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 33,982 - -
Change - -22.1% -18.28% 150.35% 63.46% 29.87% - -
Enterprise Value (EV) 1 4,533 7,824 6,394 16,008 19,182 20,845 24,970 16,032
Change - 72.6% -18.28% 150.35% 19.83% 8.67% 19.79% -35.79%
P/E 8.53x 17.5x 8.5x 9.11x 10.6x 11.1x 9.08x 7.86x
PBR 0.56x 0.48x 0.38x 0.93x 1.3x 1.6x 1.45x 1.3x
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 0.26x 0.22x 0.2x
EV / Revenue 0.06x 0.11x 0.08x 0.16x 0.17x 0.16x 0.16x 0.1x
EV / EBITDA 1.6x 2.93x 2.04x 3.69x 3.61x 4.28x 4.28x 2.6x
EV / EBIT 2.66x 5.53x 3.29x 5.02x 4.87x 5.52x 4.95x 2.79x
EV / FCF - - - - 4.83x 1.61x 58.5x 2.15x
FCF Yield - - - - 20.7% 62.2% 1.71% 46.6%
Dividend per Share 2 0.167 0.127 0.16 0.318 0.498 0.6067 0.8 0.9
Rate of return 4.12% 4.06% 6.27% 5.01% 4.8% 4.5% 5.93% 6.68%
EPS 2 0.475 0.1787 0.3001 0.6972 0.9824 1.21 1.484 1.715
Distribution rate 35.2% 71.1% 53.3% 45.6% 50.7% 50.1% 53.9% 52.5%
Net sales 1 74,847 71,351 78,986 99,322 114,583 128,958 153,567 167,274
EBITDA 1 2,832 2,673 3,138 4,343 5,313 4,865 5,832 6,169
EBIT 1 1,703 1,414 1,943 3,188 3,939 3,779 5,040 5,751
Net income 1 1,184 447 743.6 1,759 2,495 3,059 3,746 4,333
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 13.48 13.48 13.48
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 3/11/22 A 3/10/23 A 3/28/24 A 3/21/25 A 3/27/26 A - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.71x0.2x5.23x3.88% 4.92B
77.56x1.69x44.31x0.08% 8.67B
12.56x - - 4% 5.1B
16.3x - - 1.05% 1.87B
9.27x - - - 1.07B
Average 25.68x 0.95x 24.77x 2.25% 4.33B
Weighted average by Cap. 38.79x 1.15x 30.16x 2.05%

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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