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 1,465,219 - -
Change - -37.2% 29.5% -17.95% 14.35% 136.96% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,375,474 1,362,322 1,323,464
Change - -48.76% 56.31% -14.78% 13.45% 134.71% -0.96% -2.85%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 16.3x 16.8x 14.3x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 3.43x 3.1x 2.79x
PEG - 0.1x -0.4x -0.5x -1.2x 0x -6.03x 0.8x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 5.17x 4.25x 3.73x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 4.85x 3.95x 3.37x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 10.6x 8.26x 6.88x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 21.3x 14.5x 11.3x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 19x 16.9x 12.4x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 5.26% 5.91% 8.04%
Dividend per Share 2 3 3.6 3 2.85 2.6 3.754 4.572 5.423
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 3.22% 3.92% 4.65%
EPS 2 4.57 7.09 4.93 3.8 3.34 7.143 6.944 8.147
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 52.6% 65.8% 66.6%
Net sales 1 213,011 278,705 222,533 232,303 237,553 283,454 344,745 393,210
EBITDA 1 98,761 148,462 98,375 99,781 103,208 129,629 164,831 192,257
EBIT 1 51,686 104,292 57,891 51,613 43,949 64,457 94,239 117,529
Net income 1 55,780 87,198 60,990 47,211 41,716 84,930 83,846 98,828
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -89,745 -102,897 -141,755
Reference price 2 65.00 40.70 52.60 43.05 49.25 116.50 116.50 116.50
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.73x12.72x18.71x0.35% 5,201B
22.45x11.01x14.92x1.12% 1,963B
40.91x16.76x24.67x0.71% 1,753B
13.32x8.09x9.77x0.06% 1,092B
4.95x3.09x3.72x0.21% 910B
82.76x14.96x56.23x-.--% 773B
-39.04x7.87x21.9x-.--% 473B
193.61x42.23x86.1x-.--% 260B
31.1x11.29x20.94x2.17% 241B
Average 41.42x 14.22x 28.55x 0.51% 1,407B
Weighted average by Cap. 28.13x 12.46x 20.94x 0.48%

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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  5. Valuation United Microelectronics Corporation