Company Valuation: ThinTech Materials Technology Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,679 2,517 2,091 2,613 7,577 6,162
Change - 49.89% -16.93% 24.96% 189.98% -18.67%
Enterprise Value (EV) 1 1,596 2,575 2,155 2,793 7,824 6,578
Change - 61.32% -16.31% 29.65% 180.07% -15.93%
P/E 35.7x 36.1x 25.6x 66x 107x -710x
PBR 1.45x 2.15x 1.75x 2.19x 4.12x 3.27x
PEG - 0.7x 1.5x -1.3x 4.7x 6x
Capitalization / Revenue 0.7x 0.84x 0.83x 1.09x 1.44x 1.08x
EV / Revenue 0.67x 0.86x 0.85x 1.16x 1.49x 1.15x
EV / EBITDA 14.2x 19.8x 17.9x 35.5x 45.1x 96.1x
EV / EBIT 22.8x 27.8x 25.4x 58.1x 87.1x -1,031x
EV / FCF 30.3x -45.8x 123x -32.3x 31.9x -29.1x
FCF Yield 3.3% -2.18% 0.81% -3.1% 3.14% -3.43%
Dividend per Share 2 0.8 0.9 1 0.587 0.4 -
Rate of return 3.5% 2.63% 3.51% 1.65% 0.57% -
EPS 2 0.64 0.95 1.11 0.5383 0.66 -0.08
Distribution rate 125% 94.7% 90.1% 109% 60.6% -
Net sales 1 2,398 3,003 2,527 2,405 5,266 5,715
EBITDA 1 112.7 130 120.1 78.66 173.6 68.46
EBIT 1 70.12 92.69 84.89 48.05 89.78 -6.383
Net income 1 47.32 70.31 82 39.57 49.78 -8.207
Net Debt 1 -83.44 57.34 63.63 180.5 246.6 415.3
Reference price 2 22.85 34.25 28.45 35.55 70.30 56.80
Nbr of stocks (in thousands) 73,498 73,498 73,498 73,501 107,783 108,494
Announcement Date 2/20/21 3/14/22 2/24/23 2/29/24 3/5/25 2/26/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 221M
9.37x2.2x5.73x6.95% 20.55B
30.11x2.5x20.18x0.64% 19.03B
23.81x7.65x14.31x0.12% 11.55B
7.74x1.13x4.8x9.82% 10.42B
23.28x7.25x13.71x0.31% 9.06B
21.63x - - 0.33% 8.71B
-154.87x17.83x57.31x-.--% 8.37B
5.19x0.85x2.57x8.14% 7.06B
Average -4.22x 5.63x 16.95x 3.29% 10.55B
Weighted average by Cap. 2.76x 4.81x 15.57x 3.4%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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