.3001 0.6972 0.9824 1.234 1.565 1.84
Distribution rate 35.2% 71.1% 53.3% 45.6% 50.7% 49.6% 50.9% 50.2%
Net sales 1 74,847 71,351 78,986 99,322 114,583 129,868 162,560 177,139
EBITDA 1 2,832 2,673 3,138 4,343 5,313 4,857 6,059 6,575
EBIT 1 1,703 1,414 1,943 3,188 3,939 3,804 5,205 6,103
Net income 1 1,184 447 743.6 1,759 2,495 3,094 3,926 4,617
Net Debt 1 -5,511 - - - -6,985 -13,137 -9,012 -17,950
Reference price 2 4.05 3.13 2.55 6.35 10.38 15.90 15.90 15.90
Nbr of stocks (in thousands) 2,479,959 2,499,780 2,507,569 2,520,935 2,520,935 2,520,935 - -
Announcement Date 11/03/22 10/03/23 28/03/24 21/03/25 27/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
82.16x1.8x46.95x0.08% 9.24B
13.02x0.21x5.64x3.81% 5.17B
12.06x - - 4.16% 4.93B
15.4x - - 1.08% 1.85B
9.11x - - - 1.05B
Average 26.35x 1.00x 26.30x 2.28% 4.45B
Weighted average by Cap. 41.55x 1.23x 32.14x 2.02%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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