Company Valuation: United Microelectronics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 810,366 508,943 659,069 540,739 618,347 1,289,141 - -
Change - -37.2% 29.5% -17.95% 14.35% 108.48% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,215,648 1,186,495 1,142,503
Change - -48.76% 56.31% -14.78% 13.45% 107.44% -2.4% -3.71%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 17x 16.3x 12.4x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 2.67x 2.85x 2.53x
PEG - 0.1x -0.4x -0.5x -1.2x 0.2x 3.77x 0.4x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 4.62x 3.81x 3.33x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 4.35x 3.51x 2.95x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 9.55x 7.37x 6.02x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 19.7x 13.4x 9.83x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 21.2x 14x 11.6x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 4.71% 7.13% 8.59%
Dividend per Share 2 3 3.6 3 2.85 2.6 3.765 4.137 5.613
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 3.67% 4.04% 5.48%
EPS 2 4.57 7.09 4.93 3.8 3.34 6.027 6.288 8.266
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 62.5% 65.8% 67.9%
Net sales 1 213,011 278,705 222,533 232,303 237,553 279,298 338,201 386,738
EBITDA 1 98,761 148,462 98,375 99,781 103,208 127,281 160,906 189,843
EBIT 1 51,686 104,292 57,891 51,613 43,949 61,829 88,391 116,182
Net income 1 55,780 87,198 60,990 47,211 41,716 70,929 76,654 99,088
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -73,493 -102,646 -146,638
Reference price 2 65.00 40.70 52.60 43.05 49.25 102.50 102.50 102.50
Nbr of stocks (in thousands) 12,467,169 12,504,749 12,529,822 12,560,716 12,555,278 12,576,985 - -
Announcement Date 25/01/22 16/01/23 31/01/24 21/01/25 28/01/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.1x11.29x16.74x0.4% 4,602B
20.64x10.05x13.63x1.23% 1,761B
41.11x16.85x24.8x0.71% 1,762B
10.16x6.1x7.37x0.07% 835B
4.16x2.31x2.84x0.38% 704B
79.91x13.82x51.03x-.--% 700B
-35.37x6.9x19.25x-.--% 413B
185.43x39.48x83.78x-.--% 240B
31.92x11.58x21.47x2.12% 248B
Average 39.78x 13.15x 26.77x 0.54% 1,252B
Weighted average by Cap. 27.21x 11.62x 19.71x 0.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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