Company Valuation: T.S. Lines Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 896 1,771 2,992 - -
Change - 97.68% 68.9% - -
Enterprise Value (EV) 1 473.9 1,286 2,349 2,326 2,242
Change - 171.28% 82.7% -0.95% -3.62%
P/E 2.12x 5.34x 7.65x 7.98x 8.4x
PBR 0.45x 0.83x 1.26x 1.14x 1.04x
PEG - -0.2x 0.4x -1.91x -1.71x
Capitalization / Revenue 0.67x 1.38x 2.16x 2.03x 1.97x
EV / Revenue 0.35x 1x 1.7x 1.58x 1.48x
EV / EBITDA 0.91x 2.64x 4.45x 4.28x 4.22x
EV / EBIT 1.37x 3.88x 7.02x 6.87x 6.56x
EV / FCF -7.56x 4.26x 11.4x 24.2x 16.1x
FCF Yield -13.2% 23.5% 8.77% 4.13% 6.2%
Dividend per Share 3 0.8556 0.7834 0.9995 0.982 1.064
Rate of return 20.5% 9.46% 7.09% 6.97% 7.55%
EPS 3 1.976 1.551 1.842 1.765 1.678
Distribution rate 43.3% 50.5% 54.3% 55.6% 63.4%
Net sales 1 1,340 1,285 1,385 1,474 1,517
EBITDA 1 521.9 487.3 528 543.4 531.5
EBIT 1 344.9 331 334.5 338.7 341.7
Net income 1 365.9 328.9 393.5 377.1 376.2
Net Debt 1 -422.1 -485.7 -642.9 -665.2 -749.5
Reference price 3 4.18 8.28 14.09 14.09 14.09
Nbr of stocks (in thousands) 1,665,031 1,665,031 1,665,031 - -
Announcement Date 3/28/25 3/20/26 - - -
1HKD in Million2USD in Million3HKD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.65x1.7x4.45x7.09% 2.99B
9.09x0.74x3.6x4.01% 48.81B
7.5x0.61x2.5x7.28% 36.3B
43.92x1.34x8x1.6% 27.25B
10.84x4.4x8.74x3.04% 25.26B
11.09x1.47x10.94x3.76% 18.92B
9.33x2.17x14.43x2.91% 15.75B
11.68x3.91x9.81x7.01% 15.59B
11.1x0.8x3.57x3.25% 14.68B
7.65x2.72x7.13x2.46% 14.23B
Average 12.98x 1.98x 7.32x 4.24% 21.98B
Weighted average by Cap. 13.74x 1.75x 6.64x 4.14%

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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