Company Valuation: TQM Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,100 23,400 17,250 15,300 6,828 9,076 - -
Change - -19.59% -26.28% -11.3% -55.37% 32.91% - -
Enterprise Value (EV) 1 28,296 22,691 16,395 14,824 6,605 9,862 9,772 10,222
Change - -19.81% -27.75% -9.58% -55.45% 49.31% -0.91% 4.61%
P/E 32.8x 28.9x 21.1x 18.9x 9.35x 12x 11.2x 10.4x
PBR 5.44x 9.1x 6.35x 5.31x 2.37x 3.11x 3x 2.79x
PEG - -3.29x 28.49x -25.7x -1.05x 1.97x 1.72x 1.31x
Capitalization / Revenue 8.89x 6.52x 4.68x 3.92x 1.77x 2.27x 2.21x 2.08x
EV / Revenue 8.64x 6.32x 4.45x 3.8x 1.71x 2.47x 2.38x 2.34x
EV / EBITDA 25.3x 18.8x 13x 11.7x 5.82x 8.31x 8x 7.82x
EV / EBIT 29.8x 23.3x 15.9x 14.2x 7.21x 10.1x 9.48x 9.18x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.225 1.2 1 0.95 - 1.22 1.185 1.1
Rate of return 2.53% 3.08% 3.48% 3.73% - 7.82% 7.6% 7.05%
EPS 2 1.48 1.35 1.36 1.35 1.23 1.305 1.39 1.5
Distribution rate 82.8% 88.9% 73.5% 70.4% - 93.5% 85.3% 73.3%
Net sales 1 3,274 3,590 3,685 3,906 3,857 3,994 4,112 4,366
EBITDA 1 1,119 1,205 1,263 1,265 1,134 1,187 1,222 1,307
EBIT 1 948 974.9 1,033 1,041 916.5 972 1,031 1,113
Net income 1 890.4 809.3 816.3 810.9 736.8 772 795.5 874
Net Debt 1 -803.7 -708.8 -855 -476.3 -223.7 786 696 1,146
Reference price 2 48.50 39.00 28.75 25.50 11.50 15.60 15.60 15.60
Nbr of stocks (in thousands) 600,000 600,000 600,000 600,000 593,768 581,777 - -
Announcement Date 2/25/22 2/28/23 2/28/24 2/27/25 2/27/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.34x2.54x8.55x7.58% 282M
21.45x4.51x13.45x0.99% 68.2B
30.38x4.72x14.56x1.06% 67.2B
11.27x0.7x - 3.54% 37.52B
20.09x3.41x12.24x1.12% 31.44B
20.79x4.41x12.5x0.94% 24.15B
12.42x - - 7.32% 11.21B
46.2x2.57x8.3x1.21% 5.15B
18.84x3.3x10.05x3.81% 4.64B
86.85x21.95x36.29x-.--% 4.57B
Average 28.06x 5.35x 14.49x 2.76% 25.44B
Weighted average by Cap. 23.30x 4.09x 13.81x 1.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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