Company Valuation: Taiwan Mask Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 8,297 23,288 17,318 15,155 10,523 9,793
Change - 180.67% -25.64% -12.49% -30.57% -6.94%
Enterprise Value (EV) 1 11,764 26,376 25,395 25,825 20,446 17,824
Change - 124.22% -3.72% 1.69% -20.83% -12.82%
P/E 12.2x 19.5x 27.1x 43.2x -22.3x -7.24x
PBR 2.34x 4.53x 3.82x 2.96x 2.39x 2.29x
PEG - 0.3x -0.6x -0.9x 0x -0x
Capitalization / Revenue 1.78x 3.83x 2.24x 2.1x 1.39x 1.62x
EV / Revenue 2.52x 4.34x 3.28x 3.59x 2.7x 2.95x
EV / EBITDA 17.3x 29.6x 14.1x 15.6x 13.5x 20.6x
EV / EBIT 34.2x 60.8x 20.3x 34.5x 92.4x -29.3x
EV / FCF -9.16x -22.6x -13.3x -12.9x -38.3x 316x
FCF Yield -10.9% -4.42% -7.5% -7.76% -2.61% 0.32%
Dividend per Share 2 1.5 2 2.5 1.5 - -
Rate of return 3.72% 1.85% 2.95% 2.11% - -
EPS 2 3.3 5.552 3.125 1.647 -2.212 -4.882
Distribution rate 45.5% 36% 80% 91.1% - -
Net sales 1 4,667 6,077 7,741 7,200 7,562 6,038
EBITDA 1 681.1 891.6 1,807 1,656 1,518 865.6
EBIT 1 344.2 434 1,248 748.6 221.4 -608.4
Net income 1 683.9 1,186 703.5 366.1 -472.5 -1,174
Net Debt 1 3,466 3,088 8,078 10,670 9,923 8,031
Reference price 2 40.35 108.00 84.70 71.10 49.25 35.35
Nbr of stocks (in thousands) 205,632 215,632 204,457 213,153 213,663 277,033
Announcement Date 29/03/21 24/03/22 16/03/23 15/03/24 26/03/25 31/03/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 491M
23.75x13.59x20.49x0.32% 5,734B
23.98x11.81x15.97x1.04% 2,103B
40.71x17.19x25.25x0.69% 1,797B
14.81x9.09x10.94x0.05% 1,229B
112.76x20.46x77.66x-.--% 1,054B
4.88x3.15x3.8x0.21% 937B
-48.87x9.76x27.17x-.--% 594B
234.68x51.16x104.36x-.--% 314B
Average 50.84x 17.03x 35.71x 0.29% 1,529B
Weighted average by Cap. 32.42x 13.89x 25.02x 0.4%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Taiwan Mask Corporation

Historical PBR trend

Valuation ratios - PBR - Taiwan Mask Corporation

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Taiwan Mask Corporation

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Taiwan Mask Corporation

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