Company Valuation: TIM S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 31,828 30,012 43,397 35,047 50,945 45,791 - -
Change - -5.7% 44.6% -19.24% 45.36% -10.12% - -
Enterprise Value (EV) 1 34,940 43,835 55,039 45,560 62,057 57,997 57,496 56,877
Change - 25.46% 25.56% -17.22% 36.21% -6.54% -0.86% -1.08%
P/E 10.8x 18x 15.3x 11.1x 12x 10.3x 9.11x 8.46x
PBR 1.27x 1.18x 1.67x 1.33x 2.13x 1.99x 2.04x 2.05x
PEG - -0.4x 0.2x 1x 0.3x 2.28x 0.7x 1.1x
Capitalization / Revenue 1.76x 1.39x 1.82x 1.38x 1.91x 1.63x 1.57x 1.51x
EV / Revenue 1.93x 2.04x 2.31x 1.79x 2.33x 2.07x 1.97x 1.87x
EV / EBITDA 4x 4.36x 4.74x 3.61x 4.57x 4.03x 3.78x 3.56x
EV / EBIT 11.5x 13.9x 11.7x 8.27x 9.71x 8.09x 7.29x 6.56x
EV / FCF 7.29x 9.33x 6.95x 5.86x 6.97x 6.63x 5.86x 5.32x
FCF Yield 13.7% 10.7% 14.4% 17.1% 14.3% 15.1% 17.1% 18.8%
Dividend per Share 2 0.37 0.74 0.661 0.5992 2.24 2.171 2.259 2.333
Rate of return 2.81% 5.97% 3.69% 4.14% 10.5% 11.3% 11.8% 12.2%
EPS 2 1.22 0.69 1.17 1.3 1.778 1.858 2.105 2.267
Distribution rate 30.3% 107% 56.5% 46.1% 126% 117% 107% 103%
Net sales 1 18,058 21,531 23,834 25,448 26,625 28,035 29,227 30,413
EBITDA 1 8,738 10,049 11,620 12,625 13,577 14,403 15,216 15,976
EBIT 1 3,034 3,160 4,717 5,507 6,391 7,167 7,891 8,677
Net income 1 2,957 1,671 2,837 3,154 4,312 4,395 5,026 5,475
Net Debt 1 3,112 13,822 11,642 10,513 11,112 12,206 11,705 11,086
Reference price 2 13.15 12.40 17.93 14.48 21.34 19.17 19.17 19.17
Nbr of stocks (in thousands) 2,420,358 2,420,358 2,420,358 2,420,358 2,387,310 2,388,668 - -
Announcement Date 2/23/22 2/9/23 2/6/24 2/10/25 2/10/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.35x1.31x4.17x6.8% 226B
9.91x2.48x6.49x6.31% 185B
12.64x2.09x5.38x4.31% 140B
40.53x8.42x15.67x - 135B
11.6x0.95x3.61x6.42% 89.73B
13.53x1.86x8.11x3.09% 89.58B
13.68x2.05x5.14x2.41% 73.23B
13.85x2.58x8.13x5.32% 55B
22.17x5.13x18.72x4.9% 52.62B
Average 16.58x 2.98x 8.38x 4.94% 116.2B
Weighted average by Cap. 16.07x 2.86x 7.52x 5.36%

Y-o-Y evolution of P/E

Valuation ratios - P/E - TIM S.A.

Historical PBR trend

Valuation ratios - PBR - TIM S.A.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - TIM S.A.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - TIM S.A.


Year-on-year evolution of the Yield

Valuation ratios - Yield - TIM S.A.