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 1,289,141 - -
Change - -37.2% 29.5% -17.95% 14.35% 108.48% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,221,519 1,186,766 1,143,126
Change - -48.76% 56.31% -14.78% 13.45% 108.44% -2.85% -3.68%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 19.2x 17x 13x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 2.68x 2.91x 2.6x
PEG - 0.1x -0.4x -0.5x -1.2x 0.3x 1.3x 0.4x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 4.67x 3.87x 3.41x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 4.43x 3.56x 3.03x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 9.73x 7.64x 6.3x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 20.1x 14x 10.3x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 22.7x 13.8x 11.8x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 4.41% 7.27% 8.48%
Dividend per Share 2 3 3.6 3 2.85 2.6 2.964 3.703 4.919
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 2.89% 3.61% 4.8%
EPS 2 4.57 7.09 4.93 3.8 3.34 5.35 6.033 7.87
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 55.4% 61.4% 62.5%
Net sales 1 213,011 278,705 222,533 232,303 237,553 275,966 333,130 377,888
EBITDA 1 98,761 148,462 98,375 99,781 103,208 125,497 155,408 181,510
EBIT 1 51,686 104,292 57,891 51,613 43,949 60,726 84,751 110,695
Net income 1 55,780 87,198 60,990 47,211 41,716 66,282 74,206 93,227
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -67,621 -102,375 -146,015
Reference price 2 65.00 40.70 52.60 43.05 49.25 102.50 102.50 102.50
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.($)
20.84x11.72x17.38x0.39% 4,772B
21.39x10.44x14.15x1.19% 1,826B
42.28x17.32x25.5x0.69% 1,812B
11.28x6.81x8.23x0.06% 927B
4.79x2.69x3.23x0.37% 776B
84.57x14.64x54.06x-.--% 741B
-37.28x7.25x20.24x-.--% 435B
201.79x43.03x91.32x-.--% 261B
32.6x11.82x21.92x2.07% 253B
Average 42.47x 13.97x 28.45x 0.53% 1,312B
Weighted average by Cap. 28.53x 12.11x 20.62x 0.52%

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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