Company Valuation: TTET Union Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 22,796 25,356 22,556 22,796 23,516 23,116
Change - 11.23% -11.04% 1.06% 3.16% -1.7%
Enterprise Value (EV) 1 20,266 23,772 21,978 22,267 22,787 21,926
Change - 17.3% -7.55% 1.31% 2.34% -3.78%
P/E 17.7x 20.5x 18.4x 18.9x 17.9x 17.5x
PBR 5.01x 5.22x 4.38x 4.22x 4.14x 3.92x
PEG - -5.33x -14.26x -11.12x 1.92x 71.93x
Capitalization / Revenue 1.31x 1.24x 0.91x 0.97x 1.07x 1.07x
EV / Revenue 1.16x 1.16x 0.89x 0.95x 1.03x 1.02x
EV / EBITDA 11.7x 14.2x 13.5x 13.3x 12.7x 11.8x
EV / EBIT 12.5x 15.5x 14.9x 14.6x 14x 13x
EV / FCF 13.7x -114x -121x 15.7x 15.8x 17.2x
FCF Yield 7.31% -0.88% -0.83% 6.36% 6.32% 5.83%
Dividend per Share 2 6 6 6 6.6 7 7.2
Rate of return 4.21% 3.79% 4.26% 4.63% 4.76% 4.98%
EPS 2 8.06 7.75 7.65 7.52 8.22 8.24
Distribution rate 74.4% 77.4% 78.4% 87.8% 85.2% 87.4%
Net sales 1 17,441 20,478 24,677 23,560 22,067 21,513
EBITDA 1 1,729 1,672 1,626 1,679 1,795 1,856
EBIT 1 1,618 1,531 1,474 1,521 1,630 1,690
Net income 1 1,292 1,242 1,226 1,205 1,317 1,320
Net Debt 1 -2,530 -1,584 -578.6 -529.7 -729 -1,191
Reference price 2 142.50 158.50 141.00 142.50 147.00 144.50
Nbr of stocks (in thousands) 159,975 159,975 159,975 159,975 159,975 159,975
Announcement Date 3/25/21 2/25/22 3/9/23 2/27/24 2/27/25 3/9/26
1TWD in Million2TWD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 789M
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% 62.14B
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

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