Company Valuation: TKC Corporation

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 1,78,953 1,85,287 1,79,824 1,89,814 1,99,464 2,16,952
Change - 3.54% -2.95% 5.56% 5.08% 8.77%
Enterprise Value (EV) 1 1,54,256 1,60,317 1,51,090 1,58,537 1,66,238 1,80,316
Change - 3.93% -5.76% 4.93% 4.86% 8.47%
P/E 22.9x 21.3x 19.3x 17.6x 17.7x 18.1x
PBR 2.32x 2.22x 2.06x 1.99x 1.95x 2x
PEG - 2x 2.5x 1.1x 3.78x 2.16x
Capitalization / Revenue 2.64x 2.8x 2.65x 2.64x 2.65x 2.6x
EV / Revenue 2.27x 2.42x 2.23x 2.2x 2.21x 2.16x
EV / EBITDA 10.7x 10.5x 9.21x 8.87x 8.74x 8.73x
EV / EBIT 13.6x 13x 11.3x 11.1x 10.7x 11.2x
EV / FCF 20x 23.4x 15.3x 23.5x 19.6x 24x
FCF Yield 5% 4.28% 6.55% 4.26% 5.1% 4.17%
Dividend per Share 2 60 65 72 78 90 100
Rate of return 1.76% 1.85% 2.1% 2.14% 2.35% 2.36%
EPS 2 148.8 164.9 177.6 206.5 216.2 234.3
Distribution rate 40.3% 39.4% 40.5% 37.8% 41.6% 42.7%
Net sales 1 67,814 66,221 67,838 71,915 75,219 83,476
EBITDA 1 14,451 15,260 16,401 17,872 19,024 20,645
EBIT 1 11,381 12,315 13,351 14,339 15,507 16,143
Net income 1 7,821 8,686 9,317 10,826 11,274 12,094
Net Debt 1 -24,697 -24,970 -28,734 -31,277 -33,226 -36,636
Reference price 2 3,405.00 3,515.00 3,430.00 3,640.00 3,825.00 4,230.00
Nbr of stocks (in thousands) 52,556 52,713 52,427 52,147 52,147 51,289
Announcement Date 21/12/20 20/12/21 19/12/22 18/12/23 23/12/24 11/12/25
1JPY in Million2JPY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 124.7Cr
36.37x6.63x23.54x0.94% 7.98TCr
38.09x1.27x13.64x0.98% 1.69TCr
30.11x3.49x11.7x1.53% 1.56TCr
20.27x2.07x10.2x3.63% 1.42TCr
25.4x2.84x12.14x2.97% 1.21TCr
25.19x3.51x13.51x2.3% 804.53Cr
15.79x0.67x9.41x1.36% 715.25Cr
9.54x1.13x6.02x2.2% 568.96Cr
19.28x0.41x9.52x3.86% 544.89Cr
Average 24.45x 2.45x 12.19x 2.2% 1.66TCr
Weighted average by Cap. 30.84x 4.31x 17.25x 1.61%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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