Company Valuation: TCL Electronics Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,044 7,824 6,394 16,008 26,167 40,562 - -
Change - -22.1% -18.28% 150.35% 63.46% 55.01% - -
Enterprise Value (EV) 1 4,533 7,824 6,394 16,008 19,182 27,425 31,549 22,612
Change - 72.6% -18.28% 150.35% 19.83% 42.97% 15.04% -28.33%
P/E 8.53x 17.5x 8.5x 9.11x 10.6x 13x 10.3x 8.74x
PBR 0.56x 0.48x 0.38x 0.93x 1.3x 1.9x 1.64x 1.45x
PEG - -0.3x 0.1x 0x 0.3x 0.5x 0.4x 0.5x
Capitalization / Revenue 0.13x 0.11x 0.08x 0.16x 0.23x 0.31x 0.25x 0.23x
EV / Revenue 0.06x 0.11x 0.08x 0.16x 0.17x 0.21x 0.19x 0.13x
EV / EBITDA 1.6x 2.93x 2.04x 3.69x 3.61x 5.65x 5.21x 3.44x
EV / EBIT 2.66x 5.53x 3.29x 5.02x 4.87x 7.21x 6.06x 3.71x
EV / FCF - - - - 4.83x 4.61x 73.9x 3.03x
FCF Yield - - - - 20.7% 21.7% 1.35% 33%
Dividend per Share 2 0.167 0.127 0.16 0.318 0.498 0.6117 0.7974 0.9234
Rate of return 4.12% 4.06% 6.27% 5.01% 4.8% 3.8% 4.96% 5.74%
EPS 2 0.475 0.1787 0.3001 0.6972 0.9824 1.234 1.565 1.84
Distribution rate 35.2% 71.1% 53.3% 45.6% 50.7% 49.6% 50.9% 50.2%
Net sales 1 74,847 71,351 78,986 99,322 114,583 129,868 162,560 177,139
EBITDA 1 2,832 2,673 3,138 4,343 5,313 4,857 6,059 6,575
EBIT 1 1,703 1,414 1,943 3,188 3,939 3,804 5,205 6,103
Net income 1 1,184 447 743.6 1,759 2,495 3,094 3,926 4,617
Net Debt 1 -5,511 - - - -6,985 -13,137 -9,012 -17,950
Reference price 2 4.05 3.13 2.55 6.35 10.38 16.09 16.09 16.09
Nbr of stocks (in thousands) 2,479,959 2,499,780 2,507,569 2,520,935 2,520,935 2,520,935 - -
Announcement Date 3/11/22 3/10/23 3/28/24 3/21/25 3/27/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.04x0.21x5.65x3.8% 5.17B
80.28x1.75x45.87x0.08% 9.03B
11.86x - - 4.23% 4.84B
15.93x - - 1.04% 1.91B
9.33x - - - 1.08B
Average 26.09x 0.98x 25.76x 2.29% 4.4B
Weighted average by Cap. 40.40x 1.19x 31.22x 2.04%

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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