Company Valuation: TS Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 192,990 270,884 228,278 285,235 236,213 243,633
Change - 40.36% -15.73% 24.95% -17.19% 3.14%
Enterprise Value (EV) 1 418,359 526,564 442,095 466,060 394,888 321,757
Change - 25.86% -16.04% 5.42% -15.27% -18.52%
P/E 8.77x 13.7x 9.23x 8.98x 12.1x -3.99x
PBR 0.4x 0.53x 0.43x 0.52x 0.42x 0.51x
PEG - -0.9x 0.4x 0.3x -0.3x 0x
Capitalization / Revenue 0.16x 0.21x 0.17x 0.21x 0.17x 0.18x
EV / Revenue 0.34x 0.42x 0.32x 0.35x 0.29x 0.24x
EV / EBITDA 6.78x 9.33x 8.6x 7.76x 7.83x 4.73x
EV / EBIT 9.09x 12.5x 11.6x 9.87x 10.7x 5.69x
EV / FCF 7.99x -14.5x 14.4x 93.8x 8.47x 2.6x
FCF Yield 12.5% -6.89% 6.92% 1.07% 11.8% 38.5%
Dividend per Share 2 90 110 120 115 120 120
Rate of return 3.92% 3.64% 4.72% 3.62% 4.49% 4.25%
EPS 2 261.6 220 275.7 354 220.9 -708
Distribution rate 34.4% 50% 43.5% 32.5% 54.3% -16.9%
Net sales 1 1,214,452 1,261,349 1,378,076 1,332,350 1,373,829 1,356,276
EBITDA 1 61,662 56,419 51,416 60,095 50,430 68,006
EBIT 1 46,016 42,052 38,051 47,217 36,997 56,556
Net income 1 22,611 20,173 25,543 32,573 20,491 -60,396
Net Debt 1 225,368 255,680 213,817 180,825 158,676 78,124
Reference price 2 2,295.00 3,020.00 2,545.00 3,180.00 2,670.00 2,825.00
Nbr of stocks (in thousands) 84,092 89,697 89,697 89,697 88,469 86,242
Announcement Date 3/9/21 3/15/22 3/16/23 3/14/24 3/13/25 3/19/26
1KRW in Million2KRW
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.9x2.87x14.33x3.9% 258B
20.62x2.57x15.31x3.18% 82.58B
17.58x1.82x10.29x3.56% 49.65B
14.47x0.54x9.73x2.67% 37.67B
22.99x3.46x14.01x3.04% 38.16B
37.04x3.19x18.47x0.97% 32.22B
-109.29x1.93x9.58x6.24% 30.44B
68.1x10.46x43.36x1.12% 29.6B
Average 11.55x 3.35x 16.88x 3.08% 69.81B
Weighted average by Cap. 16.61x 2.99x 15.30x 3.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA