Company Valuation: TSMC (Taiwan Semiconductor Manufacturing Company)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,947,184 11,629,776 15,377,718 27,877,688 40,195,412 59,385,127 - -
Change - -27.07% 32.23% 81.29% 44.18% 47.74% - -
Enterprise Value (EV) 1 15,611,753 10,921,940 14,613,266 26,442,131 38,119,972 56,659,332 55,359,535 53,325,936
Change - -30.04% 33.8% 80.95% 44.16% 48.63% -2.29% -3.67%
P/E 26.7x 11.4x 18.3x 23.8x 23.4x 21.4x 17.1x 13.3x
PBR 7.35x 3.95x 4.45x 6.5x 7.42x 7.73x 5.59x 4.14x
PEG - 0.2x -1x 0.6x 0.5x 0.3x 0.7x 0.5x
Capitalization / Revenue 10x 5.14x 7.11x 9.63x 10.6x 10.9x 8.47x 6.71x
EV / Revenue 9.83x 4.82x 6.76x 9.14x 10x 10.4x 7.89x 6.03x
EV / EBITDA 14.6x 7.01x 10.1x 13.3x 14.5x 14.1x 10.8x 8.2x
EV / EBIT 24x 9.74x 15.9x 20x 19.7x 17.9x 13.7x 10.5x
EV / FCF 57.2x 20.7x 50x 30.4x 38x 42.4x 26.5x 18.9x
FCF Yield 1.75% 4.83% 2% 3.29% 2.63% 2.36% 3.77% 5.3%
Dividend per Share 2 11 11 13 16.99 22 26.9 33.27 40.58
Rate of return 1.79% 2.45% 2.19% 1.58% 1.42% 1.17% 1.45% 1.77%
EPS 2 23.01 39.2 32.34 45.25 66.25 107.1 133.6 171.6
Distribution rate 47.8% 28.1% 40.2% 37.5% 33.2% 25.1% 24.9% 23.6%
Net sales 1 1,587,415 2,263,891 2,161,740 2,894,308 3,809,054 5,445,509 7,013,288 8,846,040
EBITDA 1 1,072,376 1,558,533 1,453,657 1,984,849 2,624,188 4,012,725 5,130,740 6,506,679
EBIT 1 649,981 1,121,279 921,466 1,322,053 1,936,092 3,170,689 4,037,825 5,091,294
Net income 1 596,540 1,016,530 838,498 1,173,268 1,717,883 2,768,038 3,436,663 4,287,435
Net Debt 1 -335,431 -707,836 -764,452 -1,435,557 -2,075,440 -2,725,795 -4,025,593 -6,059,191
Reference price 2 615.00 448.50 593.00 1,075.00 1,550.00 2,290.00 2,290.00 2,290.00
Nbr of stocks (in thousands) 25,930,380 25,930,380 25,932,071 25,932,733 25,932,524 25,932,370 - -
Announcement Date 13/01/22 12/01/23 18/01/24 16/01/25 15/01/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.08x11.27x15.3x1.09% 1,984B
21.95x12.36x18.33x0.37% 5,023B
41.34x17.03x25.07x0.7% 1,781B
11.73x7.1x8.6x0.06% 964B
5.7x3.28x3.95x0.31% 906B
92.74x16.19x60.62x-.--% 817B
-254.17x8.6x25.62x-.--% 487B
216.47x46.14x97.75x-.--% 280B
37.71x12.95x24.89x1.98% 265B
6.29x3.22x3.91x1.34% 209B
Average 20.28x 13.82x 28.40x 0.58% 1,272B
Weighted average by Cap. 21.22x 12.51x 21.68x 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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