Company Valuation: TPI Polene

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 34,851 32,898 34,462 26,509 20,450 13,065
Change - -5.61% 4.76% -23.08% -22.86% -36.11%
Enterprise Value (EV) 1 87,190 95,372 95,163 93,340 91,488 88,268
Change - 9.38% -0.22% -1.92% -1.98% -3.52%
P/E 23.2x 5.79x 4.92x 8.24x 14.2x 6.54x
PBR 0.8x 0.68x 0.65x 0.48x 0.38x 0.23x
PEG - 0x 0.2x -0.2x -0.3x 0.2x
Capitalization / Revenue 1.02x 0.85x 0.72x 0.62x 0.57x 0.38x
EV / Revenue 2.54x 2.45x 1.98x 2.18x 2.56x 2.55x
EV / EBITDA 9.43x 7.99x 7.62x 10x 11.9x 9.6x
EV / EBIT 18.6x 10.5x 10.1x 15.1x 19.5x 14.6x
EV / FCF -32.3x -8.67x 48.6x -23.8x -46.7x -26.1x
FCF Yield -3.09% -11.5% 2.06% -4.2% -2.14% -3.83%
Dividend per Share 2 0.06 0.09 0.1 0.1 0.05 -
Rate of return 3.26% 5.23% 5.49% 7.14% 4.63% -
EPS 2 0.0793 0.2969 0.3699 0.1699 0.0762 0.1055
Distribution rate 75.7% 30.3% 27% 58.8% 65.6% -
Net sales 1 34,276 38,920 48,133 42,807 35,770 34,628
EBITDA 1 9,247 11,933 12,492 9,297 7,675 9,197
EBIT 1 4,676 9,043 9,402 6,184 4,690 6,033
Net income 1 1,498 5,671 7,008 3,218 1,442 1,999
Net Debt 1 52,339 62,475 60,701 66,831 71,038 75,203
Reference price 2 1.8400 1.7200 1.8200 1.4000 1.0800 0.6900
Nbr of stocks (in thousands) 18,940,892 19,126,500 18,935,235 18,935,235 18,935,235 18,935,235
Announcement Date 2/22/21 2/23/22 2/14/23 2/27/24 2/14/25 2/24/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 509M
20.06x2.71x10.7x2.58% 49.75B
26.45x3.64x13.04x-.--% 16.47B
11.17x0.42x1.87x4.6% 13.36B
12.35x3.36x6.87x6.03% 12.73B
51.55x4.01x19.36x0.58% 10.21B
9.26x1.36x5.27x1.82% 8.67B
23.41x7.68x14.26x4.11% 7.86B
17.12x3.56x11.4x0.44% 6.7B
13.09x1.27x4.78x2.96% 5.68B
Average 20.50x 3.11x 9.73x 2.57% 13.19B
Weighted average by Cap. 20.70x 2.95x 10.03x 2.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA