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 43,133 - -
Change - -22.1% -18.28% 150.35% 63.46% 64.84% - -
Enterprise Value (EV) 1 4,533 7,824 6,394 16,008 19,182 31,650 34,583 27,735
Change - 72.6% -18.28% 150.35% 19.83% 65% 9.27% -19.8%
P/E 8.53x 17.5x 8.5x 9.11x 10.6x 13.6x 11.2x 9.62x
PBR 0.56x 0.48x 0.38x 0.93x 1.3x 2.01x 1.75x 1.54x
PEG - -0.3x 0.1x 0x 0.3x 0.5x 0.5x 0.6x
Capitalization / Revenue 0.13x 0.11x 0.08x 0.16x 0.23x 0.33x 0.27x 0.25x
EV / Revenue 0.06x 0.11x 0.08x 0.16x 0.17x 0.24x 0.22x 0.16x
EV / EBITDA 1.6x 2.93x 2.04x 3.69x 3.61x 6.45x 5.9x 4.4x
EV / EBIT 2.66x 5.53x 3.29x 5.02x 4.87x 8.25x 6.88x 4.73x
EV / FCF - - - - 4.83x 6.12x 31.4x 4.25x
FCF Yield - - - - 20.7% 16.3% 3.19% 23.5%
Dividend per Share 2 0.167 0.127 0.16 0.318 0.498 0.64 0.8333 0.95
Rate of return 4.12% 4.06% 6.27% 5.01% 4.8% 3.74% 4.87% 5.55%
EPS 2 0.475 0.1787 0.3001 0.6972 0.9824 1.256 1.521 1.778
Distribution rate 35.2% 71.1% 53.3% 45.6% 50.7% 51% 54.8% 53.4%
Net sales 1 74,847 71,351 78,986 99,322 114,583 130,370 157,871 171,424
EBITDA 1 2,832 2,673 3,138 4,343 5,313 4,904 5,858 6,301
EBIT 1 1,703 1,414 1,943 3,188 3,939 3,837 5,025 5,863
Net income 1 1,184 447 743.6 1,759 2,495 3,132 3,879 4,570
Net Debt 1 -5,511 - - - -6,985 -11,483 -8,550 -15,398
Reference price 2 4.05 3.13 2.55 6.35 10.38 17.11 17.11 17.11
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.($)
13.7x0.24x6.5x3.72% 5.53B
82.16x1.8x46.95x0.08% 9.31B
13.26x - - 3.78% 5.44B
16.91x - - 2.43% 1.94B
8.72x - - - 1.01B
Average 26.95x 1.02x 26.73x 2.5% 4.65B
Weighted average by Cap. 41.08x 1.22x 31.87x 2.1%

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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