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 8,951 - -
Change - -19.59% -26.28% -11.3% -55.37% 31.09% - -
Enterprise Value (EV) 1 28,296 22,691 16,395 14,824 6,605 9,737 9,647 10,097
Change - -19.81% -27.75% -9.58% -55.45% 47.43% -0.92% 4.66%
P/E 32.8x 28.9x 21.1x 18.9x 9.35x 11.8x 11.1x 10.3x
PBR 5.44x 9.1x 6.35x 5.31x 2.37x 3.07x 2.96x 2.75x
PEG - -3.29x 28.49x -25.7x -1.05x 1.94x 1.7x 1.3x
Capitalization / Revenue 8.89x 6.52x 4.68x 3.92x 1.77x 2.24x 2.18x 2.05x
EV / Revenue 8.64x 6.32x 4.45x 3.8x 1.71x 2.44x 2.35x 2.31x
EV / EBITDA 25.3x 18.8x 13x 11.7x 5.82x 8.2x 7.89x 7.73x
EV / EBIT 29.8x 23.3x 15.9x 14.2x 7.21x 10x 9.36x 9.07x
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% - 7.92% 7.69% 7.14%
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 15.40 15.40 15.40
Nbr of stocks (in thousands) 600,000 600,000 600,000 600,000 593,768 581,242 - -
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.($)
11.8x2.44x8.21x7.92% 268M
19.4x4.04x11.83x1.13% 59.73B
27.03x4.23x13.02x1.21% 58.87B
10.79x0.67x - 3.7% 35.22B
17.74x3.06x10.99x1.27% 27.77B
17.77x3.91x11.08x1.1% 20.65B
12.87x - - 7.05% 11.72B
39.62x2.35x7.58x1.42% 4.42B
18.48x3.25x9.89x3.88% 4.48B
72.38x18.2x30.09x-.--% 3.81B
Average 24.79x 4.68x 12.84x 2.87% 22.69B
Weighted average by Cap. 20.61x 3.60x 12.23x 1.92%

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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