Company Valuation: TS Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 192,990 270,884 228,278 285,235 236,213 243,633
Change - 40.36% -15.73% 24.95% -17.19% 3.14%
Enterprise Value (EV) 1 418,359 526,564 442,095 466,060 394,888 321,757
Change - 25.86% -16.04% 5.42% -15.27% -18.52%
P/E 8.77x 13.7x 9.23x 8.98x 12.1x -3.99x
PBR 0.4x 0.53x 0.43x 0.52x 0.42x 0.51x
PEG - -0.9x 0.4x 0.3x -0.3x 0x
Capitalization / Revenue 0.16x 0.21x 0.17x 0.21x 0.17x 0.18x
EV / Revenue 0.34x 0.42x 0.32x 0.35x 0.29x 0.24x
EV / EBITDA 6.78x 9.33x 8.6x 7.76x 7.83x 4.73x
EV / EBIT 9.09x 12.5x 11.6x 9.87x 10.7x 5.69x
EV / FCF 7.99x -14.5x 14.4x 93.8x 8.47x 2.6x
FCF Yield 12.5% -6.89% 6.92% 1.07% 11.8% 38.5%
Dividend per Share 2 90 110 120 115 120 120
Rate of return 3.92% 3.64% 4.72% 3.62% 4.49% 4.25%
EPS 2 261.6 220 275.7 354 220.9 -708
Distribution rate 34.4% 50% 43.5% 32.5% 54.3% -16.9%
Net sales 1 1,214,452 1,261,349 1,378,076 1,332,350 1,373,829 1,356,276
EBITDA 1 61,662 56,419 51,416 60,095 50,430 68,006
EBIT 1 46,016 42,052 38,051 47,217 36,997 56,556
Net income 1 22,611 20,173 25,543 32,573 20,491 -60,396
Net Debt 1 225,368 255,680 213,817 180,825 158,676 78,124
Reference price 2 2,295.00 3,020.00 2,545.00 3,180.00 2,670.00 2,825.00
Nbr of stocks (in thousands) 84,092 89,697 89,697 89,697 88,469 86,242
Announcement Date 3/9/21 A 3/15/22 A 3/16/23 A 3/14/24 A 3/13/25 A 3/19/26 A
1KRW in Million2KRW
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 174M
20.63x2.84x14.18x3.95% 256B
20.44x2.55x15.21x3.21% 81.86B
17.59x1.82x10.29x3.56% 49.72B
15.13x0.56x10.09x2.55% 39.38B
22.8x3.43x13.91x3.07% 37.84B
37x3.18x18.47x0.98% 32.16B
-108.86x1.92x9.55x6.26% 30.32B
67.48x10.36x42.96x1.13% 29.36B
Average 11.52x 3.33x 16.83x 3.09% 61.83B
Weighted average by Cap. 16.45x 2.95x 15.19x 3.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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