Company Valuation: Taiwan Mask Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 8,297 23,288 17,318 15,155 10,523 9,793
Change - 180.67% -25.64% -12.49% -30.57% -6.94%
Enterprise Value (EV) 1 11,764 26,376 25,395 25,825 20,446 17,824
Change - 124.22% -3.72% 1.69% -20.83% -12.82%
P/E 12.2x 19.5x 27.1x 43.2x -22.3x -7.24x
PBR 2.34x 4.53x 3.82x 2.96x 2.39x 2.29x
PEG - 0.3x -0.6x -0.9x 0x -0x
Capitalization / Revenue 1.78x 3.83x 2.24x 2.1x 1.39x 1.62x
EV / Revenue 2.52x 4.34x 3.28x 3.59x 2.7x 2.95x
EV / EBITDA 17.3x 29.6x 14.1x 15.6x 13.5x 20.6x
EV / EBIT 34.2x 60.8x 20.3x 34.5x 92.4x -29.3x
EV / FCF -9.16x -22.6x -13.3x -12.9x -38.3x 316x
FCF Yield -10.9% -4.42% -7.5% -7.76% -2.61% 0.32%
Dividend per Share 2 1.5 2 2.5 1.5 - -
Rate of return 3.72% 1.85% 2.95% 2.11% - -
EPS 2 3.3 5.552 3.125 1.647 -2.212 -4.882
Distribution rate 45.5% 36% 80% 91.1% - -
Net sales 1 4,667 6,077 7,741 7,200 7,562 6,038
EBITDA 1 681.1 891.6 1,807 1,656 1,518 865.6
EBIT 1 344.2 434 1,248 748.6 221.4 -608.4
Net income 1 683.9 1,186 703.5 366.1 -472.5 -1,174
Net Debt 1 3,466 3,088 8,078 10,670 9,923 8,031
Reference price 2 40.35 108.00 84.70 71.10 49.25 35.35
Nbr of stocks (in thousands) 205,632 215,632 204,457 213,153 213,663 277,033
Announcement Date 3/29/21 A 3/24/22 A 3/16/23 A 3/15/24 A 3/26/25 A 3/31/26 A
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 500M
22.06x12.49x18.92x0.35% 5,296B
22.54x11.07x15x1.11% 1,971B
37.67x15.88x23.33x0.75% 1,658B
13.44x8.18x9.88x0.05% 1,104B
4.96x3.16x3.82x0.21% 921B
95.36x17.25x65.54x-.--% 890B
-47.14x9.42x26.23x-.--% 572B
210.12x46.05x93.81x-.--% 283B
Average 44.88x 15.44x 32.07x 0.31% 1,411B
Weighted average by Cap. 28.40x 12.60x 22.27x 0.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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