Company Valuation: TSMC (Taiwan Semiconductor Manufacturing Company)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 13,743,101 15,947,184 11,629,776 15,377,718 27,877,688 39,028,449 - -
Change - 16.04% -27.07% 32.23% 81.29% 40% - -
Enterprise Value (EV) 1 13,428,194 15,611,753 10,921,940 14,613,266 26,442,131 37,268,215 36,521,219 35,435,538
Change - 16.26% -30.04% 33.8% 80.95% 40.94% -2% -2.97%
P/E ratio 26.5x 26.7x 11.4x 18.3x 23.8x 23.5x 19.5x 16.2x
PBR 7.43x 7.35x 3.95x 4.45x 6.5x 7.23x 5.75x 4.51x
PEG - 1.8x 0.2x -1x 0.6x 0.6x 1x 0.8x
Capitalization / Revenue 10.3x 10x 5.14x 7.11x 9.63x 10.3x 8.57x 7.09x
EV / Revenue 10x 9.83x 4.82x 6.76x 9.14x 9.87x 8.02x 6.44x
EV / EBITDA 14.9x 14.6x 7.01x 10.1x 13.3x 14.3x 11.7x 9.43x
EV / EBIT 23.7x 24x 9.74x 15.9x 20x 19.8x 16.2x 13x
EV / FCF 42.6x 57.2x 20.7x 50x 30.4x 39.2x 27.1x 19.2x
FCF Yield 2.35% 1.75% 4.83% 2% 3.29% 2.55% 3.68% 5.21%
Dividend per Share 2 10 11 11 13 16.99 19.71 23.28 27.36
Rate of return 1.89% 1.79% 2.45% 2.19% 1.58% 1.31% 1.55% 1.82%
EPS 2 19.98 23.01 39.2 32.34 45.25 64.12 77.19 92.98
Distribution rate 50.1% 47.8% 28.1% 40.2% 37.5% 30.7% 30.2% 29.4%
Net sales 1 1,339,255 1,587,415 2,263,891 2,161,740 2,894,308 3,775,931 4,554,777 5,502,692
EBITDA 1 898,509 1,072,376 1,558,533 1,453,657 1,984,849 2,604,626 3,130,521 3,756,739
EBIT 1 566,784 649,981 1,121,279 921,466 1,322,053 1,877,693 2,251,379 2,726,126
Net income 1 517,885 596,540 1,016,530 838,498 1,173,268 1,654,349 1,976,277 2,376,669
Net Debt 1 -314,907 -335,431 -707,836 -764,452 -1,435,557 -1,760,234 -2,507,230 -3,592,911
Reference price 2 530.00 615.00 448.50 593.00 1,075.00 1,505.00 1,505.00 1,505.00
Nbr of stocks (in thousands) 25,930,380 25,930,380 25,930,380 25,932,071 25,932,733 25,932,524 - -
Announcement Date 1/14/21 1/13/22 1/12/23 1/18/24 1/16/25 - - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.08x9.7x14.06x1.33% 1,233B
40.27x20.76x32.66x0.02% 4,495B
95.51x30.98x46.58x0.58% 1,919B
87.45x10.45x50.94x-.--% 361B
14.59x4.94x8.22x0.19% 283B
10.61x4.09x6.67x0.33% 266B
-948.48x4.04x16.26x-.--% 193B
18.16x4.18x11.48x2.04% 187B
32.76x9.76x21.37x3.06% 163B
155.81x30.26x63.96x-.--% 151B
Average -47.02x 12.92x 27.22x 0.76% 925.03B
Weighted average by Cap. 30.29x 19.32x 31.83x 0.42%
See all sector valuations

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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