Company Valuation: TS Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,92,990 2,70,884 2,28,278 2,85,235 2,36,213 2,43,633
Change - 40.36% -15.73% 24.95% -17.19% 3.14%
Enterprise Value (EV) 1 4,18,359 5,26,564 4,42,095 4,66,060 3,94,888 3,21,757
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 12,14,452 12,61,349 13,78,076 13,32,350 13,73,829 13,56,276
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 2,25,368 2,55,680 2,13,817 1,80,825 1,58,676 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 09/03/21 15/03/22 16/03/23 14/03/24 13/03/25 19/03/26
1KRW in Million2KRW
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 17Cr
19.66x2.7x13.49x4.2% 23TCr
18.1x2.36x14.09x3.54% 7.43TCr
15.92x1.67x9.48x3.97% 4.28TCr
14.9x0.53x9.56x2.59% 3.88TCr
19.39x2.97x12.07x3.6% 3.22TCr
35.68x3.08x17.97x1.04% 3.15TCr
25.03x5.24x16.69x3.35% 2.84TCr
-7.82x1.76x8.76x7.23% 2.63TCr
Average 17.61x 2.54x 12.77x 3.69% 5.63TCr
Weighted average by Cap. 18.60x 2.53x 13.06x 3.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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