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 24,401,880 - -
Change - 60.12% 16.04% -27.07% 32.23% 58.68% - -
Enterprise Value (EV) 1 8,174,930 13,428,194 15,611,753 10,921,940 14,613,266 23,408,164 22,796,084 21,784,270
Change - 64.26% 16.26% -30.04% 33.8% 60.18% -2.61% -4.44%
P/E ratio 24.8x 26.5x 26.7x 11.4x 18.3x 22.4x 17.5x 14.7x
PBR 5.29x 7.43x 7.35x 3.95x 4.45x 5.75x 4.67x 3.77x
PEG - 0.5x 1.8x 0.2x -1x 0.8x 0.6x 0.8x
Capitalization / Revenue 8.02x 10.3x 10x 5.14x 7.11x 8.69x 7x 5.94x
EV / Revenue 7.64x 10x 9.83x 4.82x 6.76x 8.33x 6.54x 5.3x
EV / EBITDA 12.4x 14.9x 14.6x 7.01x 10.1x 12.4x 9.51x 7.78x
EV / EBIT 21.9x 23.7x 24x 9.74x 15.9x 19.2x 14.5x 11.5x
EV / FCF 52.8x 42.6x 57.2x 20.7x 50x 34.5x 24.3x 16.3x
FCF Yield 1.89% 2.35% 1.75% 4.83% 2% 2.9% 4.11% 6.14%
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% 1.58% 1.93% 2.03%
EPS 2 13.32 19.98 23.01 39.2 32.34 41.92 53.74 63.94
Distribution rate 71.3% 50.1% 47.8% 28.1% 40.2% 35.5% 33.8% 29.8%
Net sales 1 1,069,985 1,339,255 1,587,415 2,263,891 2,161,740 2,808,652 3,485,929 4,110,865
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 1,216,106 1,576,048 1,890,274
Net income 1 345,264 517,885 596,540 1,016,530 838,498 1,089,299 1,402,174 1,655,690
Net Debt 1 -408,026 -314,907 -335,431 -707,836 -764,452 -993,715 -1,605,795 -2,617,609
Reference price 2 331.00 530.00 615.00 448.50 593.00 941.00 941.00 941.00
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 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield (Y) Capi. ($)
22.44x8.33x12.35x+1.58%762B
41.3x21.7x33.6x+0.03%2,835B
154.3x15.72x25.67x+1.30%759B
112.97x9.09x40.45x-.--%244B
19.39x4.89x12.7x+1.96%188B
38.84x11.98x26.67x+2.61%184B
159.21x35.7x70.03x-.--%143B
70.5x12.33x27.74x+1.64%112B
124.18x4x11.21x+0.53%98.39B
-24.19x2.37x12.21x+1.81%91.81B
Average 71.89x 12.61x 27.26x +1.15% 541.78B
Weighted average by Cap. 60.98x 17.03x 28.92x +0.65%
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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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