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 40,360 - -
Change - -22.1% -18.28% 150.35% 63.46% 54.24% - -
Enterprise Value (EV) 1 4,533 7,824 6,394 16,008 19,182 27,223 31,348 22,410
Change - 72.6% -18.28% 150.35% 19.83% 41.92% 15.15% -28.51%
P/E 8.53x 17.5x 8.5x 9.11x 10.6x 13.1x 10.4x 8.82x
PBR 0.56x 0.48x 0.38x 0.93x 1.3x 1.89x 1.65x 1.46x
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 0.31x 0.25x 0.23x
EV / Revenue 0.06x 0.11x 0.08x 0.16x 0.17x 0.21x 0.19x 0.13x
EV / EBITDA 1.6x 2.93x 2.04x 3.69x 3.61x 5.56x 5.2x 3.37x
EV / EBIT 2.66x 5.53x 3.29x 5.02x 4.87x 7.16x 6.02x 3.67x
EV / FCF - - - - 4.83x 2.1x 73.4x 3x
FCF Yield - - - - 20.7% 47.6% 1.36% 33.3%
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% 3.79% 5% 5.62%
EPS 2 0.475 0.1787 0.3001 0.6972 0.9824 1.22 1.541 1.814
Distribution rate 35.2% 71.1% 53.3% 45.6% 50.7% 49.7% 51.9% 49.6%
Net sales 1 74,847 71,351 78,986 99,322 1,14,583 1,30,134 1,61,414 1,77,127
EBITDA 1 2,832 2,673 3,138 4,343 5,313 4,894 6,029 6,647
EBIT 1 1,703 1,414 1,943 3,188 3,939 3,804 5,205 6,103
Net income 1 1,184 447 743.6 1,759 2,495 3,082 3,888 4,584
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 16.01 16.01 16.01
Nbr of stocks (in thousands) 24,79,959 24,99,780 25,07,569 25,20,935 25,20,935 25,20,935 - -
Announcement Date 11/03/22 10/03/23 28/03/24 21/03/25 27/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.12x0.21x5.56x3.79% 514.74Cr
78.57x1.72x44.89x0.08% 872.31Cr
12.92x - - 3.89% 524.84Cr
15.41x - - 1.12% 177.02Cr
9.44x - - - 109.33Cr
Average 25.89x 0.96x 25.23x 2.22% 439.65Cr
Weighted average by Cap. 39.04x 1.16x 30.30x 2.04%

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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