Financials United Microelectronics Corporation

Equities

2303

TW0002303005

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
49.8 ^TWD	+0.61%		+1.43%	-5.32%

Apr. 24	United Microelectronics Q1 Earnings Fall, Operating Revenue Rises	MT
Apr. 24	United Microelectronics Corporation 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	192,601	580,007	810,366	508,943	659,069	623,924	-	-
Enterprise Value (EV) ¹	181,808	548,772	756,830	387,788	606,167	608,251	596,872	585,970
P/E ratio	20.1 x	19.5 x	14.2 x	5.74 x	10.7 x	13.4 x	10.9 x	10.2 x
Yield	4.56%	3.39%	4.62%	8.85%	5.7%	5.5%	6.18%	7.12%
Capitalization / Revenue	1.3 x	3.28 x	3.8 x	1.83 x	2.96 x	2.65 x	2.28 x	2.05 x
EV / Revenue	1.23 x	3.1 x	3.55 x	1.39 x	2.72 x	2.59 x	2.18 x	1.92 x
EV / EBITDA	3.36 x	7.74 x	7.66 x	2.61 x	6.16 x	6.11 x	4.99 x	4.62 x
EV / FCF	4.74 x	13.9 x	17.9 x	5.9 x	-111 x	78.7 x	18.3 x	12.1 x
FCF Yield	21.1%	7.18%	5.59%	17%	-0.9%	1.27%	5.47%	8.28%
Price to Book	0.94 x	2.42 x	2.83 x	1.49 x	1.81 x	1.71 x	1.59 x	1.5 x
Nbr of stocks (in thousands)	11,708,240	12,301,323	12,467,169	12,504,749	12,529,822	12,528,589	-	-
Reference price ²	16.45	47.15	65.00	40.70	52.60	49.80	49.80	49.80
Announcement Date	2/5/20	1/27/21	1/25/22	1/16/23	1/31/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	148,202	176,821	213,011	278,705	222,533	235,228	273,664	305,048
EBITDA ¹	54,080	70,915	98,761	148,462	98,375	99,580	119,516	126,775
EBIT ¹	4,690	22,007	51,686	104,292	57,891	50,844	62,932	71,036
Operating Margin	3.16%	12.45%	24.26%	37.42%	26.01%	21.61%	23%	23.29%
Earnings before Tax (EBT) ¹	5,736	27,926	61,803	106,097	70,912	55,898	67,998	70,448
Net income ¹	9,708	29,189	55,780	87,198	60,990	47,566	58,102	60,650
Net margin	6.55%	16.51%	26.19%	31.29%	27.41%	20.22%	21.23%	19.88%
EPS ²	0.8200	2.420	4.570	7.090	4.930	3.703	4.581	4.865
Free Cash Flow ¹	38,386	39,400	42,317	65,733	-5,474	7,733	32,669	48,499
FCF margin	25.9%	22.28%	19.87%	23.59%	-2.46%	3.29%	11.94%	15.9%
FCF Conversion (EBITDA)	70.98%	55.56%	42.85%	44.28%	-	7.77%	27.33%	38.26%
FCF Conversion (Net income)	395.41%	134.98%	75.86%	75.38%	-	16.26%	56.23%	79.97%
Dividend per Share ²	0.7500	1.600	3.000	3.600	3.000	2.739	3.077	3.545
Announcement Date	2/5/20	1/27/21	1/25/22	1/16/23	1/31/24	-	-	-

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	59,100	63,423	72,055	75,392	67,836	54,209	56,296	57,069	54,958	54,632	56,153	61,046	64,302	62,945	67,245
EBITDA ¹	29,433	33,724	39,271	41,353	34,114	24,384	25,606	25,240	23,144	22,550	23,717	26,721	27,798	25,714	27,692
EBIT ¹	17,616	22,334	28,164	30,157	23,637	14,481	15,675	15,312	12,423	11,665	11,873	13,676	14,722	13,486	15,433
Operating Margin	29.81%	35.21%	39.09%	40%	34.84%	26.71%	27.84%	26.83%	22.6%	21.35%	21.14%	22.4%	22.89%	21.42%	22.95%
Earnings before Tax (EBT) ¹	18,174	23,648	25,578	32,346	24,526	19,128	18,485	18,648	14,650	12,721	12,959	15,003	15,940	14,049	16,118
Net income ¹	15,949	19,808	21,327	26,996	19,068	16,183	15,641	15,971	13,195	10,456	11,138	12,978	13,783	12,498	13,910
Net margin	26.99%	31.23%	29.6%	35.81%	28.11%	29.85%	27.78%	27.99%	24.01%	19.14%	19.84%	21.26%	21.43%	19.86%	20.69%
EPS ²	1.300	1.610	1.740	2.140	1.540	1.310	1.270	1.270	1.060	0.8400	0.8833	1.011	1.075	0.9840	1.097
Dividend per Share ²	-	-	-	-	-	-	-	3.600	-	-	-	2.575	-	-	-
Announcement Date	1/25/22	4/27/22	7/27/22	10/26/22	1/16/23	4/26/23	7/26/23	10/25/23	1/31/24	4/24/24	-	-	-	-	-

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	10,793	31,235	53,536	121,155	52,902	15,672	27,052	37,953
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	38,386	39,400	42,317	65,733	-5,474	7,733	32,669	48,499
ROE (net income / shareholders' equity)	4.7%	13.2%	21.6%	28.3%	17.6%	13.2%	14.9%	16.2%
ROA (Net income/ Total Assets)	2.64%	7.81%	13.3%	17.5%	11.2%	9.11%	10.3%	10.2%
Assets ¹	367,449	373,854	420,972	498,739	546,119	522,234	564,644	594,607
Book Value Per Share ²	17.60	19.50	23.00	27.20	29.00	29.10	31.30	33.10
Cash Flow per Share ²	4.660	5.450	7.400	11.90	6.950	7.140	9.140	9.170
Capex ¹	16,518	26,345	48,035	80,128	91,474	103,157	74,792	69,376
Capex / Sales	11.15%	14.9%	22.55%	28.75%	41.11%	43.85%	27.33%	22.74%
Announcement Date	2/5/20	1/27/21	1/25/22	1/16/23	1/31/24	-	-	-

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 United Microelectronics Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

49.8 TWD

Average target price

55.67 TWD

Spread / Average Target

+11.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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