Company Valuation: TSMC (Taiwan Semiconductor Manufacturing Company)

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 23,312,741 - -
Change - 60.12% 16.04% -27.07% 32.23% 51.6% - -
Enterprise Value (EV) 1 8,174,930 13,428,194 15,611,753 10,921,940 14,613,266 22,319,026 21,706,946 20,695,132
Change - 64.26% 16.26% -30.04% 33.8% 52.73% -2.74% -4.66%
P/E ratio 24.8x 26.5x 26.7x 11.4x 18.3x 21.4x 16.7x 14x
PBR 5.29x 7.43x 7.35x 3.95x 4.45x 5.49x 4.46x 3.6x
PEG - 0.5x 1.8x 0.2x -1x 0.7x 0.6x 0.7x
Capitalization / Revenue 8.02x 10.3x 10x 5.14x 7.11x 8.3x 6.69x 5.67x
EV / Revenue 7.64x 10x 9.83x 4.82x 6.76x 7.95x 6.23x 5.03x
EV / EBITDA 12.4x 14.9x 14.6x 7.01x 10.1x 11.8x 9.06x 7.39x
EV / EBIT 21.9x 23.7x 24x 9.74x 15.9x 18.4x 13.8x 11x
EV / FCF 52.8x 42.6x 57.2x 20.7x 50x 32.9x 23.1x 15.5x
FCF Yield 1.89% 2.35% 1.75% 4.83% 2% 3.04% 4.32% 6.46%
Dividend per Share 2 9.5 10 11 11 13 14.87 18.16 19.08
Rate of return 2.87% 1.89% 1.79% 2.45% 2.19% 1.65% 2.02% 2.12%
EPS 2 13.32 19.98 23.01 39.2 32.34 41.92 53.83 64.01
Distribution rate 71.3% 50.1% 47.8% 28.1% 40.2% 35.5% 33.7% 29.8%
Net sales 1 1,069,985 1,339,255 1,587,415 2,263,891 2,161,740 2,808,643 3,485,935 4,110,846
EBITDA 1 659,585 898,509 1,072,376 1,558,533 1,453,657 1,894,694 2,396,944 2,798,944
EBIT 1 372,701 566,784 649,981 1,121,279 921,466 1,216,122 1,575,251 1,888,641
Net income 1 345,264 517,885 596,540 1,016,530 838,498 1,089,299 1,404,189 1,657,593
Net Debt 1 -408,026 -314,907 -335,431 -707,836 -764,452 -993,715 -1,605,795 -2,617,609
Reference price 2 331.00 530.00 615.00 448.50 593.00 899.00 899.00 899.00
Nbr of stocks (in thousands) 25,930,380 25,930,380 25,930,380 25,930,380 25,932,071 25,931,859 - -
Announcement Date 1/16/20 1/14/21 1/13/22 1/12/23 1/18/24 - - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield (Y) Capi. ($)
21.44x7.95x11.78x+1.65%725B
38.78x20.35x31.5x+0.03%2,612B
110.55x13.8x22.43x+1.49%656B
105.51x8.45x37.75x-.--%224B
38.93x12x26.73x+2.61%184B
18.52x4.67x12.13x+2.05%179B
146.67x32.31x63.37x-.--%132B
69.2x12.11x27.25x+1.67%109B
121.79x4x11.09x+0.54%95.66B
6.43x1.74x3.19x+0.83%80.48B
Average 67.78x 11.74x 24.72x +1.09% 499.51B
Weighted average by Cap. 52.52x 15.81x 26.76x +0.68%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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