TDK Corporation: Growth And Recovery Looks Fully Discounted

2025-09-22 23:52:22 ET

Investment Update

Shares of TDK Corporation ( OTCPK:TTDKY )(TTDKF) have nearly doubled since my last coverage on the company in Sep '23. Going back even further, the returns are more impressive. In nearly 3yrs investors have re-rated this business sharply. Back in '22, capital employed in TDK was valued at $0.60 on the dollar by the market, earning ~8% on a capital base of ~$14Bn USD ( Note, all figures will be in USD). The company's operating assets now sell at a value of $1.90-$2 on the dollar. That's a 3.4x multiple expansion over this time, where investors could buy TDK at an EV of $7.9Bn, where it now sells at $32.5Bn....

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