Company Valuation: TCL Electronics Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,044 7,824 6,394 16,008 26,167 32,596 - -
Change - -22.1% -18.28% 150.35% 63.46% 24.57% - -
Enterprise Value (EV) 1 4,533 7,824 6,394 16,008 19,182 19,459 23,584 14,646
Change - 72.6% -18.28% 150.35% 19.83% 1.44% 21.2% -37.9%
P/E 8.53x 17.5x 8.5x 9.11x 10.6x 10.9x 8.95x 7.88x
PBR 0.56x 0.48x 0.38x 0.93x 1.3x 1.54x 1.4x 1.26x
PEG - -0.3x 0.1x 0x 0.3x 0.5x 0.4x 0.6x
Capitalization / Revenue 0.13x 0.11x 0.08x 0.16x 0.23x 0.25x 0.22x 0.2x
EV / Revenue 0.06x 0.11x 0.08x 0.16x 0.17x 0.15x 0.16x 0.09x
EV / EBITDA 1.6x 2.93x 2.04x 3.69x 3.61x 4.05x 4.14x 2.45x
EV / EBIT 2.66x 5.53x 3.29x 5.02x 4.87x 5.19x 4.82x 2.65x
EV / FCF - - - - 4.83x 3.23x 77.3x 2.02x
FCF Yield - - - - 20.7% 30.9% 1.29% 49.6%
Dividend per Share 2 0.167 0.127 0.16 0.318 0.498 0.5933 0.7733 0.835
Rate of return 4.12% 4.06% 6.27% 5.01% 4.8% 4.59% 5.98% 6.46%
EPS 2 0.475 0.1787 0.3001 0.6972 0.9824 1.184 1.445 1.642
Distribution rate 35.2% 71.1% 53.3% 45.6% 50.7% 50.1% 53.5% 50.9%
Net sales 1 74,847 71,351 78,986 99,322 114,583 129,399 151,551 163,570
EBITDA 1 2,832 2,673 3,138 4,343 5,313 4,806 5,692 5,983
EBIT 1 1,703 1,414 1,943 3,188 3,939 3,752 4,891 5,518
Net income 1 1,184 447 743.6 1,759 2,495 2,989 3,646 4,151
Net Debt 1 -5,511 - - - -6,985 -13,137 -9,012 -17,950
Reference price 2 4.05 3.13 2.55 6.35 10.38 12.93 12.93 12.93
Nbr of stocks (in thousands) 2,479,959 2,499,780 2,507,569 2,520,935 2,520,935 2,520,935 - -
Announcement Date 11/03/22 10/03/23 28/03/24 21/03/25 27/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.65x0.14x3.88x4.71% 4.05B
68.25x1.49x38.97x0.09% 7.78B
11.84x - - 4.24% 4.79B
19.23x - - 0.94% 2.09B
8.84x - - - 1.02B
Average 23.76x 0.82x 21.42x 2.49% 3.95B
Weighted average by Cap. 34.46x 1.03x 26.95x 2.25%

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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