TSMC (TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY)

Financials TSMC (Taiwan Semiconductor Manufacturing Company)

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 09/12/2024			5-day change	1st Jan Change
1,075.00 ^TWD	+0.94%		+7.93%	+81.28%

12:10pm	Intel should have focused on AI rather than chipmaking, TSMC founder says	RE
12-06	Taiwan Semiconductor in Talks With Nvidia to Produce Blackwell AI Chips in Arizona	MT

Projected Income Statement: TSMC (Taiwan Semiconductor Manufacturing Company)

income-statement-evolution-chart TSMC-TAIWAN-SEMICONDUCTOR

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	2,876,974	3,608,710	4,264,427
Change	-	25.17%	18.53%	42.61%	-4.51%	33.09%	25.43%	18.17%
EBITDA ¹	659,585	898,509	1,072,376	1,558,533	1,453,657	1,979,938	2,518,389	2,979,227
Change	-	36.22%	19.35%	45.33%	-6.73%	36.2%	27.2%	18.3%
EBIT ¹	372,701	566,784	649,981	1,121,279	921,466	1,304,967	1,702,660	2,030,507
Change	-	52.07%	14.68%	72.51%	-17.82%	41.62%	30.48%	19.25%
Interest Paid ¹	-3,251	-2,081	-5,414	-11,750	-11,999	-10,356	-9,976	-10,553
Earnings before Tax (EBT) ¹	389,850	584,777	663,126	1,144,191	979,170	1,379,931	1,773,014	2,096,534
Change	-	50%	13.4%	72.55%	-14.42%	40.93%	28.49%	18.25%
Net income ¹	345,264	517,885	596,540	1,016,530	838,498	1,164,522	1,507,909	1,774,244
Change	-	50%	15.19%	70.4%	-17.51%	38.88%	29.49%	17.66%
Announcement Date	16/01/20	14/01/21	13/01/22	12/01/23	18/01/24	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	317,237	310,597	310,699	356,426	361,533	362,410	372,145	414,671	438,189	491,076	534,141	613,142	625,532	508,633	480,841	546,733	625,529	592,644	673,510	759,692	852,578	796,122	851,328	941,412	1,005,706	933,757	996,133	1,116,627
Change	-	-2.09%	0.03%	14.72%	1.43%	0.24%	2.69%	11.43%	5.67%	12.07%	8.77%	14.79%	2.02%	-18.69%	-5.46%	13.7%	14.41%	-5.26%	13.64%	12.8%	12.23%	-6.62%	6.93%	10.58%	6.83%	-7.15%	6.68%	12.1%
EBITDA ¹	191,776	197,076	201,970	244,781	254,682	251,438	249,472	278,031	293,435	334,892	375,349	415,669	432,623	341,561	325,897	375,346	410,853	408,041	451,722	528,995	588,392	544,104	589,442	665,615	697,158	636,976	713,741	804,074
Change	-	2.76%	2.48%	21.2%	4.04%	-1.27%	-0.78%	11.45%	5.54%	14.13%	12.08%	10.74%	4.08%	-21.05%	-4.59%	15.17%	9.46%	-0.68%	10.71%	17.11%	11.23%	-7.53%	8.33%	12.92%	4.74%	-8.63%	12.05%	12.66%
EBIT ¹	124,244	128,522	131,094	150,048	157,120	150,538	145,667	171,004	182,772	223,790	262,124	310,324	325,041	231,238	201,958	228,065	260,205	249,018	286,556	360,766	409,642	362,294	395,566	450,770	488,068	432,737	479,967	545,379
Change	-	3.44%	2%	14.46%	4.71%	-4.19%	-3.24%	17.39%	6.88%	22.44%	17.13%	18.39%	4.74%	-28.86%	-12.66%	12.93%	14.09%	-4.3%	15.07%	25.9%	13.55%	-11.56%	9.18%	13.96%	8.27%	-11.34%	10.91%	13.63%
Charge d'intérêts ¹	-643.6	-560.6	-409.1	-373.2	-738.6	-772.1	-1,134	-1,334	-2,174	-2,141	-2,904	-3,370	-3,335	-2,964	-3,005	-3,112	-2,919	-2,698	-2,638	-	-2,469	-2,469	-2,469	-2,469	-2,469	-	-	-
Earnings before Tax (EBT) ¹	128,787	132,147	136,399	155,124	161,107	155,064	149,391	173,852	184,819	226,832	265,998	316,691	334,670	244,275	214,675	241,940	278,281	266,543	306,311	384,187	426,971	379,171	410,567	474,459	510,768	449,485	497,646	563,643
Change	-	2.61%	3.22%	13.73%	3.86%	-3.75%	-3.66%	16.37%	6.31%	22.73%	17.27%	19.06%	5.68%	-27.01%	-12.12%	12.7%	15.02%	-4.22%	14.92%	25.42%	11.14%	-11.2%	8.28%	15.56%	7.65%	-12%	10.71%	13.26%
Net income ¹	116,035	116,987	120,822	137,310	142,766	139,690	134,359	156,259	166,232	202,733	237,027	280,866	295,904	206,987	181,799	211,000	238,712	225,485	247,845	325,258	368,585	323,413	346,014	401,929	433,056	382,171	417,959	479,189
Change	-	0.82%	3.28%	13.65%	3.97%	-2.15%	-3.82%	16.3%	6.38%	21.96%	16.92%	18.5%	5.35%	-30.05%	-12.17%	16.06%	13.13%	-5.54%	9.92%	31.23%	13.32%	-12.26%	6.99%	16.16%	7.74%	-11.75%	9.36%	14.65%
Announcement Date	16/01/20	16/04/20	16/07/20	15/10/20	14/01/21	15/04/21	15/07/21	14/10/21	13/01/22	14/04/22	14/07/22	13/10/22	12/01/23	20/04/23	20/07/23	19/10/23	18/01/24	18/04/24	18/07/24	17/10/24	-	-	-	-	-	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2023 S2
Net sales ¹	1,172,262
Change	-
EBITDA	-
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	18/01/24

