Financials Taiwan Semiconductor Manufacturing Company Limited

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E. 03:30:00 24/05/2024 am IST 5-day change 1st Jan Change
867 TWD -0.91% Intraday chart for Taiwan Semiconductor Manufacturing Company Limited +3.83% +46.21%

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 2,24,85,672 - -
Enterprise Value (EV) 1 81,74,930 1,34,28,194 1,56,11,753 1,09,21,940 1,46,13,266 2,15,22,676 2,10,20,423 2,02,63,777
P/E ratio 24.8 x 26.5 x 26.7 x 11.4 x 18.3 x 22.1 x 17.8 x 15.3 x
Yield 2.87% 1.89% 1.79% 2.45% 2.19% 1.71% 1.9% 2.26%
Capitalization / Revenue 8.02 x 10.3 x 10 x 5.14 x 7.11 x 8.25 x 6.84 x 5.94 x
EV / Revenue 7.64 x 10 x 9.83 x 4.82 x 6.76 x 7.89 x 6.4 x 5.36 x
EV / EBITDA 12.4 x 14.9 x 14.6 x 7.01 x 10.1 x 11.7 x 9.33 x 7.83 x
EV / FCF 52.8 x 42.6 x 57.2 x 20.7 x 50 x 33.2 x 24.2 x 15.6 x
FCF Yield 1.89% 2.35% 1.75% 4.83% 2% 3.02% 4.14% 6.42%
Price to Book 5.29 x 7.43 x 7.35 x 3.95 x 4.45 x 5.39 x 4.46 x 3.7 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 2 331.0 530.0 615.0 448.5 593.0 867.0 867.0 867.0
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 27,26,447 32,85,820 37,82,775
EBITDA 1 6,59,585 8,98,509 10,72,376 15,58,533 14,53,657 18,36,133 22,53,605 25,89,324
EBIT 1 3,72,701 5,66,784 6,49,981 11,21,279 9,21,466 11,40,248 14,31,751 16,69,440
Operating Margin 34.83% 42.32% 40.95% 49.53% 42.63% 41.82% 43.57% 44.13%
Earnings before Tax (EBT) 1 3,89,850 5,84,777 6,63,126 11,44,191 9,79,170 11,98,780 14,88,729 17,19,035
Net income 1 3,45,264 5,17,885 5,96,540 10,16,530 8,38,498 10,19,904 12,72,526 14,65,363
Net margin 32.27% 38.67% 37.58% 44.9% 38.79% 37.41% 38.73% 38.74%
EPS 2 13.32 19.98 23.01 39.20 32.34 39.20 48.69 56.52
Free Cash Flow 1 1,54,720 3,15,430 2,72,965 5,27,927 2,92,150 6,49,174 8,69,262 13,01,686
FCF margin 14.46% 23.55% 17.2% 23.32% 13.51% 23.81% 26.45% 34.41%
FCF Conversion (EBITDA) 23.46% 35.11% 25.45% 33.87% 20.1% 35.36% 38.57% 50.27%
FCF Conversion (Net income) 44.81% 60.91% 45.76% 51.93% 34.84% 63.65% 68.31% 88.83%
Dividend per Share 2 9.500 10.00 11.00 11.00 13.00 14.84 16.45 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 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 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 6,44,669 7,25,091 7,79,007 7,27,092 7,72,381
EBITDA 1 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 4,33,609 4,96,393 5,24,178 5,08,124 5,41,826
EBIT 1 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 2,66,382 3,02,682 3,28,872 3,04,525 3,32,146
Operating Margin 41.71% 45.57% 49.07% 50.61% 51.96% 45.46% 42% 41.71% 41.6% - 42.02% 41.32% 41.74% 42.22% 41.88% 43%
Earnings before Tax (EBT) 1 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 2,82,329 3,17,622 3,44,450 3,20,162 3,48,029
Net income 1 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 2,27,880 2,73,726 2,98,630 2,73,808 2,90,913
Net margin 37.94% 41.28% 44.38% 45.81% 47.3% 40.69% 37.81% 38.59% 38.16% - 38.05% 35.35% 37.75% 38.33% 37.66% 37.66%
EPS 2 6.410 7.820 9.140 10.83 11.41 7.980 7.010 8.140 9.210 17.35 8.700 8.803 10.46 11.48 10.56 11.22
Dividend per Share 2 2.750 2.750 2.750 2.750 2.750 3.000 3.000 3.500 3.500 - 4.000 3.250 3.375 3.500 3.750 3.750
Announcement Date 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 9,62,996 14,65,249 22,21,895
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,54,720 3,15,430 2,72,965 5,27,927 2,92,150 6,49,174 8,69,262 13,01,686
ROE (net income / shareholders' equity) 20.9% 29.8% 29.7% 39.8% 26.2% 26.1% 27.1% 26.1%
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 60,77,351 70,74,855 81,54,381
Book Value Per Share 2 62.50 71.30 83.60 114.0 133.0 161.0 194.0 235.0
Cash Flow per Share 2 23.70 31.70 42.90 62.10 47.90 61.20 76.60 83.30
Capex 1 4,60,420 5,07,239 8,39,196 10,82,672 9,49,820 9,51,829 10,93,558 11,42,574
Capex / Sales 43.03% 37.87% 52.87% 47.82% 43.94% 34.91% 33.28% 30.2%
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
867 TWD
Average target price
929.2 TWD
Spread / Average Target
+7.17%
Consensus
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