Financials Unimicron Technology Corp.

Equities

3037

TW0003037008

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
182.5 ^TWD	-0.82%		+7.35%	+3.69%

23/04	Uniruwel Holding Limited announced that it expects to receive $21.55 million in funding from Unimicron Technology Corp.	CI
23/04	Unimicron Technology Corp. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	61,137	1,28,171	3,40,725	1,77,404	2,68,198	2,78,101	-	-
Enterprise Value (EV) ¹	71,656	1,36,116	3,34,046	1,48,434	2,42,740	2,42,575	2,26,076	2,08,940
P/E ratio	19.1 x	23.6 x	25.9 x	6.22 x	22.6 x	20 x	12 x	10.6 x
Yield	2.62%	1.6%	1.47%	6.67%	1.7%	1.72%	3.07%	3.52%
Capitalization / Revenue	0.74 x	1.46 x	3.26 x	1.26 x	2.58 x	2.3 x	1.86 x	1.61 x
EV / Revenue	0.87 x	1.55 x	3.19 x	1.06 x	2.33 x	2 x	1.51 x	1.21 x
EV / EBITDA	5.96 x	10.6 x	14.6 x	2.97 x	10.1 x	8 x	4.82 x	3.9 x
EV / FCF	-137 x	37.7 x	16.9 x	5.12 x	30.5 x	43.8 x	11.3 x	7.24 x
FCF Yield	-0.73%	2.66%	5.92%	19.5%	3.28%	2.28%	8.87%	13.8%
Price to Book	1.39 x	2.65 x	5.61 x	2.07 x	2.96 x	2.77 x	2.4 x	1.98 x
Nbr of stocks (in thousands)	14,55,633	14,66,483	14,75,000	14,78,365	15,23,854	15,23,840	-	-
Reference price ²	42.00	87.40	231.0	120.0	176.0	182.5	182.5	182.5
Announcement Date	27/03/20	23/02/21	22/02/22	22/02/23	26/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	82,536	87,893	1,04,563	1,40,489	1,04,036	1,21,073	1,49,845	1,72,793
EBITDA ¹	12,017	12,874	22,927	49,899	24,017	30,311	46,891	53,632
EBIT ¹	3,493	4,017	13,170	38,172	8,920	13,977	27,355	31,754
Operating Margin	4.23%	4.57%	12.6%	27.17%	8.57%	11.54%	18.26%	18.38%
Earnings before Tax (EBT) ¹	4,038	6,234	16,629	39,875	15,575	17,335	28,799	30,419
Net income ¹	3,260	5,462	13,222	29,619	11,980	14,008	24,429	23,558
Net margin	3.95%	6.21%	12.65%	21.08%	11.52%	11.57%	16.3%	13.63%
EPS ²	2.200	3.700	8.910	19.29	7.780	9.113	15.19	17.20
Free Cash Flow ¹	-523.2	3,614	19,772	29,009	7,962	5,532	20,064	28,850
FCF margin	-0.63%	4.11%	18.91%	20.65%	7.65%	4.57%	13.39%	16.7%
FCF Conversion (EBITDA)	-	28.07%	86.24%	58.14%	33.15%	18.25%	42.79%	53.79%
FCF Conversion (Net income)	-	66.17%	149.54%	97.94%	66.46%	39.49%	82.13%	122.46%
Dividend per Share ²	1.100	1.400	3.400	8.000	3.000	3.132	5.603	6.430
Announcement Date	27/03/20	23/02/21	22/02/22	22/02/23	26/02/24	-	-	-

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	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	30,564	30,711	35,635	37,454	36,690	26,566	25,235	26,546	25,689	26,403	27,680	32,533	34,965	33,653	36,378
EBITDA ¹	8,337	9,862	13,160	14,007	12,871	6,477	6,070	6,126	5,344	5,662	6,243	9,113	11,166	-	-
EBIT ¹	5,718	7,189	10,350	11,034	9,599	2,905	2,357	2,268	1,390	1,578	1,905	4,383	5,862	5,572	6,544
Operating Margin	18.71%	23.41%	29.04%	29.46%	26.16%	10.94%	9.34%	8.54%	5.41%	5.98%	6.88%	13.47%	16.77%	16.56%	17.99%
Earnings before Tax (EBT) ¹	6,405	7,491	11,108	11,909	9,367	5,176	3,454	3,371	3,573	3,357	2,483	4,968	6,845	5,125	6,253
Net income ¹	4,996	5,667	8,030	8,562	7,360	4,095	2,389	2,589	2,907	2,434	2,044	3,976	5,385	3,863	4,830
Net margin	16.35%	18.45%	22.53%	22.86%	20.06%	15.41%	9.47%	9.75%	11.32%	9.22%	7.39%	12.22%	15.4%	11.48%	13.28%
EPS ²	3.360	3.830	5.370	5.630	4.660	2.680	1.560	1.690	1.900	1.590	1.341	2.609	3.535	3.310	3.870
Dividend per Share	-	-	-	-	-	-	-	8.000	-	-	-	-	-	-	-
Announcement Date	22/02/22	28/04/22	26/07/22	27/10/22	22/02/23	25/04/23	25/07/23	23/10/23	26/02/24	23/04/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,519	7,946	-	-	-	-	-	-
Net Cash position ¹	-	-	6,679	28,969	25,459	37,276	53,285	69,160
Leverage (Debt/EBITDA)	0.8754 x	0.6172 x	-	-	-	-	-	-
Free Cash Flow ¹	-523	3,614	19,772	29,009	7,962	5,532	19,573	28,850
ROE (net income / shareholders' equity)	3.79%	11.8%	24.2%	40.4%	12.7%	13.8%	21.4%	22.9%
ROA (Net income/ Total Assets)	3.04%	4.6%	8.97%	15.2%	5.51%	5.47%	9.45%	10%
Assets ¹	1,07,409	1,18,732	1,47,382	1,94,363	2,17,336	2,47,428	2,59,486	2,35,486
Book Value Per Share ²	30.20	33.00	41.20	58.00	59.50	65.90	76.10	92.10
Cash Flow per Share ²	7.060	12.30	28.90	39.80	20.10	16.70	25.70	32.50
Capex ¹	11,010	14,550	23,167	32,073	22,938	24,355	21,639	19,000
Capex / Sales	13.34%	16.55%	22.16%	22.83%	22.05%	20.18%	14.42%	11%
Announcement Date	27/03/20	23/02/21	22/02/22	22/02/23	26/02/24	-	-	-

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 Unimicron Technology Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

182.5 TWD

Average target price

225 TWD

Spread / Average Target

+23.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits