Company Valuation: TP Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 90,668 104,177 79,368 105,117 68,700 88,051
Change - 14.9% -23.81% 32.44% -34.64% 28.17%
Enterprise Value (EV) 1 379,361 475,060 408,829 398,778 374,944 369,973
Change - 25.23% -13.94% -2.46% -5.98% -1.33%
P/E -7.49x -7.54x 3.8x 16.7x 3.12x 2.3x
PBR 0.54x 0.63x 0.39x 0.51x 0.28x 0.31x
PEG - -0.5x -0x -0.2x 0x 0x
Capitalization / Revenue 0.12x 0.12x 0.07x 0.11x 0.06x 0.09x
EV / Revenue 0.48x 0.53x 0.38x 0.43x 0.35x 0.36x
EV / EBITDA 23.7x 24.9x 4.69x 6.78x 5.53x 4.52x
EV / EBIT -193x 345x 5.97x 9.83x 7.66x 5.97x
EV / FCF 43.2x -10.3x 6.92x 10.4x -46.3x -69.7x
FCF Yield 2.31% -9.7% 14.5% 9.58% -2.16% -1.44%
Dividend per Share 2 - - 30 35 50 -
Rate of return - - 1.75% 1.61% 3.54% -
EPS 2 -264.4 -301.5 451.8 130 452 818.9
Distribution rate - - 6.64% 26.9% 11.1% -
Net sales 1 785,040 892,928 1,084,607 920,175 1,064,151 1,028,989
EBITDA 1 16,027 19,086 87,252 58,811 67,824 81,894
EBIT 1 -1,966 1,375 68,441 40,575 48,932 62,006
Net income 1 -12,149 -13,807 25,065 6,046 22,159 38,226
Net Debt 1 288,693 370,883 329,462 293,661 306,244 281,922
Reference price 2 1,980.00 2,275.00 1,715.00 2,175.00 1,412.00 1,886.00
Nbr of stocks (in thousands) 45,792 45,792 46,278 48,330 48,654 46,687
Announcement Date 3/23/21 3/22/22 3/22/23 3/20/24 3/19/25 3/18/26
1KRW in Million2KRW
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 51.97M
22.61x3.34x11.25x2.58% 281B
20.38x2.64x13.43x1.03% 22.26B
21.27x4.05x9.9x2.68% 15.76B
10.63x1.03x4.94x-.--% 13.33B
13.88x2.11x8.9x1.94% 9.7B
15.5x1.54x10.1x2.5% 9.19B
13x1.65x7.19x6.46% 7.19B
16.56x1.01x9.59x2.1% 6.76B
Average 16.73x 2.17x 9.41x 2.41% 40.64B
Weighted average by Cap. 21.27x 3.09x 10.89x 2.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA