Trio-Tech International

TRT

TechnologySemiconductorsAMEX

$11.60

Market Cap: $116.18M

Trio-Tech International (TRT) Valuation Summary

Updated May 9, 2026 09:00

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.30 – $5.84	$2.12	-81.8%
Revenue DCF 10Y	$1.70 – $6.78	$2.91	-74.9%
▸ Trading Multiples
EV/Revenue	$8.07 – $112.87	$13.24	+14.2%

Valuation History

DCF Analysis

Trio-Tech International (TRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.91

Market Price

$11.60

Upside / Downside

-74.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from 0.7% to a target of 10.2% over 5 years, discounted at a WACC of 8.8%, Trio-Tech International (TRT) has an intrinsic value of $2.91 per share (range: $1.70 – $6.78).

Key Assumptions

Current Operating Margin

0.7%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

4.2%

Target CapEx/Rev

13.7%

D&A/Revenue

9.1%

Tax Rate

40.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	38	3.0%	2.6%	1	1	3	(2)	-2	4	4
2027	39	3.0%	4.5%	2	1	4	(2)	0	2	2
2028	40	3.0%	6.4%	3	2	4	(3)	0	2	2
2029	41	3.0%	8.3%	3	2	4	(3)	0	2	2
2030	42	3.0%	10.2%	4	3	4	(4)	0	2	2
2031	43	3.0%	10.2%	4	3	4	(4)	0	2	1
2032	45	3.0%	10.2%	5	3	4	(5)	0	2	1
2033	46	3.0%	10.2%	5	3	4	(5)	0	1	1
2034	47	3.0%	10.2%	5	3	4	(6)	0	1	0
2035	49	3.0%	10.2%	5	3	4	(7)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)13

Terminal Value (Gordon Growth at 2.5%)6

PV of Terminal Value3

Enterprise Value16

(–) Net Debt-9

Equity Value25

(÷) Shares Outstanding9

Fair Value per Share$2.91

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$2	$2	$3	$5	$7
7.8%	$2	$2	$3	$4	$6
8.8%	$2	$2	$3	$4	$5
9.8%	$2	$2	$3	$4	$5
10.8%	$2	$2	$3	$4	$4

Current price: $11.60. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trio-Tech International (TRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.12

Market Price

$11.60

Upside / Downside

-81.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

0.7%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

4.2%

Target CapEx/Rev

13.7%

D&A/Revenue

9.1%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	38	3.0%	2.6%	1	1	3	(2)	-2	3	3
2027	39	3.0%	4.5%	2	1	4	(3)	0	1	1
2028	40	3.0%	6.4%	3	2	4	(4)	0	1	1
2029	41	3.0%	8.3%	3	2	4	(5)	0	1	0
2030	42	3.0%	10.2%	4	3	4	(6)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)6

Terminal Value (Gordon Growth at 2.5%)5

PV of Terminal Value4

Enterprise Value9

(–) Net Debt-9

Equity Value18

(÷) Shares Outstanding9

Fair Value per Share$2.12

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$1	$2	$2	$4	$6
7.8%	$1	$2	$2	$4	$5
8.8%	$1	$2	$2	$3	$4
9.8%	$1	$2	$2	$3	$4
10.8%	$1	$2	$2	$3	$4

Current price: $11.60. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$13.24

Market Price

$11.60

Upside / Downside

+14.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Trio-Tech International (TRT) has a fair value of $13.24 based on 8 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Trio-Tech InternationalTRT	101	2.5x	—
Creative Realities, Inc.CREX	39	1.8x	2.0x
Data Storage CorporationDTST	31	21.0x	1.2x
Pixelworks, Inc.PXLW	29	26.8x	0.3x
SemiLEDs CorporationLEDS	17	0.4x	—
Semilux International Ltd. Ordinary SharesSELX	14	4.0x	—
Mobix Labs, Inc.MOBX	13	1.7x	—
Cyngn Inc.CYN	13	85.9x	156.8x
Cloudastructure Inc.CSAI	11	0.4x	0.5x
Industry Median		2.9x	1.2x
(*) Revenue		36
= Enterprise Value		106
(-) Net Debt		-9
Equity Value		116
(/) Outstanding shares		9
Fair Price		$13

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.30 – $5.84

$2.12

-81.8%

Revenue DCF 10Y

$1.70 – $6.78

$2.91

-74.9%

▸ Trading Multiples

EV/Revenue

$8.07 – $112.87

$13.24

+14.2%

DCF Analysis

Trio-Tech International (TRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.91

Market Price

$11.60

Upside / Downside

-74.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

0.7%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

4.2%

Target CapEx/Rev

13.7%

D&A/Revenue

9.1%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	38	3.0%	2.6%	1	1	3	(2)	-2	4	4
2027	39	3.0%	4.5%	2	1	4	(2)	0	2	2
2028	40	3.0%	6.4%	3	2	4	(3)	0	2	2
2029	41	3.0%	8.3%	3	2	4	(3)	0	2	2
2030	42	3.0%	10.2%	4	3	4	(4)	0	2	2
2031	43	3.0%	10.2%	4	3	4	(4)	0	2	1
2032	45	3.0%	10.2%	5	3	4	(5)	0	2	1
2033	46	3.0%	10.2%	5	3	4	(5)	0	1	1
2034	47	3.0%	10.2%	5	3	4	(6)	0	1	0
2035	49	3.0%	10.2%	5	3	4	(7)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)13

Terminal Value (Gordon Growth at 2.5%)6

PV of Terminal Value3

Enterprise Value16

(–) Net Debt-9

Equity Value25

(÷) Shares Outstanding9

Fair Value per Share$2.91

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$2	$2	$3	$5	$7
7.8%	$2	$2	$3	$4	$6
8.8%	$2	$2	$3	$4	$5
9.8%	$2	$2	$3	$4	$5
10.8%	$2	$2	$3	$4	$4

Current price: $11.60. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$13.24

Market Price

$11.60

Upside / Downside

+14.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Trio-Tech International (TRT) has a fair value of $13.24 based on 8 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Trio-Tech InternationalTRT	101	2.5x	—
Creative Realities, Inc.CREX	39	1.8x	2.0x
Data Storage CorporationDTST	31	21.0x	1.2x
Pixelworks, Inc.PXLW	29	26.8x	0.3x
SemiLEDs CorporationLEDS	17	0.4x	—
Semilux International Ltd. Ordinary SharesSELX	14	4.0x	—
Mobix Labs, Inc.MOBX	13	1.7x	—
Cyngn Inc.CYN	13	85.9x	156.8x
Cloudastructure Inc.CSAI	11	0.4x	0.5x
Industry Median		2.9x	1.2x
(*) Revenue		36
= Enterprise Value		106
(-) Net Debt		-9
Equity Value		116
(/) Outstanding shares		9
Fair Price		$13