¹TWD in Million

Estimates

Forecast Balance Sheet: TSMC (Taiwan Semiconductor Manufacturing Company)

balance-sheet-analysis-chart TSMC-TAIWAN-SEMICONDUCTOR

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-408,026	-314,907	-335,431	-707,836	-764,452	-1,028,026	-1,660,640	-2,572,144
Change	-	-177.18%	-206.52%	-311.02%	-208%	-234.48%	-261.54%	-254.89%
Announcement Date	16/01/20	14/01/21	13/01/22	12/01/23	18/01/24	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	460,420	507,239	839,196	1,082,672	949,820	990,989	1,171,929	1,306,082
Change	-	10.17%	65.44%	29.01%	-12.27%	4.33%	18.26%	11.45%
Free Cash Flow (FCF) ¹	154,720	315,430	272,965	527,927	292,150	704,925	992,461	1,372,193
Change	-	103.87%	-13.46%	93.4%	-44.66%	141.29%	40.79%	38.26%
Announcement Date	16/01/20	14/01/21	13/01/22	12/01/23	18/01/24	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	61.64%	67.09%	67.55%	68.84%	67.24%	68.82%	69.79%	69.86%
EBIT Margin (%)	34.83%	42.32%	40.95%	49.53%	42.63%	45.36%	47.18%	47.61%
EBT Margin (%)	36.44%	43.66%	41.77%	50.54%	45.3%	47.96%	49.13%	49.16%
Net margin (%)	32.27%	38.67%	37.58%	44.9%	38.79%	40.48%	41.79%	41.61%
FCF margin (%)	14.46%	23.55%	17.2%	23.32%	13.51%	24.5%	27.5%	32.18%
FCF / Net Income (%)	44.81%	60.91%	45.76%	51.93%	34.84%	60.53%	65.82%	77.34%
Profitability
ROA	15.86%	20.61%	16.9%	23.39%	15.98%	18.96%	20.89%	21.36%
ROE	20.9%	29.8%	29.69%	39.76%	26.2%	29.51%	31.03%	29.99%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	43.03%	37.87%	52.87%	47.82%	43.94%	34.45%	32.48%	30.63%
CAPEX / EBITDA (%)	69.8%	56.45%	78.26%	69.47%	65.34%	50.05%	46.53%	43.84%
CAPEX / FCF (%)	297.58%	160.81%	307.44%	205.08%	325.11%	140.58%	118.08%	95.18%
Items per share
Cash flow per share ¹	23.73	31.73	42.89	62.12	47.9	67.35	85.47	98.36
Change	-	33.69%	35.19%	44.82%	-22.89%	40.62%	26.9%	15.08%
Dividend per Share ¹	9.5	10	11	11	13	14.96	17.32	20.09
Change	-	5.26%	10%	0%	18.18%	15.06%	15.81%	15.96%
Book Value Per Share ¹	62.53	71.33	83.62	113.6	133.4	164.1	206.8	256.8
Change	-	14.08%	17.23%	35.86%	17.42%	23%	26.04%	24.15%
EPS ¹	13.32	19.98	23.01	39.2	32.34	44.95	58.07	68.9
Change	-	50%	15.17%	70.36%	-17.5%	38.98%	29.19%	18.67%
Nbr of stocks (in thousands)	25,930,380	25,930,380	25,930,380	25,930,380	25,932,071	25,932,733	25,932,733	25,932,733
Announcement Date	16/01/20	14/01/21	13/01/22	12/01/23	18/01/24	-	-	-