Company Valuation: TKC Corporation

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 178,953 185,287 179,824 189,814 199,464 216,952
Change - 3.54% -2.95% 5.56% 5.08% 8.77%
Enterprise Value (EV) 1 154,256 160,317 151,090 158,537 166,238 180,316
Change - 3.93% -5.76% 4.93% 4.86% 8.47%
P/E 22.9x 21.3x 19.3x 17.6x 17.7x 18.1x
PBR 2.32x 2.22x 2.06x 1.99x 1.95x 2x
PEG - 2x 2.5x 1.1x 3.78x 2.16x
Capitalization / Revenue 2.64x 2.8x 2.65x 2.64x 2.65x 2.6x
EV / Revenue 2.27x 2.42x 2.23x 2.2x 2.21x 2.16x
EV / EBITDA 10.7x 10.5x 9.21x 8.87x 8.74x 8.73x
EV / EBIT 13.6x 13x 11.3x 11.1x 10.7x 11.2x
EV / FCF 20x 23.4x 15.3x 23.5x 19.6x 24x
FCF Yield 5% 4.28% 6.55% 4.26% 5.1% 4.17%
Dividend per Share 2 60 65 72 78 90 100
Rate of return 1.76% 1.85% 2.1% 2.14% 2.35% 2.36%
EPS 2 148.8 164.9 177.6 206.5 216.2 234.3
Distribution rate 40.3% 39.4% 40.5% 37.8% 41.6% 42.7%
Net sales 1 67,814 66,221 67,838 71,915 75,219 83,476
EBITDA 1 14,451 15,260 16,401 17,872 19,024 20,645
EBIT 1 11,381 12,315 13,351 14,339 15,507 16,143
Net income 1 7,821 8,686 9,317 10,826 11,274 12,094
Net Debt 1 -24,697 -24,970 -28,734 -31,277 -33,226 -36,636
Reference price 2 3,405.00 3,515.00 3,430.00 3,640.00 3,825.00 4,230.00
Nbr of stocks (in thousands) 52,556 52,713 52,427 52,147 52,147 51,289
Announcement Date 21/12/20 20/12/21 19/12/22 18/12/23 23/12/24 11/12/25
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.08B
37.1x6.66x24.03x0.96% 72.56B
38.93x4.66x15.22x1.15% 21.02B
29.52x1.21x12.3x1.11% 15.1B
19.05x2.04x10.1x3.67% 13.82B
25.15x2.83x12.14x2.98% 11.93B
26.75x3.66x14.11x2.18% 8.24B
15.21x0.66x9.47x1.38% 6.93B
18.14x0.39x8.88x4.05% 5.22B
Average 26.23x 2.76x 13.28x 2.19% 17.32B
Weighted average by Cap. 31.91x 4.51x 17.84x 1.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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