Financials TSMC (Taiwan Semiconductor Manufacturing Company)

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E. 23:00:00 23/06/2024 BST 5-day change 1st Jan Change
940 TWD -3.09% Intraday chart for TSMC (Taiwan Semiconductor Manufacturing Company) +1.95% +58.52%

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 24,377,611 - -
Enterprise Value (EV) 1 8,174,930 13,428,194 15,611,753 10,921,940 14,613,266 23,339,656 22,803,578 22,068,922
P/E ratio 24.8 x 26.5 x 26.7 x 11.4 x 18.3 x 24.6 x 19.7 x 16.9 x
Yield 2.87% 1.89% 1.79% 2.45% 2.19% 1.52% 1.72% 2.02%
Capitalization / Revenue 8.02 x 10.3 x 10 x 5.14 x 7.11 x 8.91 x 7.36 x 6.33 x
EV / Revenue 7.64 x 10 x 9.83 x 4.82 x 6.76 x 8.53 x 6.88 x 5.73 x
EV / EBITDA 12.4 x 14.9 x 14.6 x 7.01 x 10.1 x 12.7 x 10.1 x 8.35 x
EV / FCF 52.8 x 42.6 x 57.2 x 20.7 x 50 x 35.8 x 26.2 x 16.5 x
FCF Yield 1.89% 2.35% 1.75% 4.83% 2% 2.79% 3.82% 6.06%
Price to Book 5.29 x 7.43 x 7.35 x 3.95 x 4.45 x 6.02 x 4.96 x 4.09 x
Nbr of stocks (in thousands) 25,930,380 25,930,380 25,930,380 25,930,380 25,932,071 25,933,629 - -
Reference price 2 331.0 530.0 615.0 448.5 593.0 970.0 970.0 970.0
Announcement Date 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
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 2,734,746 3,312,087 3,848,814
EBITDA 1 659,585 898,509 1,072,376 1,558,533 1,453,657 1,834,164 2,265,033 2,642,212
EBIT 1 372,701 566,784 649,981 1,121,279 921,466 1,146,862 1,454,738 1,717,497
Operating Margin 34.83% 42.32% 40.95% 49.53% 42.63% 41.94% 43.92% 44.62%
Earnings before Tax (EBT) 1 389,850 584,777 663,126 1,144,191 979,170 1,205,340 1,505,867 1,741,798
Net income 1 345,264 517,885 596,540 1,016,530 838,498 1,025,747 1,287,301 1,483,299
Net margin 32.27% 38.67% 37.58% 44.9% 38.79% 37.51% 38.87% 38.54%
EPS 2 13.32 19.98 23.01 39.20 32.34 39.47 49.30 57.46
Free Cash Flow 1 154,720 315,430 272,965 527,927 292,150 651,696 871,836 1,338,408
FCF margin 14.46% 23.55% 17.2% 23.32% 13.51% 23.83% 26.32% 34.77%
FCF Conversion (EBITDA) 23.46% 35.11% 25.45% 33.87% 20.1% 35.53% 38.49% 50.65%
FCF Conversion (Net income) 44.81% 60.91% 45.76% 51.93% 34.84% 63.53% 67.73% 90.23%
Dividend per Share 2 9.500 10.00 11.00 11.00 13.00 14.74 16.70 19.64
Announcement Date 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
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 1,172,262 592,644 650,682 726,087 782,655 740,887 780,525
EBITDA 1 293,435 334,892 375,349 415,669 432,623 341,561 325,897 375,346 410,853 - 408,041 433,433 492,427 525,230 523,420 549,571
EBIT 1 182,772 223,790 262,124 310,324 325,041 231,238 201,958 228,065 260,205 - 249,018 270,343 304,316 332,879 311,548 337,402
Operating Margin 41.71% 45.57% 49.07% 50.61% 51.96% 45.46% 42% 41.71% 41.6% - 42.02% 41.55% 41.91% 42.53% 42.05% 43.23%
Earnings before Tax (EBT) 1 184,819 226,832 265,998 316,691 334,670 244,275 214,675 241,940 278,281 - 266,543 285,507 319,849 348,237 323,994 353,963
Net income 1 166,232 202,733 237,027 280,866 295,904 206,987 181,799 211,000 238,712 - 225,485 231,666 276,026 300,977 276,636 296,725
Net margin 37.94% 41.28% 44.38% 45.81% 47.3% 40.69% 37.81% 38.59% 38.16% - 38.05% 35.6% 38.02% 38.46% 37.34% 38.02%
EPS 2 6.410 7.820 9.140 10.83 11.41 7.980 7.010 8.140 9.210 17.35 8.700 8.934 10.64 11.61 10.78 11.56
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 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 18/01/24 18/04/24 - - - - -
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 1,037,956 1,574,033 2,308,689
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 154,720 315,430 272,965 527,927 292,150 651,696 871,836 1,338,408
ROE (net income / shareholders' equity) 20.9% 29.8% 29.7% 39.8% 26.2% 26.3% 27.5% 26.9%
ROA (Net income/ Total Assets) 15.9% 20.6% 16.9% 23.4% 16% 16.9% 18.2% 18.4%
Assets 1 2,177,470 2,512,761 3,528,908 4,345,141 5,248,584 6,083,352 7,066,634 8,077,792
Book Value Per Share 2 62.50 71.30 83.60 114.0 133.0 161.0 195.0 237.0
Cash Flow per Share 2 23.70 31.70 42.90 62.10 47.90 63.30 78.00 83.30
Capex 1 460,420 507,239 839,196 1,082,672 949,820 953,230 1,092,175 1,136,185
Capex / Sales 43.03% 37.87% 52.87% 47.82% 43.94% 34.86% 32.98% 29.52%
Announcement Date 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
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
30
Last Close Price
940 TWD
Average target price
985.9 TWD
Spread / Average Target
+4.89%
Consensus
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