TSMC (TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY)

Financials TSMC (Taiwan Semiconductor Manufacturing Company)

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 2024-09-13			5-day change	1st Jan Change
947.00 ^TWD	+0.74%		+3.16%	+59.70%

09-13	U.S. manufacturing ETFs win assets as investors bet on 'reshoring'	RE
09-13	As storm Bebinca approaches, Taiwan uses AI to predict typhoon paths	RE

Projected Income Statement: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,069,985	1,339,255	1,587,415	2,263,891	2,161,740	2,808,652	3,485,929	4,110,865
Change	-	25.17%	18.53%	42.61%	-4.51%	29.93%	24.11%	17.93%
EBITDA ¹	659,585	898,509	1,072,376	1,558,533	1,453,657	1,894,694	2,396,944	2,798,944
Change	-	36.22%	19.35%	45.33%	-6.73%	30.34%	26.51%	16.77%
EBIT ¹	372,701	566,784	649,981	1,121,279	921,466	1,216,106	1,576,048	1,890,274
Change	-	52.07%	14.68%	72.51%	-17.82%	31.98%	29.6%	19.94%
Interest Paid ¹	-3,251	-2,081	-5,414	-11,750	-11,999	-9,492	-10,577	-
Earnings before Tax (EBT) ¹	389,850	584,777	663,126	1,144,191	979,170	1,284,688	1,628,389	1,939,557
Change	-	50%	13.4%	72.55%	-14.42%	31.2%	26.75%	19.11%
Net income ¹	345,264	517,885	596,540	1,016,530	838,498	1,089,299	1,402,174	1,655,690
Change	-	50%	15.19%	70.4%	-17.51%	29.91%	28.72%	18.08%
Announcement Date	1/16/20	1/14/21	1/13/22	1/12/23	1/18/24	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	293,045	317,237	310,597	310,699	356,426	361,533	362,410	372,145	414,671	438,189	491,076	534,141	613,142	625,532	508,633	480,841	546,733	625,529	592,644	673,510	747,007	801,183	767,899	820,887	918,952	972,904	891,821	963,323
Change	-	8.26%	-2.09%	0.03%	14.72%	1.43%	0.24%	2.69%	11.43%	5.67%	12.07%	8.77%	14.79%	2.02%	-18.69%	-5.46%	13.7%	14.41%	-5.26%	13.64%	10.91%	7.25%	-4.15%	6.9%	11.95%	5.87%	-8.33%	8.02%
EBITDA ¹	174,643	191,776	197,076	201,970	244,781	254,682	251,438	249,472	278,031	293,435	334,892	375,349	415,669	432,623	341,561	325,897	375,346	410,853	408,041	451,722	506,036	543,680	528,120	562,840	647,984	680,467	626,437	697,248
Change	-	9.81%	2.76%	2.48%	21.2%	4.04%	-1.27%	-0.78%	11.45%	5.54%	14.13%	12.08%	10.74%	4.08%	-21.05%	-4.59%	15.17%	9.46%	-0.68%	10.71%	12.02%	7.44%	-2.86%	6.57%	15.13%	5.01%	-7.94%	11.3%
EBIT ¹	107,887	124,244	128,522	131,094	150,048	157,120	150,538	145,667	171,004	182,772	223,790	262,124	310,324	325,041	231,238	201,958	228,065	260,205	249,018	286,556	327,812	354,318	331,669	366,068	425,028	452,502	396,631	447,739
Change	-	15.16%	3.44%	2%	14.46%	4.71%	-4.19%	-3.24%	17.39%	6.88%	22.44%	17.13%	18.39%	4.74%	-28.86%	-12.66%	12.93%	14.09%	-4.3%	15.07%	14.4%	8.09%	-6.39%	10.37%	16.11%	6.46%	-12.35%	12.89%
Charge d'intérêts ¹	-843.4	-643.6	-560.6	-409.1	-373.2	-738.6	-772.1	-1,134	-1,334	-2,174	-2,141	-2,904	-3,370	-3,335	-2,964	-3,005	-3,112	-2,919	-2,698	-	-2,669	-2,669	-2,669	-2,669	-2,669	-2,669	-	-
Earnings before Tax (EBT) ¹	112,336	128,787	132,147	136,399	155,124	161,107	155,064	149,391	173,852	184,819	226,832	265,998	316,691	334,670	244,275	214,675	241,940	278,281	266,543	306,311	343,370	370,467	318,765	383,926	445,647	473,142	418,334	470,411
Change	-	14.64%	2.61%	3.22%	13.73%	3.86%	-3.75%	-3.66%	16.37%	6.31%	22.73%	17.27%	19.06%	5.68%	-27.01%	-12.12%	12.7%	15.02%	-4.22%	14.92%	12.1%	7.89%	-13.96%	20.44%	16.08%	6.17%	-11.58%	12.45%
Net income ¹	101,070	116,035	116,987	120,822	137,310	142,766	139,690	134,359	156,259	166,232	202,733	237,027	280,866	295,904	206,987	181,799	211,000	238,712	225,485	247,845	296,997	320,557	298,817	322,846	381,611	405,673	355,695	395,224
Change	-	14.81%	0.82%	3.28%	13.65%	3.97%	-2.15%	-3.82%	16.3%	6.38%	21.96%	16.92%	18.5%	5.35%	-30.05%	-12.17%	16.06%	13.13%	-5.54%	9.92%	19.83%	7.93%	-6.78%	8.04%	18.2%	6.31%	-12.32%	11.11%
Announcement Date	10/17/19	1/16/20	4/16/20	7/16/20	10/15/20	1/14/21	4/15/21	7/15/21	10/14/21	1/13/22	4/14/22	7/14/22	10/13/22	1/12/23	4/20/23	7/20/23	10/19/23	1/18/24	4/18/24	7/18/24	-	-	-	-	-	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2023 S2	2024 S2
Net sales ¹	1,172,262	1,547,036
Change	-	31.97%
EBITDA	-	-
Change	-	-
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	1/18/24	-

