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 1,779,643 - -
Change - -37.2% 29.5% -17.95% 14.35% 187.81% - -
Enterprise Value (EV) 1 756,830 387,788 606,167 516,566 586,032 1,692,926 1,679,178 1,647,758
Change - -48.76% 56.31% -14.78% 13.45% 188.88% -0.81% -1.87%
P/E 14.2x 5.74x 10.7x 11.3x 14.7x 19.4x 19.7x 17.3x
PBR 2.83x 1.49x 1.81x 1.42x 1.62x 4.04x 3.7x 3.38x
PEG - 0.1x -0.4x -0.5x -1.2x 0x -13.78x 1.3x
Capitalization / Revenue 3.8x 1.83x 2.96x 2.33x 2.6x 6.28x 5.16x 4.56x
EV / Revenue 3.55x 1.39x 2.72x 2.22x 2.47x 5.98x 4.87x 4.22x
EV / EBITDA 7.66x 2.61x 6.16x 5.18x 5.68x 13.2x 10.2x 8.52x
EV / EBIT 14.6x 3.72x 10.5x 10x 13.3x 26x 17.7x 14.3x
EV / FCF 17.9x 5.9x -111x 97x 11.2x 22.1x 20.9x 15.5x
FCF Yield 5.59% 17% -0.9% 1.03% 8.89% 4.51% 4.79% 6.46%
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% 2.67% 3.3% 3.78%
EPS 2 4.57 7.09 4.93 3.8 3.34 7.071 6.97 7.91
Distribution rate 65.6% 50.8% 60.9% 75% 77.8% 51.7% 64.8% 65.5%
Net sales 1 213,011 278,705 222,533 232,303 237,553 283,171 344,818 390,172
EBITDA 1 98,761 148,462 98,375 99,781 103,208 127,987 165,030 193,374
EBIT 1 51,686 104,292 57,891 51,613 43,949 65,008 94,603 115,097
Net income 1 55,780 87,198 60,990 47,211 41,716 87,437 84,049 95,775
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 49.25 137.00 137.00 137.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.37x5.78x12.79x2.67% 54.66B
22.71x12.86x19.5x0.34% 5,451B
23x11.3x15.31x1.1% 2,032B
39.98x16.78x24.65x0.71% 1,753B
13.77x8.38x10.12x0.05% 1,130B
5.13x3.25x3.92x0.2% 974B
88.47x16x60.74x-.--% 826B
-45.28x9.07x25.24x-.--% 549B
209.18x45.38x92.35x-.--% 279B
Average 41.81x 14.31x 29.40x 0.56% 1,450B
Weighted average by Cap. 28.27x 12.75x 21.95x 0.44%

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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