Projected Income Statement: United Microelectronics Corporation

Forecast Balance Sheet: United Microelectronics Corporation

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -78,071 -100,465 -131,885
Change - -126.31% 56.34% 54.31% -33.68% -141.59% -28.68% -31.27%
Announcement Date 1/25/22 1/16/23 1/31/24 1/21/25 1/28/26 - - -
1TWD in Million
Estimates

Cash Flow Forecast: United Microelectronics Corporation

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 48,035 80,128 91,474 88,544 47,745 66,792 72,336 67,265
Change - 66.81% 14.16% -3.2% -46.08% 39.89% 8.3% -7.01%
Free Cash Flow (FCF) 1 42,317 65,733 -5,474 5,328 52,119 76,432 80,481 106,451
Change - 55.33% -108.33% 197.33% 878.21% 46.65% 5.3% 32.27%
Announcement Date 1/25/22 1/16/23 1/31/24 1/21/25 1/28/26 - - -
1TWD in Million
Estimates

Forecast Financial Ratios: United Microelectronics Corporation

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 46.36% 53.27% 44.21% 42.95% 43.45% 45.29% 47.85% 49.56%
EBIT Margin (%) 24.26% 37.42% 26.01% 22.22% 18.5% 22.85% 27.33% 29.5%
EBT Margin (%) 29.01% 38.07% 31.87% 24.2% 20.9% 36.82% 28.67% 29.59%
Net margin (%) 26.19% 31.29% 27.41% 20.32% 17.56% 32.39% 24.45% 24.55%
FCF margin (%) 19.87% 23.59% -2.46% 2.29% 21.94% 27.05% 23.34% 27.28%
FCF / Net Income (%) 75.86% 75.38% -8.98% 11.29% 124.94% 83.51% 95.44% 111.15%

Profitability

        
ROA 13.25% 17.48% 11.17% 8.36% 7.26% 14.53% 12.67% 13.55%
ROE 21.6% 28.31% 17.57% 12.81% 11.01% 20.61% 19.07% 20.96%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 22.55% 28.75% 41.11% 38.12% 20.1% 23.64% 20.97% 17.24%
CAPEX / EBITDA (%) 48.64% 53.97% 92.99% 88.74% 46.26% 52.19% 43.83% 34.78%
CAPEX / FCF (%) 113.51% 121.9% -1,671.06% 1,661.86% 91.61% 87.39% 89.88% 63.19%

Items per share

        
Cash flow per share 1 7.395 11.85 6.952 7.548 7.999 10.53 11.99 15.37
Change - 60.28% -41.35% 8.57% 5.97% 31.66% 13.85% 28.15%
Dividend per Share 1 3 3.6 3 2.85 2.6 3.658 4.515 5.178
Change - 20% -16.67% -5% -8.77% 40.68% 23.44% 14.68%
Book Value Per Share 1 23 27.23 29.04 30.39 30.42 33.93 36.99 40.52
Change - 18.41% 6.64% 4.64% 0.1% 11.53% 9.03% 9.55%
EPS 1 4.57 7.09 4.93 3.8 3.34 6.935 6.943 7.91
Change - 55.14% -30.47% -22.92% -12.11% 107.65% 0.11% 13.93%
Nbr of stocks (in thousands) 12,467,169 12,504,749 12,529,822 12,560,716 12,555,278 12,576,985 12,576,985 12,576,985
Announcement Date 1/25/22 1/16/23 1/31/24 1/21/25 1/28/26 - - -
1TWD
Estimates
2026 *2027 *
P/E 23.3x 23.3x
PBR 4.76x 4.37x
EV / Sales 6.91x 5.6x
Yield 2.26% 2.8%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
24
Last Close Price
161.50TWD
Average target price
133.89TWD
Spread / Average Target
-17.10%

Quarterly revenue - Rate of surprise

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  5. Financials United Microelectronics Corporation