Company Valuation: GTM Holdings Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,033 5,257 5,288 6,406 6,833 7,026
Change - 4.44% 0.58% 21.15% 6.67% 2.83%
Enterprise Value (EV) 1 7,021 7,841 7,669 8,692 8,866 9,172
Change - 11.68% -2.19% 13.34% 2.01% 3.44%
P/E 14.1x 11.5x 13x 11.2x 10.4x 14.4x
PBR 0.79x 0.77x 0.74x 0.84x 0.82x 0.84x
PEG - 0.4x -1.2x 0.3x 0.7x -0.6x
Capitalization / Revenue 8.31x 7.53x 6.59x 7.42x 8.08x 7.58x
EV / Revenue 11.6x 11.2x 9.56x 10.1x 10.5x 9.9x
EV / EBITDA 15.2x 16.6x 14.7x 15.7x 17.1x 15.6x
EV / EBIT 18.9x 21.2x 18.4x 19.5x 23.4x 22.4x
EV / FCF 24.1x 41.1x 15.6x 22x 34.4x 22.2x
FCF Yield 4.15% 2.43% 6.41% 4.54% 2.91% 4.5%
Dividend per Share 2 0.7 0.9 0.8 1.13 1.35 0.9636
Rate of return 2.83% 3.48% 3.08% 3.59% 4.02% 2.79%
EPS 2 1.75 2.25 2 2.81 3.24 2.4
Distribution rate 40% 40% 40% 40.2% 41.7% 40.1%
Net sales 1 605.4 698 801.9 863.7 845.8 926.7
EBITDA 1 461.3 472.4 521.3 553 519.7 589.8
EBIT 1 372.4 369.7 416.3 444.6 379.6 409.4
Net income 1 357.9 458.3 407.5 573.8 661.3 489.3
Net Debt 1 1,988 2,584 2,381 2,286 2,033 2,145
Reference price 2 24.75 25.85 26.00 31.50 33.60 34.55
Nbr of stocks (in thousands) 203,371 203,371 203,371 203,371 203,371 203,371
Announcement Date 3/19/21 3/14/22 3/16/23 3/15/24 3/14/25 3/16/26
1TWD in Million2TWD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 193M
15.68x4.94x13.3x3.23% 44.6B
8.45x1.48x7.55x4.18% 29.72B
19.91x4.14x16.91x1.25% 29.33B
5.58x0.6x1.23x9.03% 26.66B
14.34x3.11x14.91x2.45% 25.48B
9.07x2.34x7.2x3.85% 21.38B
14.8x6.76x18.15x1.45% 20.76B
Average 12.55x 3.34x 11.32x 3.63% 24.77B
Weighted average by Cap. 12.88x 3.39x 11.40x 3.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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