Company Valuation: TON Strategy Company

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 77.04 87.38 19.06 3.327 6.495 117.6
Change - 13.42% -78.18% -82.55% 95.2% 1,710.56%
Enterprise Value (EV) 1 81.4 94.43 27.35 1.354 -5.571 78.31
Change - 16% -71.04% -95.05% -511.43% 1,505.52%
P/E - - -0.42x -0.05x -0.34x -0.33x
PBR - - 3.71x 25.2x 0.4x 0.28x
PEG - - - 0x 0x 0x
Capitalization / Revenue 7.73x 8.3x 2.02x 52.8x 7.26x 9.2x
EV / Revenue 8.17x 8.97x 2.9x 21.5x -6.22x 6.13x
EV / EBITDA -3.5x -2.95x -1.08x -0.1x 0.48x -2.39x
EV / EBIT -3.29x -2.8x -1.02x -0.1x 0.48x -2.37x
EV / FCF -30.8x -5.56x -1.53x -0.17x 0.6x 82.5x
FCF Yield -3.25% -18% -65.4% -593% 167% 1.21%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 - - -3,105 -651.8 -19.36 -5.959
Distribution rate - - - - - -
Net sales 1 9.965 10.52 9.435 0.063 0.895 12.78
EBITDA 1 -23.23 -32.04 -25.23 -13.67 -11.56 -32.73
EBIT 1 -24.74 -33.71 -26.83 -13.8 -11.64 -33.02
Net income 1 -24.96 -34.49 -37.44 -21.99 -10.33 -148.5
Net Debt 1 4.369 7.05 8.287 -1.973 -12.07 -39.28
Reference price 2 13,200.000 9,920.000 1,312.800 34.420 6.540 1.990
Nbr of stocks (in thousands) 5.84 8.81 14.5 96.7 993 59,091
Announcement Date 3/31/21 3/31/22 4/17/23 4/1/24 3/25/25 3/31/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 192M
16.29x4.44x10.38x1.27% 554B
20.76x6.12x18.41x-.--% 313B
24.29x2.6x13.47x-.--% 151B
4.23x88.55x3.21x0.13% 108B
32.54x3.95x25.97x-.--% 97.89B
11.15x8.39x94.68x0.6% 97.83B
29.07x5.52x15.59x-.--% 87.72B
73.27x4.29x20.94x-.--% 81.2B
9.04x3.03x44.55x0.68% 40.32B
Average 24.52x 14.10x 27.47x 0.3% 153.1B
Weighted average by Cap. 21.42x 10.76x 19.96x 0.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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