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 1,635,008 - -
Change - -37.2% 29.5% -17.95% 14.35% 164.42% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,548,290 1,534,543 1,503,123
Change - -48.76% 56.31% -14.78% 13.45% 164.2% -0.89% -2.05%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 18.4x 18.7x 16.3x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 3.83x 3.51x 3.2x
PEG - 0.1x -0.4x -0.5x -1.2x 0x -12.22x 1.1x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 5.77x 4.74x 4.18x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 5.47x 4.45x 3.84x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 12.1x 9.3x 7.77x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 23.8x 16.2x 12.9x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 20.3x 19.1x 14.1x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 4.94% 5.24% 7.08%
Dividend per Share 2 3 3.6 3 2.85 2.6 3.658 4.515 5.178
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 2.81% 3.47% 3.98%
EPS 2 4.57 7.09 4.93 3.8 3.34 7.079 6.97 7.969
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 51.7% 64.8% 65%
Net sales 1 213,011 278,705 222,533 232,303 237,553 283,205 344,818 391,470
EBITDA 1 98,761 148,462 98,375 99,781 103,208 127,987 165,030 193,374
EBIT 1 51,686 104,292 57,891 51,613 43,949 65,105 94,603 116,243
Net income 1 55,780 87,198 60,990 47,211 41,716 87,534 84,049 96,242
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -86,718 -100,465 -131,885
Reference price 2 65.00 40.70 52.60 43.05 49.25 130.00 130.00 130.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.37x5.47x12.1x2.81% 51.68B
23.02x13.15x19.9x0.33% 5,563B
22.45x11.01x14.92x1.12% 1,975B
38.82x16.3x23.86x0.73% 1,703B
13.99x8.52x10.29x0.05% 1,148B
4.72x2.94x3.55x0.23% 891B
83.35x15.1x56.75x-.--% 780B
-41.53x8.35x23.23x-.--% 503B
201.33x43.75x89.24x-.--% 269B
Average 40.50x 13.84x 28.20x 0.59% 1,432B
Weighted average by Cap. 27.79x 12.66x 21.45x 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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