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.($)
- - - - 52.48M
22.95x3.39x11.4x2.55% 286B
21.15x2.73x13.92x0.99% 23.1B
21.84x4.16x10.17x2.61% 16.18B
10.75x1.05x5.01x-.--% 13.49B
14.2x2.15x9.06x1.89% 9.93B
16.22x1.61x10.52x2.39% 9.62B
12.95x1.64x7.16x6.48% 7.16B
16.79x1.02x9.68x2.07% 6.86B
Average 17.11x 2.22x 9.62x 2.37% 41.34B
Weighted average by Cap. 21.63x 3.14x 11.07x 2.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA