Financials United Microelectronics Corporation

Equities

2303

TW0002303005

Semiconductors

End-of-day quote Taiwan S.E. 06:00:00 2024-04-11 pm EDT 5-day change 1st Jan Change
52.7 TWD +0.38% Intraday chart for United Microelectronics Corporation +2.13% +0.19%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 192,601 580,007 810,366 508,943 659,069 660,280 - -
Enterprise Value (EV) 1 181,808 548,772 756,830 387,788 606,167 616,981 603,596 572,715
P/E ratio 20.1 x 19.5 x 14.2 x 5.74 x 10.7 x 13.1 x 10.9 x 10.4 x
Yield 4.56% 3.39% 4.62% 8.85% 5.7% 5.51% 6.31% 8.28%
Capitalization / Revenue 1.3 x 3.28 x 3.8 x 1.83 x 2.96 x 2.75 x 2.38 x 2.09 x
EV / Revenue 1.23 x 3.1 x 3.55 x 1.39 x 2.72 x 2.57 x 2.18 x 1.81 x
EV / EBITDA 3.36 x 7.74 x 7.66 x 2.61 x 6.16 x 6.12 x 4.93 x 4.38 x
EV / FCF 4.74 x 13.9 x 17.9 x 5.9 x -111 x 49.2 x 13.6 x 21.9 x
FCF Yield 21.1% 7.18% 5.59% 17% -0.9% 2.03% 7.33% 4.57%
Price to Book 0.94 x 2.42 x 2.83 x 1.49 x 1.81 x 1.82 x 1.7 x 1.47 x
Nbr of stocks (in thousands) 11,708,240 12,301,323 12,467,169 12,504,749 12,529,822 12,529,034 - -
Reference price 2 16.45 47.15 65.00 40.70 52.60 52.70 52.70 52.70
Announcement Date 2/5/20 1/27/21 1/25/22 1/16/23 1/31/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 148,202 176,821 213,011 278,705 222,533 239,715 277,510 316,523
EBITDA 1 54,080 70,915 98,761 148,462 98,375 100,806 122,389 130,616
EBIT 1 4,690 22,007 51,686 104,292 57,891 53,742 66,627 79,726
Operating Margin 3.16% 12.45% 24.26% 37.42% 26.01% 22.42% 24.01% 25.19%
Earnings before Tax (EBT) 1 5,736 27,926 61,803 106,097 70,912 60,015 70,686 68,225
Net income 1 9,708 29,189 55,780 87,198 60,990 50,720 61,138 63,266
Net margin 6.55% 16.51% 26.19% 31.29% 27.41% 21.16% 22.03% 19.99%
EPS 2 0.8200 2.420 4.570 7.090 4.930 4.030 4.847 5.091
Free Cash Flow 1 38,386 39,400 42,317 65,733 -5,474 12,544 44,266 26,169
FCF margin 25.9% 22.28% 19.87% 23.59% -2.46% 5.23% 15.95% 8.27%
FCF Conversion (EBITDA) 70.98% 55.56% 42.85% 44.28% - 12.44% 36.17% 20.04%
FCF Conversion (Net income) 395.41% 134.98% 75.86% 75.38% - 24.73% 72.4% 41.36%
Dividend per Share 2 0.7500 1.600 3.000 3.600 3.000 2.902 3.324 4.361
Announcement Date 2/5/20 1/27/21 1/25/22 1/16/23 1/31/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 55,907 59,100 63,423 72,055 75,392 67,836 54,209 56,296 57,069 54,958 53,344 55,394 62,738 66,808 62,229
EBITDA 1 26,889 29,433 33,724 39,271 41,353 34,114 24,384 25,606 25,240 23,144 22,151 23,886 28,143 29,338 27,043
EBIT 1 15,135 17,616 22,334 28,164 30,157 23,637 14,481 15,675 15,312 12,423 11,039 11,945 15,272 17,001 14,088
Operating Margin 27.07% 29.81% 35.21% 39.09% 40% 34.84% 26.71% 27.84% 26.83% 22.6% 20.69% 21.56% 24.34% 25.45% 22.64%
Earnings before Tax (EBT) 1 19,452 18,174 23,648 25,578 32,346 24,526 19,128 18,485 18,648 14,650 12,139 13,334 16,817 18,194 14,887
Net income 1 17,460 15,949 19,808 21,327 26,996 19,068 16,183 15,641 15,971 13,195 10,469 11,398 14,371 15,532 12,673
Net margin 31.23% 26.99% 31.23% 29.6% 35.81% 28.11% 29.85% 27.78% 27.99% 24.01% 19.63% 20.58% 22.91% 23.25% 20.36%
EPS 2 1.430 1.300 1.610 1.740 2.140 1.540 1.310 1.270 1.270 1.060 0.8313 0.9001 1.133 1.230 1.038
Dividend per Share 2 - - - - - - - - 3.600 - - - 3.004 - -
Announcement Date 10/27/21 1/25/22 4/27/22 7/27/22 10/26/22 1/16/23 4/26/23 7/26/23 10/25/23 1/31/24 - - - - -
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 10,793 31,235 53,536 121,155 52,902 43,299 56,684 87,565
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 38,386 39,400 42,317 65,733 -5,474 12,545 44,266 26,169
ROE (net income / shareholders' equity) 4.7% 13.2% 21.6% 28.3% 17.6% 14.4% 16.2% 17.2%
ROA (Net income/ Total Assets) 2.64% 7.81% 13.3% 17.5% 11.2% 9.12% 10.1% 10.3%
Assets 1 367,449 373,854 420,972 498,739 546,119 555,983 606,316 617,224
Book Value Per Share 2 17.60 19.50 23.00 27.20 29.00 29.00 31.00 36.00
Cash Flow per Share 2 4.660 5.450 7.400 11.90 6.950 6.650 9.610 -
Capex 1 16,518 26,345 48,035 80,128 91,474 108,745 74,487 75,783
Capex / Sales 11.15% 14.9% 22.55% 28.75% 41.11% 45.36% 26.84% 23.94%
Announcement Date 2/5/20 1/27/21 1/25/22 1/16/23 1/31/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
52.7 TWD
Average target price
55.96 TWD
Spread / Average Target
+6.18%
Consensus
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