Company Valuation: Tianma Microelectronics Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 32,000 21,284 26,175 22,193 22,193 15,492 -
Change - -33.49% 22.98% -15.21% 0% -30.2% -
Enterprise Value (EV) 1 57,835 47,810 55,627 50,357 46,638 20,356 16,221
Change - -17.33% 16.35% -9.47% -7.39% -56.35% -20.31%
P/E 20.7x 189x -12.5x -33.2x 132x 30.3x 25.4x
PBR 0.92x 0.71x 0.94x 0.81x 0.81x 0.52x 0.51x
PEG - -2x 0x 0.5x -1x 0x 1.3x
Capitalization / Revenue 1.01x 0.68x 0.81x 0.66x 0.61x 0.37x 0.33x
EV / Revenue 1.82x 1.52x 1.72x 1.5x 1.29x 0.49x 0.35x
EV / EBITDA 10.8x 11.5x 18.5x 9.26x 7.65x 4.45x 3.74x
EV / EBIT 35.6x 371x -28.9x -112x 174x -20.1x -19.4x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 0.07 - - - - 0.02 0.03
Rate of return 0.54% - - - - 0.31% 0.47%
EPS 2 0.6276 0.0458 -0.8535 -0.272 0.0682 0.21 0.25
Distribution rate 11.2% - - - - 9.52% 12%
Net sales 1 31,829 31,447 32,271 33,494 36,227 41,371 46,887
EBITDA 1 5,374 4,171 3,015 5,439 6,099 4,574 4,338
EBIT 1 1,623 129 -1,926 -449 268.7 -1,014 -835.6
Net income 1 1,542 112.5 -2,098 -668.6 167.4 526.9 616.8
Net Debt 1 25,835 26,526 29,452 28,163 24,444 4,865 729.5
Reference price 2 13.020 8.660 10.650 9.030 9.030 6.360 6.360
Nbr of stocks (in thousands) 2,457,748 2,457,748 2,457,748 2,457,748 2,457,748 2,435,776 -
Announcement Date 14/03/22 14/03/23 14/03/24 14/03/25 13/03/26 - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.29x0.49x4.45x0.31% 2.31B
58.37x7.3x25.01x0.74% 135B
26.96x1.21x5.9x1.23% 32.13B
14.66x0.97x5.93x3.92% 14.77B
22.82x1.36x10.15x2.02% 12.45B
35.17x1.03x10.65x1.01% 8.12B
12.71x4.15x10.33x4.46% 5.3B
Average 28.71x 2.36x 10.35x 1.96% 30.01B
Weighted average by Cap. 46.03x 5.17x 18.71x 1.22%

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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