Company Valuation: United Microelectronics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 810,366 508,943 659,069 540,739 618,347 2,125,510 - -
Change - -37.2% 29.5% -17.95% 14.35% 243.74% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 2,063,632 2,033,972 1,990,791
Change - -48.76% 56.31% -14.78% 13.45% 252.14% -1.44% -2.12%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 37.8x 29.7x 22x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 5.38x 4.89x 4.38x
PEG - 0.1x -0.4x -0.5x -1.2x 1.1x 1.1x 0.6x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 7.78x 6.56x 5.76x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 7.55x 6.28x 5.4x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 16.8x 13.8x 11.6x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 36.3x 26x 19.5x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 36.3x 26.5x 21.2x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 2.76% 3.78% 4.72%
Dividend per Share 2 3 3.6 3 2.85 2.6 2.877 3.577 4.695
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 1.7% 2.12% 2.78%
EPS 2 4.57 7.09 4.93 3.8 3.34 4.471 5.687 7.668
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 64.3% 62.9% 61.2%
Net sales 1 213,011 278,705 222,533 232,303 237,553 273,234 323,863 368,958
EBITDA 1 98,761 148,462 98,375 99,781 103,208 122,519 147,624 171,419
EBIT 1 51,686 104,292 57,891 51,613 43,949 56,779 78,176 101,954
Net income 1 55,780 87,198 60,990 47,211 41,716 56,281 68,769 90,432
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -61,878 -91,539 -134,719
Reference price 2 65.00 40.70 52.60 43.05 49.25 169.00 169.00 169.00
Nbr of stocks (in thousands) 12,467,169 12,504,749 12,529,822 12,560,716 12,555,278 12,576,985 - -
Announcement Date 1/25/22 1/16/23 1/31/24 1/21/25 1/28/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.98x11.78x17.47x0.38% 4,785B
25.27x11.99x16.31x1% 2,038B
40.71x16.8x24.73x0.71% 1,757B
14.19x8.66x10.49x0.05% 1,166B
8.08x4.71x5.7x0.22% 1,169B
100.68x17.57x65.84x-.--% 882B
-366.43x11.09x33x-.--% 638B
278.6x59.66x126.31x-.--% 360B
9.13x4.76x5.82x1.08% 296B
Average 14.58x 16.34x 33.96x 0.38% 1,455B
Weighted average by Cap. 15.84x 13.09x 23.34x 0.44%

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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