Company Valuation: TCM Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,290 1,290 1,313 1,046 503.7 274.8
Change - 0% 1.78% -20.35% -51.82% -45.45%
Enterprise Value (EV) 1 3,856 4,269 4,240 3,881 3,428 2,948
Change - 10.7% -0.68% -8.46% -11.67% -14%
P/E -31.4x -8.44x 12.4x 20.8x -0.6x -0.33x
PBR 0.55x 0.55x 0.56x 0.44x 0.34x 0.34x
PEG - -0x -0x -0.4x 0x -2.39x
Capitalization / Revenue 0.19x 0.17x 0.14x 0.13x 0.08x 0.06x
EV / Revenue 0.56x 0.55x 0.47x 0.48x 0.56x 0.59x
EV / EBITDA 10.6x 22.5x 8.98x 7.56x 28.4x 10.1x
EV / EBIT 27.1x -123x 16.8x 13.7x -29.9x 43.5x
EV / FCF 9.96x -29x 20.8x 23x 54.9x 7.96x
FCF Yield 10% -3.44% 4.81% 4.34% 1.82% 12.6%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0538 -0.2003 0.1391 0.0658 -1.104 -1.105
Distribution rate - - - - - -
Net sales 1 6,865 7,795 9,110 8,032 6,143 4,991
EBITDA 1 364.6 190 472.2 513.3 120.6 293.1
EBIT 1 142.4 -34.82 252.2 284.2 -114.5 67.75
Net income 1 -41.03 -152.8 106.2 50.25 -842.4 -843.6
Net Debt 1 2,567 2,979 2,928 2,836 2,925 2,674
Reference price 2 1.6900 1.6900 1.7200 1.3700 0.6600 0.3600
Nbr of stocks (in thousands) 763,201 763,201 763,201 763,201 763,201 763,201
Announcement Date 2/28/21 2/28/22 2/28/23 2/29/24 3/2/25 2/28/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.79x0.61x3.45x7.51% 1.53B
12.26x0.6x6.87x1.79% 1.52B
15.24x1.65x10.51x5.1% 1.35B
10.14x - - - 678M
25.75x - - - 523M
7.6x - - 3.97% 483M
44.72x2.95x23.63x - 446M
Average 17.50x 1.45x 11.11x 4.59% 932.73M
Weighted average by Cap. 14.33x 1.11x 8.35x 4.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA