Company Valuation: TSRC Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 19,239 33,359 22,335 19,900 16,638 12,799
Change - 73.39% -33.04% -10.91% -16.39% -23.08%
Enterprise Value (EV) 1 25,195 36,490 26,170 24,388 22,654 19,438
Change - 44.83% -28.28% -6.81% -7.11% -14.19%
P/E Ratio -777x 8.54x 12.6x 29.4x 19.4x 28.7x
PBR 1.36x 1.85x 1.21x 1.02x 0.82x 0.64x
PEG - -0x -0.2x -0.5x 0.7x -0.6x
Capitalization / Revenue 0.8x 1.03x 0.66x 0.63x 0.45x 0.35x
EV / Revenue 1.05x 1.12x 0.77x 0.78x 0.61x 0.53x
EV / EBITDA 13.5x 7.22x 6.74x 11.4x 9.17x 9.46x
EV / EBIT 30.6x 9.29x 9.78x 25.7x 16.5x 19.8x
EV / FCF 31.6x 26.3x 22x 25.6x -9.9x 1,018x
FCF Yield 3.16% 3.81% 4.55% 3.91% -10.1% 0.1%
Dividend per Share 2 0.36 2.4 1.08 0.56 0.63 0.27
Rate of return 1.55% 5.94% 3.99% 2.32% 3.13% 1.74%
EPS 2 -0.03 4.73 2.14 0.82 1.04 0.54
Distribution rate -1,200% 50.7% 50.5% 68.3% 60.6% 50%
Net sales 1 24,024 32,533 33,841 31,427 37,209 36,473
EBITDA 1 1,869 5,053 3,881 2,139 2,470 2,055
EBIT 1 822.3 3,928 2,675 947.9 1,377 983.1
Net income 1 -21.89 3,931 1,783 680 862.3 448.5
Net Debt 1 5,956 3,132 3,834 4,488 6,016 6,640
Reference price 2 23.30 40.40 27.05 24.10 20.15 15.50
Nbr of stocks (in thousands) 825,710 825,710 825,710 825,710 825,710 825,710
Announcement Date 3/15/21 3/11/22 3/10/23 3/8/24 3/10/25 3/6/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 577M
26.66x2.67x13.11x2.11% 3.45B
Average 26.66x 2.67x 13.11x 2.11% 2.01B
Weighted average by Cap. 26.66x 2.67x 13.11x 2.11%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation TSRC Corporation
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