Company Valuation: TSMC (Taiwan Semiconductor Manufacturing Company)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,947,184 11,629,776 15,377,718 27,877,688 40,195,412 62,237,688 - -
Change - -27.07% 32.23% 81.29% 44.18% 54.84% - -
Enterprise Value (EV) 1 15,611,753 10,921,940 14,613,266 26,442,131 38,119,972 59,421,942 58,143,142 56,256,259
Change - -30.04% 33.8% 80.95% 44.16% 55.88% -2.15% -3.25%
P/E Ratio 26.7x 11.4x 18.3x 23.8x 23.4x 24.4x 19.5x 15.5x
PBR 7.35x 3.95x 4.45x 6.5x 7.42x 8.35x 6.21x 4.68x
PEG - 0.2x -1x 0.6x 0.5x 0.5x 0.8x 0.6x
Capitalization / Revenue 10x 5.14x 7.11x 9.63x 10.6x 12x 9.54x 7.71x
EV / Revenue 9.83x 4.82x 6.76x 9.14x 10x 11.5x 8.91x 6.97x
EV / EBITDA 14.6x 7.01x 10.1x 13.3x 14.5x 15.7x 12.3x 9.57x
EV / EBIT 24x 9.74x 15.9x 20x 19.7x 20x 15.7x 12.3x
EV / FCF 57.2x 20.7x 50x 30.4x 38x 40.2x 28.8x 20.5x
FCF Yield 1.75% 4.83% 2% 3.29% 2.63% 2.49% 3.47% 4.88%
Dividend per Share 2 11 11 13 16.99 22 24.68 30.06 36.25
Rate of return 1.79% 2.45% 2.19% 1.58% 1.42% 1.03% 1.25% 1.51%
EPS 2 23.01 39.2 32.34 45.25 66.25 98.46 123 155.2
Distribution rate 47.8% 28.1% 40.2% 37.5% 33.2% 25.1% 24.4% 23.4%
Net sales 1 1,587,415 2,263,891 2,161,740 2,894,308 3,809,054 5,170,992 6,525,960 8,069,461
EBITDA 1 1,072,376 1,558,533 1,453,657 1,984,849 2,624,188 3,790,635 4,734,211 5,878,503
EBIT 1 649,981 1,121,279 921,466 1,322,053 1,936,092 2,977,107 3,705,196 4,556,813
Net income 1 596,540 1,016,530 838,498 1,173,268 1,717,883 2,556,838 3,175,389 3,866,860
Net Debt 1 -335,431 -707,836 -764,452 -1,435,557 -2,075,440 -2,815,746 -4,094,546 -5,981,429
Reference price 2 615.00 448.50 593.00 1,075.00 1,550.00 2,400.00 2,400.00 2,400.00
Nbr of stocks (in thousands) 25,930,380 25,930,380 25,932,071 25,932,733 25,932,524 25,932,370 - -
Announcement Date 13/1/22 12/1/23 18/1/24 16/1/25 15/1/26 - - -
1TWD in Million2TWD
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.37x11.49x15.68x1.03% 1,973B
22.15x12.42x18.52x0.37% 5,024B
41.69x17.17x25.22x0.69% 1,792B
17.26x9.98x12.12x0.05% 1,151B
7.83x4.48x5.5x0.22% 1,118B
93.42x16.46x62.16x-.--% 827B
-336.37x10.19x30.34x-.--% 588B
325.16x70.17x148.82x-.--% 423B
99.58x23.25x47.26x-.--% 322B
39.78x13.61x26.17x1.88% 278B
Average 33.49x 18.92x 39.18x 0.42% 1,350B
Weighted average by Cap. 23.92x 14.29x 25.49x 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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