Company Valuation: Tianma Microelectronics Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 32,000 21,284 26,175 22,193 22,193 15,954 -
Change - -33.49% 22.98% -15.21% 0% -28.11% -
Enterprise Value (EV) 1 57,835 47,810 55,627 50,357 46,638 20,819 16,684
Change - -17.33% 16.35% -9.47% -7.39% -55.36% -19.86%
P/E 20.7x 189x -12.5x -33.2x 132x 31.2x 26.2x
PBR 0.92x 0.71x 0.94x 0.81x 0.81x 0.54x 0.53x
PEG - -2x 0x 0.5x -1x 0x 1.4x
Capitalization / Revenue 1.01x 0.68x 0.81x 0.66x 0.61x 0.39x 0.34x
EV / Revenue 1.82x 1.52x 1.72x 1.5x 1.29x 0.5x 0.36x
EV / EBITDA 10.8x 11.5x 18.5x 9.26x 7.65x 4.55x 3.85x
EV / EBIT 35.6x 371x -28.9x -112x 174x -20.5x -20x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 0.07 - - - - 0.02 0.03
Rate of return 0.54% - - - - 0.31% 0.46%
EPS 2 0.6276 0.0458 -0.8535 -0.272 0.0682 0.21 0.25
Distribution rate 11.2% - - - - 9.52% 12%
Net sales 1 31,829 31,447 32,271 33,494 36,227 41,371 46,887
EBITDA 1 5,374 4,171 3,015 5,439 6,099 4,574 4,338
EBIT 1 1,623 129 -1,926 -449 268.7 -1,014 -835.6
Net income 1 1,542 112.5 -2,098 -668.6 167.4 526.9 616.8
Net Debt 1 25,835 26,526 29,452 28,163 24,444 4,865 729.5
Reference price 2 13.020 8.660 10.650 9.030 9.030 6.550 6.550
Nbr of stocks (in thousands) 2,457,748 2,457,748 2,457,748 2,457,748 2,457,748 2,435,776 -
Announcement Date 3/14/22 3/14/23 3/14/24 3/14/25 3/13/26 - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.52x0.51x4.59x0.3% 2.4B
55.75x6.75x23.24x0.81% 124B
27.09x1.2x5.85x1.25% 31.75B
15.27x0.99x5.79x3.91% 14.82B
25.2x1.34x10.03x2.04% 12.33B
27.15x0.82x8.5x1.31% 6.27B
13.45x4.4x10.94x4.21% 5.61B
Average 27.92x 2.29x 9.85x 1.98% 28.19B
Weighted average by Cap. 43.78x 4.76x 17.26x 1.3%

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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