Company Valuation: TUL Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,059 8,011 3,346 4,341 3,399 3,142
Change - 32.22% -58.24% 29.77% -21.71% -7.54%
Enterprise Value (EV) 1 5,901 6,739 3,420 4,799 3,876 3,818
Change - 14.2% -49.26% 40.35% -19.24% -1.49%
P/E 178x 7.61x -38.8x -31.6x -17.1x 25.3x
PBR 7.25x 3.3x 1.89x 2.68x 2.34x 1.97x
PEG - 0x 0x -0.5x -0.4x -0x
Capitalization / Revenue 1.6x 0.91x 0.68x 0.8x 0.72x 0.42x
EV / Revenue 1.56x 0.77x 0.69x 0.89x 0.83x 0.5x
EV / EBITDA 111x 4.89x -47.4x -39.6x -27.5x 14.5x
EV / EBIT 150x 4.95x -34.7x -29x -19.6x 18.8x
EV / FCF 26.6x 20.9x -4.99x -14.4x 152x -15.4x
FCF Yield 3.76% 4.78% -20% -6.97% 0.66% -6.49%
Dividend per Share 2 0.5 11 - - - 0.6
Rate of return 0.37% 6.16% - - - 0.92%
EPS 2 0.76 23.46 -1.785 -2.84 -4.1 2.567
Distribution rate 65.8% 46.9% - - - 23.4%
Net sales 1 3,776 8,791 4,927 5,412 4,696 7,570
EBITDA 1 53.29 1,378 -72.07 -121.2 -141.2 264.2
EBIT 1 39.24 1,362 -98.42 -165.5 -197.3 203.5
Net income 1 29.19 1,084 -86.28 -137.3 -198 127.4
Net Debt 1 -157.6 -1,272 74.08 457.9 477.4 675.9
Reference price 2 135.00 178.50 69.20 89.80 70.30 65.00
Nbr of stocks (in thousands) 44,882 44,882 48,346 48,346 48,346 48,346
Announcement Date 3/29/21 3/30/22 3/27/23 3/15/24 3/17/25 3/13/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 92.6M
14.35x0.66x5.52x2.49% 6.65B
20.55x3.5x14.27x1.91% 3.91B
14.18x0.68x5.46x5.86% 2.56B
11.74x0.3x4.96x6.65% 907M
9.95x - - 3.69% 786M
Average 14.16x 1.29x 7.55x 4.12% 2.48B
Weighted average by Cap. 15.56x 1.43x 7.91x 3.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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