Financials Taiwan Semiconductor Manufacturing Company Limited

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
867 TWD -0.91% Intraday chart for Taiwan Semiconductor Manufacturing Company Limited +3.83% +46.21%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,582,956 13,743,101 15,947,184 11,629,776 15,377,718 22,485,672 - -
Enterprise Value (EV) 1 8,174,930 13,428,194 15,611,753 10,921,940 14,613,266 21,521,620 21,020,450 20,268,713
P/E ratio 24.8 x 26.5 x 26.7 x 11.4 x 18.3 x 22.1 x 17.8 x 15.4 x
Yield 2.87% 1.89% 1.79% 2.45% 2.19% 1.7% 1.9% 2.26%
Capitalization / Revenue 8.02 x 10.3 x 10 x 5.14 x 7.11 x 8.25 x 6.85 x 5.95 x
EV / Revenue 7.64 x 10 x 9.83 x 4.82 x 6.76 x 7.89 x 6.4 x 5.36 x
EV / EBITDA 12.4 x 14.9 x 14.6 x 7.01 x 10.1 x 11.7 x 9.34 x 7.84 x
EV / FCF 52.8 x 42.6 x 57.2 x 20.7 x 50 x 33.2 x 24.2 x 15.6 x
FCF Yield 1.89% 2.35% 1.75% 4.83% 2% 3.02% 4.14% 6.42%
Price to Book 5.29 x 7.43 x 7.35 x 3.95 x 4.45 x 5.39 x 4.46 x 3.7 x
Nbr of stocks (in thousands) 25,930,380 25,930,380 25,930,380 25,930,380 25,932,071 25,935,031 - -
Reference price 2 331.0 530.0 615.0 448.5 593.0 867.0 867.0 867.0
Announcement Date 1/16/20 1/14/21 1/13/22 1/12/23 1/18/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,069,985 1,339,255 1,587,415 2,263,891 2,161,740 2,726,447 3,285,820 3,782,775
EBITDA 1 659,585 898,509 1,072,376 1,558,533 1,453,657 1,836,133 2,253,605 2,589,324
EBIT 1 372,701 566,784 649,981 1,121,279 921,466 1,140,248 1,431,751 1,669,440
Operating Margin 34.83% 42.32% 40.95% 49.53% 42.63% 41.82% 43.57% 44.13%
Earnings before Tax (EBT) 1 389,850 584,777 663,126 1,144,191 979,170 1,198,780 1,488,729 1,719,035
Net income 1 345,264 517,885 596,540 1,016,530 838,498 1,019,904 1,272,526 1,465,363
Net margin 32.27% 38.67% 37.58% 44.9% 38.79% 37.41% 38.73% 38.74%
EPS 2 13.32 19.98 23.01 39.20 32.34 39.20 48.69 56.52
Free Cash Flow 1 154,720 315,430 272,965 527,927 292,150 649,174 869,262 1,301,686
FCF margin 14.46% 23.55% 17.2% 23.32% 13.51% 23.81% 26.45% 34.41%
FCF Conversion (EBITDA) 23.46% 35.11% 25.45% 33.87% 20.1% 35.36% 38.57% 50.27%
FCF Conversion (Net income) 44.81% 60.91% 45.76% 51.93% 34.84% 63.65% 68.31% 88.83%
Dividend per Share 2 9.500 10.00 11.00 11.00 13.00 14.84 16.45 19.64
Announcement Date 1/16/20 1/14/21 1/13/22 1/12/23 1/18/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 438,189 491,076 534,141 613,142 625,532 508,633 480,841 546,733 625,529 1,172,262 592,644 644,669 725,091 779,007 727,092 772,381
EBITDA 1 293,435 334,892 375,349 415,669 432,623 341,561 325,897 375,346 410,853 - 408,041 433,609 496,393 524,178 508,124 541,826
EBIT 1 182,772 223,790 262,124 310,324 325,041 231,238 201,958 228,065 260,205 - 249,018 266,382 302,682 328,872 304,525 332,146
Operating Margin 41.71% 45.57% 49.07% 50.61% 51.96% 45.46% 42% 41.71% 41.6% - 42.02% 41.32% 41.74% 42.22% 41.88% 43%
Earnings before Tax (EBT) 1 184,819 226,832 265,998 316,691 334,670 244,275 214,675 241,940 278,281 - 266,543 282,329 317,622 344,450 320,162 348,029
Net income 1 166,232 202,733 237,027 280,866 295,904 206,987 181,799 211,000 238,712 - 225,485 227,880 273,726 298,630 273,808 290,913
Net margin 37.94% 41.28% 44.38% 45.81% 47.3% 40.69% 37.81% 38.59% 38.16% - 38.05% 35.35% 37.75% 38.33% 37.66% 37.66%
EPS 2 6.410 7.820 9.140 10.83 11.41 7.980 7.010 8.140 9.210 17.35 8.700 8.803 10.46 11.48 10.56 11.22
Dividend per Share 2 2.750 2.750 2.750 2.750 2.750 3.000 3.000 3.500 3.500 - 4.000 3.250 3.375 3.500 3.750 3.750
Announcement Date 1/13/22 4/14/22 7/14/22 10/13/22 1/12/23 4/20/23 7/20/23 10/19/23 1/18/24 1/18/24 4/18/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 408,026 314,907 335,431 707,836 764,452 962,996 1,465,249 2,221,895
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 154,720 315,430 272,965 527,927 292,150 649,174 869,262 1,301,686
ROE (net income / shareholders' equity) 20.9% 29.8% 29.7% 39.8% 26.2% 26.1% 27.1% 26.1%
ROA (Net income/ Total Assets) 15.9% 20.6% 16.9% 23.4% 16% 16.8% 18% 18%
Assets 1 2,177,470 2,512,761 3,528,908 4,345,141 5,248,584 6,077,351 7,074,855 8,154,381
Book Value Per Share 2 62.50 71.30 83.60 114.0 133.0 161.0 194.0 235.0
Cash Flow per Share 2 23.70 31.70 42.90 62.10 47.90 61.20 76.60 83.30
Capex 1 460,420 507,239 839,196 1,082,672 949,820 951,829 1,093,558 1,142,574
Capex / Sales 43.03% 37.87% 52.87% 47.82% 43.94% 34.91% 33.28% 30.2%
Announcement Date 1/16/20 1/14/21 1/13/22 1/12/23 1/18/24 - - -
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
867 TWD
Average target price
925.6 TWD
Spread / Average Target
+6.76%
Consensus
  1. Stock Market
  2. Equities
  3. 2330 Stock
  4. Financials Taiwan Semiconductor Manufacturing Company Limited