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 1,767,066 - -
Change - -37.2% 29.5% -17.95% 14.35% 185.77% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,680,349 1,666,601 1,635,181
Change - -48.76% 56.31% -14.78% 13.45% 186.73% -0.82% -1.89%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 19.9x 20.2x 17.8x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 4.14x 3.8x 3.47x
PEG - 0.1x -0.4x -0.5x -1.2x 0x -14.13x 1.3x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 6.24x 5.12x 4.53x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 5.93x 4.83x 4.19x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 13.1x 10.1x 8.46x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 25.8x 17.6x 14.2x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 22x 20.7x 15.4x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 4.55% 4.83% 6.51%
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% 2.6% 3.21% 3.69%
EPS 2 4.57 7.09 4.93 3.8 3.34 7.071 6.97 7.91
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 51.7% 64.8% 65.5%
Net sales 1 213,011 278,705 222,533 232,303 237,553 283,171 344,818 390,172
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 65,008 94,603 115,097
Net income 1 55,780 87,198 60,990 47,211 41,716 89,328 84,904 95,775
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 49.25 140.50 140.50 140.50
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 A 1/16/23 A 1/31/24 A 1/21/25 A 1/28/26 A - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.96x12.43x18.83x0.35% 5,271B
22.44x11.01x14.92x1.12% 1,976B
39.27x16.54x24.3x0.72% 1,728B
13.4x8.16x9.85x0.05% 1,101B
5.19x3.31x4x0.2% 985B
90.29x16.33x62.01x-.--% 843B
-44.6x8.94x24.89x-.--% 541B
210.78x46.03x93.72x-.--% 283B
Average 44.84x 15.34x 31.57x 0.31% 1,591B
Weighted average by Cap. 28.23x 12.55x 21.82x 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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