¹TWD in Million

Estimates

Forecast Balance Sheet: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-408,026	-314,907	-335,431	-707,836	-764,452	-993,715	-1,605,795	-2,617,609
Change	-	-177.18%	-206.52%	-311.02%	-208%	-229.99%	-261.6%	-263.01%
Announcement Date	1/16/20	1/14/21	1/13/22	1/12/23	1/18/24	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	460,420	507,239	839,196	1,082,672	949,820	992,249	1,143,198	1,254,603
Change	-	10.17%	65.44%	29.01%	-12.27%	4.47%	15.21%	9.75%
Free Cash Flow (FCF) ¹	154,720	315,430	272,965	527,927	292,150	678,312	937,736	1,336,473
Change	-	103.87%	-13.46%	93.4%	-44.66%	132.18%	38.25%	42.52%
Announcement Date	1/16/20	1/14/21	1/13/22	1/12/23	1/18/24	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	61.64%	67.09%	67.55%	68.84%	67.24%	67.46%	68.76%	68.09%
EBIT Margin (%)	34.83%	42.32%	40.95%	49.53%	42.63%	43.3%	45.21%	45.98%
EBT Margin (%)	36.44%	43.66%	41.77%	50.54%	45.3%	45.74%	46.71%	47.18%
Net margin (%)	32.27%	38.67%	37.58%	44.9%	38.79%	38.78%	40.22%	40.28%
FCF margin (%)	14.46%	23.55%	17.2%	23.32%	13.51%	24.15%	26.9%	32.51%
FCF / Net Income (%)	44.81%	60.91%	45.76%	51.93%	34.84%	62.27%	66.88%	80.72%
Profitability
ROA	15.86%	20.61%	16.9%	23.39%	15.98%	17.78%	19.64%	19.64%
ROE	20.9%	29.8%	29.69%	39.76%	26.2%	27.83%	29.32%	28.29%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	43.03%	37.87%	52.87%	47.82%	43.94%	35.33%	32.79%	30.52%
CAPEX / EBITDA (%)	69.8%	56.45%	78.26%	69.47%	65.34%	52.37%	47.69%	44.82%
CAPEX / FCF (%)	297.58%	160.81%	307.44%	205.08%	325.11%	146.28%	121.91%	93.87%
Items per share
Cash flow per share ¹	23.73	31.73	42.89	62.12	47.9	65.34	79.54	91.04
Change	-	33.69%	35.19%	44.82%	-22.89%	36.42%	21.73%	14.46%
Dividend per Share ¹	9.5	10	11	11	13	14.87	18.16	19.08
Change	-	5.26%	10%	0%	18.18%	14.42%	22.06%	5.07%
Book Value Per Share ¹	62.53	71.33	83.62	113.6	133.4	163.8	201.6	249.4
Change	-	14.08%	17.23%	35.86%	17.42%	22.75%	23.11%	23.73%
EPS ¹	13.32	19.98	23.01	39.2	32.34	41.92	53.74	63.94
Change	-	50%	15.17%	70.36%	-17.5%	29.64%	28.17%	18.99%
Nbr of stocks (in thousands)	25,930,380	25,930,380	25,930,380	25,930,380	25,932,071	25,931,859	25,931,859	25,931,859
Announcement Date	1/16/20	1/14/21	1/13/22	1/12/23	1/18/24	-	-	-