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 1,490,373 - -
Change - -37.2% 29.5% -17.95% 14.35% 141.03% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,403,655 1,389,907 1,358,488
Change - -48.76% 56.31% -14.78% 13.45% 139.52% -0.98% -2.26%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 16.7x 17.2x 15.1x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 3.48x 3.18x 2.89x
PEG - 0.1x -0.4x -0.5x -1.2x 0x -5.69x 1.1x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 5.26x 4.34x 3.84x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 4.96x 4.05x 3.5x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 10.8x 8.49x 7.22x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 21.8x 14.9x 11.9x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 18.4x 17.3x 12.8x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 5.45% 5.79% 7.84%
Dividend per Share 2 3 3.6 3 2.85 2.6 3.658 4.515 5.178
Rate of return 4.62% 8.85% 5.7% 6.62% 5.28% 3.09% 3.81% 4.37%
EPS 2 4.57 7.09 4.93 3.8 3.34 7.11 6.895 7.83
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 51.4% 65.5% 66.1%
Net sales 1 213,011 278,705 222,533 232,303 237,553 283,246 343,367 387,798
EBITDA 1 98,761 148,462 98,375 99,781 103,208 129,404 163,636 188,198
EBIT 1 51,686 104,292 57,891 51,613 43,949 64,483 93,495 114,144
Net income 1 55,780 87,198 60,990 47,211 41,716 85,958 83,011 94,261
Net Debt 1 -53,536 -121,155 -52,902 -24,173 -32,315 -86,718 -100,465 -131,885
Reference price 2 65.00 40.70 52.60 43.05 49.25 118.50 118.50 118.50
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.($)
17.37x5.18x11.33x2.96% 48.74B
22.2x12.36x18.26x0.36% 5,078B
22.49x11.03x14.95x1.12% 1,965B
39.49x16.19x23.82x0.74% 1,692B
12.93x7.84x9.48x0.06% 1,060B
4.83x3.01x3.62x0.22% 887B
83.94x15.2x57.16x-.--% 785B
-38.25x7.72x21.47x-.--% 464B
199.77x43.59x88.88x-.--% 268B
30.78x11.18x20.7x2.19% 239B
Average 39.55x 13.33x 26.97x 0.77% 1,249B
Weighted average by Cap. 28.16x 12.25x 20.81x 0.5%

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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