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 1,569,601 1,538,258 1,488,994
Change - -48.76% 56.31% -14.78% 13.45% 167.84% -2% -3.2%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 29.1x 22.9x 17x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 4.12x 3.73x 3.3x
PEG - 0.1x -0.4x -0.5x -1.2x 0.9x 0.8x 0.5x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 5.99x 5.04x 4.38x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 5.75x 4.74x 3.99x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 12.8x 10.3x 8.41x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 27.5x 19.3x 13.9x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 27.6x 18.8x 15.8x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 3.62% 5.32% 6.31%
Dividend per Share 2 3 3.6 3 2.85 2.6 2.859 3.536 4.665
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 2.2% 2.72% 3.59%
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% 63.9% 62.2% 60.8%
Net sales 1 213,011 278,705 222,533 232,303 237,553 273,113 324,665 373,213
EBITDA 1 98,761 148,462 98,375 99,781 103,208 122,768 149,249 176,973
EBIT 1 51,686 104,292 57,891 51,613 43,949 57,021 79,550 106,910
Net income 1 55,780 87,198 60,990 47,211 41,716 56,273 68,760 90,432
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -65,407 -96,750 -146,015
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.($)
32.21x6.39x14.22x1.99% 55.89B
21.46x12.08x17.91x0.37% 4,912B
21.42x10.42x14.13x1.16% 1,833B
40.94x16.87x24.83x0.7% 1,764B
11.67x7.06x8.54x0.06% 959B
5.69x3.28x3.94x0.31% 903B
91.78x16.02x59.98x-.--% 808B
-249.09x8.44x25.13x-.--% 478B
220.75x47.07x99.71x-.--% 285B
36.78x12.63x24.29x2.03% 258B
Average 23.36x 14.03x 29.27x 0.66% 1,226B
Weighted average by Cap. 21.44x 12.40x 21.66x 0.5%

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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