Company Valuation: TPV Technology Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 9,467 10,690 13,634 8,923 12,139 12,592
Change - 12.92% 27.54% -34.55% 36.04% 3.73%
Enterprise Value (EV) 1 19,559 8,448 17,682 9,158 11,000 13,293
Change - -56.81% 109.31% -48.21% 20.11% 20.85%
P/E ratio -1.68x 14.3x 25.6x 103x 43.7x 135x
PBR 2.28x 7.08x 6.74x 3.36x 4.16x 4.23x
PEG - -0x -0.9x -1.2x 0x -2x
Capitalization / Revenue 1.8x 0.16x 0.19x 0.14x 0.22x 0.23x
EV / Revenue 3.71x 0.12x 0.25x 0.15x 0.2x 0.24x
EV / EBITDA -20.5x 1.87x 6.09x 4.15x 3.93x 5.77x
EV / EBIT -5.97x 5.04x 10.6x 10x 7.3x 12.5x
EV / FCF 29.8x 15.1x -3.25x 2.16x 5.06x -9.97x
FCF Yield 3.35% 6.63% -30.8% 46.4% 19.8% -10%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -1.245 0.1647 0.1175 0.0191 0.0613 0.0206
Distribution rate - - - - - -
Net sales 1 5,267 68,556 70,610 61,883 54,597 55,230
EBITDA 1 -954.9 4,512 2,902 2,207 2,797 2,305
EBIT 1 -3,276 1,675 1,662 913.1 1,507 1,063
Net income 1 -5,641 745.8 532.2 86.69 277.6 93.51
Net Debt 1 10,092 -2,242 4,048 234.9 -1,139 701.1
Reference price 2 2.090 2.360 3.010 1.970 2.680 2.780
Nbr of stocks (in thousands) 4,529,567 4,529,567 4,529,567 4,529,567 4,529,567 4,529,567
Announcement Date 4/14/20 3/14/21 4/15/22 4/28/23 4/29/24 4/28/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.68B
51.71x5.34x19.59x1.2% 80.76B
25.93x1.02x4.95x1.46% 23.54B
22.56x1.15x6.92x1.86% 14.11B
-643.29x0.75x5.95x1.13% 6.72B
17.47x5.51x14.61x3.25% 6.35B
7.55x0.61x3.03x-.--% 4.25B
37.45x0.59x5.32x1.98% 3.75B
66.03x0.91x6.03x-.--% 3.57B
Average -51.82x 1.99x 8.30x 1.36% 16.08B
Weighted average by Cap. 9.11x 3.63x 13.87x 1.35%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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