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 1,565,835 - -
Change - -37.2% 29.5% -17.95% 14.35% 153.23% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,476,090 1,462,938 1,424,079
Change - -48.76% 56.31% -14.78% 13.45% 151.88% -0.89% -2.66%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 17.4x 17.9x 15.3x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 3.66x 3.31x 2.98x
PEG - 0.1x -0.4x -0.5x -1.2x 0x -6.42x 0.9x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 5.52x 4.54x 3.98x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 5.21x 4.24x 3.62x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 11.4x 8.88x 7.41x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 22.9x 15.5x 12.1x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 20.4x 18.2x 13.4x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 4.9% 5.5% 7.48%
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% 3.02% 3.67% 4.36%
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 49.25 124.50 124.50 124.50
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.22x5.14x11.24x3.05% 47.97B
23.7x13.37x19.81x0.34% 5,428B
46.2x18.9x27.82x0.63% 1,979B
22.55x11.05x14.96x1.12% 1,942B
12.55x7.6x9.19x0.06% 1,029B
84.45x15.28x57.4x-.--% 788B
4.28x2.61x3.15x0.25% 774B
-43.87x8.78x24.5x-.--% 530B
215.45x47.31x96.37x-.--% 290B
32.54x11.8x21.88x2.08% 253B
Average 41.51x 14.18x 28.63x 0.75% 1,306B
Weighted average by Cap. 30.24x 13.40x 22.65x 0.47%

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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