Company Valuation: THN Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 46,170 78,660 62,910 62,910 56,880 143,100
Change - 70.37% -20.02% 0% -9.59% 151.58%
Enterprise Value (EV) 1 121,341 179,565 156,241 140,165 132,316 170,929
Change - 47.98% -12.99% -10.29% -5.6% 29.18%
P/E -2.85x 4.58x -13.2x 2.21x 1.79x 2.08x
PBR 0.69x 0.91x 0.72x 0.56x 0.38x 0.64x
PEG - -0x 0x -0x 0.1x 0x
Capitalization / Revenue 0.13x 0.2x 0.13x 0.11x 0.09x 0.14x
EV / Revenue 0.35x 0.45x 0.33x 0.24x 0.2x 0.17x
EV / EBITDA 6.62x 6.32x 13.1x 2.48x 2.87x 1.93x
EV / EBIT 13.8x 9.28x 159x 3.25x 4.27x 2.44x
EV / FCF -9.62x -6.03x 42.8x 4.64x 268x 9.38x
FCF Yield -10.4% -16.6% 2.34% 21.6% 0.37% 10.7%
Dividend per Share 2 30 50 50 60 60 -
Rate of return 1.17% 1.14% 1.43% 1.72% 1.9% -
EPS 2 -900.8 954.9 -264.3 1,579 1,769 3,815
Distribution rate -3.33% 5.24% -18.9% 3.8% 3.39% -
Net sales 1 346,399 402,733 469,667 586,298 651,079 989,134
EBITDA 1 18,338 28,403 11,942 56,623 46,163 88,466
EBIT 1 8,799 19,359 979.7 43,063 30,964 69,977
Net income 1 -16,215 17,188 -4,757 28,423 31,843 68,663
Net Debt 1 75,171 100,905 93,331 77,255 75,436 27,829
Reference price 2 2,565.00 4,370.00 3,495.00 3,495.00 3,160.00 7,950.00
Nbr of stocks (in thousands) 18,000 18,000 18,000 18,000 18,000 18,000
Announcement Date 3/22/21 A 3/22/22 A 3/22/23 A 3/20/24 A 3/19/25 A 3/23/26 A
1KRW in Million2KRW
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 66.09M
18.23x2x10.96x1.6% 71.77B
18.8x1.29x9.93x1.98% 43B
14.26x0.64x4.66x4.05% 31.97B
11.75x0.56x4.88x3.98% 29.37B
7.89x0.47x5.97x1.91% 23.93B
14.23x2.58x8.87x4.28% 20.03B
29.6x1.17x12.39x0.62% 17.51B
19.82x0.87x10.46x3.34% 17.5B
10.34x0.49x4.75x3.07% 17.1B
Average 16.10x 1.12x 8.10x 2.76% 27.23B
Weighted average by Cap. 16.29x 1.26x 8.48x 2.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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