Stock 2330 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED
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Financials Taiwan Semiconductor Manufacturing Company Limited

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E.
Other stock markets
 03:30:00 29/04/2024 am IST 		5-day change 1st Jan Change
795 TWD +1.66% Intraday chart for Taiwan Semiconductor Manufacturing Company Limited +7.14% +34.06%
25/04 KLA Corp projects quarterly revenue above estimates as AI fuels chip demand RE
25/04 New ASML boss Fouquet must navigate US/China chip war RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 85,82,956 1,37,43,101 1,59,47,184 1,16,29,776 1,53,77,718 2,06,18,350 - -
Enterprise Value (EV) 1 81,74,930 1,34,28,194 1,56,11,753 1,09,21,940 1,46,13,266 1,96,54,610 1,91,49,325 1,83,89,566
P/E ratio 24.8 x 26.5 x 26.7 x 11.4 x 18.3 x 20.3 x 16.4 x 14.3 x
Yield 2.87% 1.89% 1.79% 2.45% 2.19% 1.86% 2.08% 2.47%
Capitalization / Revenue 8.02 x 10.3 x 10 x 5.14 x 7.11 x 7.57 x 6.3 x 5.53 x
EV / Revenue 7.64 x 10 x 9.83 x 4.82 x 6.76 x 7.22 x 5.85 x 4.93 x
EV / EBITDA 12.4 x 14.9 x 14.6 x 7.01 x 10.1 x 10.7 x 8.52 x 7.17 x
EV / FCF 52.8 x 42.6 x 57.2 x 20.7 x 50 x 30.2 x 22 x 15.4 x
FCF Yield 1.89% 2.35% 1.75% 4.83% 2% 3.31% 4.55% 6.48%
Price to Book 5.29 x 7.43 x 7.35 x 3.95 x 4.45 x 4.94 x 4.09 x 3.4 x
Nbr of stocks (in thousands) 2,59,30,380 2,59,30,380 2,59,30,380 2,59,30,380 2,59,32,071 2,59,35,031 - -
Reference price 2 331.0 530.0 615.0 448.5 593.0 795.0 795.0 795.0
Announcement Date 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,69,985 13,39,255 15,87,415 22,63,891 21,61,740 27,23,359 32,71,450 37,30,593
EBITDA 1 6,59,585 8,98,509 10,72,376 15,58,533 14,53,657 18,42,382 22,47,171 25,63,549
EBIT 1 3,72,701 5,66,784 6,49,981 11,21,279 9,21,466 11,39,736 14,23,902 16,59,465
Operating Margin 34.83% 42.32% 40.95% 49.53% 42.63% 41.85% 43.53% 44.48%
Earnings before Tax (EBT) 1 3,89,850 5,84,777 6,63,126 11,44,191 9,79,170 11,94,843 14,77,746 16,96,268
Net income 1 3,45,264 5,17,885 5,96,540 10,16,530 8,38,498 10,16,804 12,64,287 14,48,617
Net margin 32.27% 38.67% 37.58% 44.9% 38.79% 37.34% 38.65% 38.83%
EPS 2 13.32 19.98 23.01 39.20 32.34 39.12 48.38 55.74
Free Cash Flow 1 1,54,720 3,15,430 2,72,965 5,27,927 2,92,150 6,49,982 8,71,687 11,92,131
FCF margin 14.46% 23.55% 17.2% 23.32% 13.51% 23.87% 26.65% 31.96%
FCF Conversion (EBITDA) 23.46% 35.11% 25.45% 33.87% 20.1% 35.28% 38.79% 46.5%
FCF Conversion (Net income) 44.81% 60.91% 45.76% 51.93% 34.84% 63.92% 68.95% 82.29%
Dividend per Share 2 9.500 10.00 11.00 11.00 13.00 14.78 16.51 19.64
Announcement Date 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1
Net sales 1 4,14,671 4,38,189 4,91,076 5,34,141 6,13,142 6,25,532 5,08,633 4,80,841 5,46,733 6,25,529 11,72,262 5,92,644 6,42,017 12,18,146 7,22,493 7,78,320 14,94,882 7,24,683
EBITDA 1 2,78,031 2,93,435 3,34,892 3,75,349 4,15,669 4,32,623 3,41,561 3,25,897 3,75,346 4,10,853 - 4,08,041 4,35,923 - 4,97,689 5,32,222 - 5,07,934
EBIT 1 1,71,004 1,82,772 2,23,790 2,62,124 3,10,324 3,25,041 2,31,238 2,01,958 2,28,065 2,60,205 - 2,49,018 2,66,298 - 3,01,870 3,27,903 - 3,04,204
Operating Margin 41.24% 41.71% 45.57% 49.07% 50.61% 51.96% 45.46% 42% 41.71% 41.6% - 42.02% 41.48% - 41.78% 42.13% - 41.98%
Earnings before Tax (EBT) 1 1,73,852 1,84,819 2,26,832 2,65,998 3,16,691 3,34,670 2,44,275 2,14,675 2,41,940 2,78,281 - 2,66,543 2,81,928 - 3,16,132 3,42,781 - 3,19,195
Net income 1 1,56,259 1,66,232 2,02,733 2,37,027 2,80,866 2,95,904 2,06,987 1,81,799 2,11,000 2,38,712 - 2,25,485 2,27,989 - 2,71,322 2,97,060 - 2,73,225
Net margin 37.68% 37.94% 41.28% 44.38% 45.81% 47.3% 40.69% 37.81% 38.59% 38.16% - 38.05% 35.51% - 37.55% 38.17% - 37.7%
EPS 2 6.030 6.410 7.820 9.140 10.83 11.41 7.980 7.010 8.140 9.210 17.35 8.700 8.793 - 10.46 11.46 - 10.53
Dividend per Share 2 2.750 2.750 2.750 2.750 2.750 2.750 3.000 3.000 3.500 3.500 - 3.167 3.125 - 3.375 3.500 - 3.750
Announcement Date 14/10/21 13/01/22 14/04/22 14/07/22 13/10/22 12/01/23 20/04/23 20/07/23 19/10/23 18/01/24 18/01/24 18/04/24 - - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 4,08,026 3,14,907 3,35,431 7,07,836 7,64,452 9,63,740 14,69,024 22,28,783
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,54,720 3,15,430 2,72,965 5,27,927 2,92,150 6,49,982 8,71,687 11,92,131
ROE (net income / shareholders' equity) 20.9% 29.8% 29.7% 39.8% 26.2% 26.1% 27% 26%
ROA (Net income/ Total Assets) 15.9% 20.6% 16.9% 23.4% 16% 16.8% 18% 18%
Assets 1 21,77,470 25,12,761 35,28,908 43,45,141 52,48,584 60,58,880 70,29,047 80,61,196
Book Value Per Share 2 62.50 71.30 83.60 114.0 133.0 161.0 194.0 234.0
Cash Flow per Share 2 23.70 31.70 42.90 62.10 47.90 63.20 77.70 83.30
Capex 1 4,60,420 5,07,239 8,39,196 10,82,672 9,49,820 9,50,365 10,82,452 11,52,896
Capex / Sales 43.03% 37.87% 52.87% 47.82% 43.94% 34.9% 33.09% 30.9%
Announcement Date 16/01/20 14/01/21 13/01/22 12/01/23 18/01/24 - - -
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Taiwan Semiconductor Manufacturing Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
795 TWD
Average target price
913 TWD
Spread / Average Target
+14.84%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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