Company Valuation: TP Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 90,668 104,177 79,368 105,117 68,700 88,051
Change - 14.9% -23.81% 32.44% -34.64% 28.17%
Enterprise Value (EV) 1 379,361 475,060 408,829 398,778 374,944 369,973
Change - 25.23% -13.94% -2.46% -5.98% -1.33%
P/E -7.49x -7.54x 3.8x 16.7x 3.12x 2.3x
PBR 0.54x 0.63x 0.39x 0.51x 0.28x 0.31x
PEG - -0.5x -0x -0.2x 0x 0x
Capitalization / Revenue 0.12x 0.12x 0.07x 0.11x 0.06x 0.09x
EV / Revenue 0.48x 0.53x 0.38x 0.43x 0.35x 0.36x
EV / EBITDA 23.7x 24.9x 4.69x 6.78x 5.53x 4.52x
EV / EBIT -193x 345x 5.97x 9.83x 7.66x 5.97x
EV / FCF 43.2x -10.3x 6.92x 10.4x -46.3x -69.7x
FCF Yield 2.31% -9.7% 14.5% 9.58% -2.16% -1.44%
Dividend per Share 2 - - 30 35 50 -
Rate of return - - 1.75% 1.61% 3.54% -
EPS 2 -264.4 -301.5 451.8 130 452 818.9
Distribution rate - - 6.64% 26.9% 11.1% -
Net sales 1 785,040 892,928 1,084,607 920,175 1,064,151 1,028,989
EBITDA 1 16,027 19,086 87,252 58,811 67,824 81,894
EBIT 1 -1,966 1,375 68,441 40,575 48,932 62,006
Net income 1 -12,149 -13,807 25,065 6,046 22,159 38,226
Net Debt 1 288,693 370,883 329,462 293,661 306,244 281,922
Reference price 2 1,980.00 2,275.00 1,715.00 2,175.00 1,412.00 1,886.00
Nbr of stocks (in thousands) 45,792 45,792 46,278 48,330 48,654 46,687
Announcement Date 3/23/21 A 3/22/22 A 3/22/23 A 3/20/24 A 3/19/25 A 3/18/26 A
1KRW in Million2KRW
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 56.85M
18.32x2.8x9.25x3.18% 234B
18.3x2.41x12.22x1.14% 20.16B
18.34x3.51x8.66x3.18% 13.73B
9.97x0.85x4.37x-.--% 10.63B
17.11x2x7.86x2.18% 8.63B
12.76x1.3x8.53x3.04% 7.56B
9.86x1.28x5.6x7.92% 6.27B
Average 14.95x 2.02x 8.07x 2.95% 37.61B
Weighted average by Cap. 17.67x 2.64x 9.12x 3%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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