Financials TCL Technology Group Corporation

Equities

000100

CNE000001GL8

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
4.93 ^CNY	+1.86%		-1.00%	+14.65%

03/04	Tranche Update on TCL Technology Group Corporation's Equity Buyback Plan announced on November 28, 2023.	CI
20/02	LG Display draws interest in China plant sale - newspaper	RE

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	33,197	58,417	95,335	83,782	62,020	90,413	90,413	-
Enterprise Value (EV) ¹	75,496	1,08,522	1,90,950	1,75,082	1,78,425	2,00,923	1,98,825	1,94,565
P/E ratio	9.56 x	23.1 x	21.9 x	8.39 x	201 x	29.5 x	13.1 x	9.86 x
Yield	4.08%	2.24%	1.69%	2.43%	-	0.85%	2.59%	2.79%
Capitalization / Revenue	0.29 x	0.78 x	1.24 x	0.51 x	0.37 x	0.51 x	0.46 x	0.41 x
EV / Revenue	0.67 x	1.45 x	2.49 x	1.07 x	1.07 x	1.13 x	1 x	0.89 x
EV / EBITDA	6.26 x	8.86 x	12 x	4.99 x	7.83 x	5.99 x	4.61 x	3.91 x
EV / FCF	-3.38 x	-12.7 x	-11.7 x	86.5 x	-	-27.5 x	-153 x	20.7 x
FCF Yield	-29.6%	-7.86%	-8.58%	1.16%	-	-3.64%	-0.65%	4.84%
Price to Book	1.09 x	2.01 x	2.93 x	2.02 x	1.25 x	1.71 x	1.57 x	1.39 x
Nbr of stocks (in thousands)	1,49,04,613	1,43,75,657	1,48,12,000	1,49,36,807	1,83,39,325	1,83,39,325	1,83,39,325	-
Reference price ²	2.227	4.064	6.436	5.609	3.382	4.930	4.930	4.930
Announcement Date	19/03/19	30/03/20	10/03/21	10/03/22	30/03/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,13,447	74,933	76,677	1,63,541	1,66,553	1,77,886	1,98,543	2,18,494
EBITDA ¹	12,063	12,249	15,905	35,055	22,796	33,531	43,147	49,814
EBIT ¹	4,092	3,977	5,360	17,353	419	10,332	14,853	17,680
Operating Margin	3.61%	5.31%	6.99%	10.61%	0.25%	5.81%	7.48%	8.09%
Earnings before Tax (EBT) ¹	4,944	4,056	5,735	17,564	1,057	8,070	14,610	15,132
Net income ¹	3,468	2,618	4,388	10,057	261.3	2,634	5,577	9,108
Net margin	3.06%	3.49%	5.72%	6.15%	0.16%	1.48%	2.81%	4.17%
EPS ²	0.2329	0.1759	0.2933	0.6686	0.0168	0.1671	0.3768	0.4999
Free Cash Flow ¹	-22,312	-8,533	-16,379	2,023	-	-7,309	-1,301	9,414
FCF margin	-19.67%	-11.39%	-21.36%	1.24%	-	-4.11%	-0.66%	4.31%
FCF Conversion (EBITDA)	-	-	-	5.77%	-	-	-	18.9%
FCF Conversion (Net income)	-	-	-	20.12%	-	-	-	103.36%
Dividend per Share ²	0.0909	0.0909	0.1091	0.1364	-	0.0420	0.1275	0.1373
Announcement Date	19/03/19	30/03/20	10/03/21	10/03/22	30/03/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S1	2020 S2	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	43,782	29,333	47,344	42,155	46,630	42,612	40,567	43,955	41,993	40,038	82,031	39,443	45,705	47,960	45,267	-	43,393	47,728	51,123	52,020
EBITDA ¹	-	-	-	-	9,084	3,281	6,404	4,216	5,418	-	-	-	-	-	9,129	-	9,744	11,976	13,378	-
EBIT ¹	-	-	4,599	6,893	4,614	2,329	1,863	-568.9	-197.2	-678	-	43.62	2,270	3,859	3,577	8,256	2,748	3,711	4,485	4,709
Operating Margin	-	-	9.71%	16.35%	9.89%	5.47%	4.59%	-1.29%	-0.47%	-1.69%	-	0.11%	4.97%	8.05%	7.9%	-	6.33%	7.78%	8.77%	9.05%
Earnings before Tax (EBT) ¹	-	-	4,502	-	-	-	-	-	-	-	-	50.51	2,240	3,785	2,357	8,414	2,474	3,494	4,403	4,315
Net income ¹	2,092	1,208	3,180	4,380	2,318	955.5	1,353	-689	-382.9	-19.35	-	-549	889.5	1,271	618.6	4,958	220.4	1,280	1,331	2,289
Net margin	4.78%	4.12%	6.72%	10.39%	4.97%	2.24%	3.33%	-1.57%	-0.91%	-0.05%	-	-1.39%	1.95%	2.65%	1.37%	-	0.51%	2.68%	2.6%	4.4%
EPS ²	-	-	0.2091	0.2818	0.1546	0.0818	0.0903	-0.0454	-0.0273	-0.000730	-	-0.0296	0.0477	0.0700	0.0692	-	0.0482	0.0854	0.1208	0.1159
Dividend per Share ²	-	-	-	-	-	0.1364	-	-	-	-	-	-	-	-	0.0238	-	-	-	-	0.0545
Announcement Date	12/08/19	28/08/20	10/03/21	09/08/21	26/10/21	10/03/22	27/04/22	26/08/22	21/10/22	30/03/23	30/03/23	27/04/23	29/08/23	27/10/23	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	42,300	50,105	95,615	91,300	1,16,405	1,10,511	1,08,412	1,04,152
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.507 x	4.091 x	6.012 x	2.604 x	5.106 x	3.296 x	2.513 x	2.091 x
Free Cash Flow ¹	-22,312	-8,533	-16,379	2,023	-	-7,309	-1,301	9,414
ROE (net income / shareholders' equity)	12%	9.09%	13.8%	26.5%	0.52%	5.88%	10.6%	12.9%
ROA (Net income/ Total Assets)	1.97%	1.46%	2.08%	3.55%	-	0.6%	1.4%	2%
Assets ¹	1,76,499	1,78,809	2,11,376	2,83,676	-	4,38,974	3,98,322	4,55,399
Book Value Per Share ²	2.050	2.020	2.200	2.770	2.700	2.880	3.140	3.540
Cash Flow per Share ²	0.7000	0.7700	1.080	2.130	-	1.220	3.000	2.740
Capex ¹	32,798	20,023	33,077	30,666	40,677	33,705	31,787	29,239
Capex / Sales	28.91%	26.72%	43.14%	18.75%	24.42%	18.95%	16.01%	13.38%
Announcement Date	19/03/19	30/03/20	10/03/21	10/03/22	30/03/23	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TCL Technology Group Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.93 CNY

Average target price

4.921 CNY

Spread / Average Target

-0.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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