TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED Financials Taiwan Semiconductor Manufacturing Company Limited
Equities
2330
TW0002330008
Semiconductors
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 782 TWD | +2.09% |
|
+4.27% | +31.87% |
| Apr. 25 | KLA Corp projects quarterly revenue above estimates as AI fuels chip demand | RE |
| Apr. 25 | 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 | 8,582,956 | 13,743,101 | 15,947,184 | 11,629,776 | 15,377,718 | 20,281,194 | - | - |
| Enterprise Value (EV) 1 | 8,174,930 | 13,428,194 | 15,611,753 | 10,921,940 | 14,613,266 | 19,319,212 | 18,812,478 | 18,057,823 |
| P/E ratio | 24.8 x | 26.5 x | 26.7 x | 11.4 x | 18.3 x | 20 x | 16.1 x | 14 x |
| Yield | 2.87% | 1.89% | 1.79% | 2.45% | 2.19% | 1.89% | 2.11% | 2.51% |
| Capitalization / Revenue | 8.02 x | 10.3 x | 10 x | 5.14 x | 7.11 x | 7.43 x | 6.21 x | 5.45 x |
| EV / Revenue | 7.64 x | 10 x | 9.83 x | 4.82 x | 6.76 x | 7.08 x | 5.76 x | 4.85 x |
| EV / EBITDA | 12.4 x | 14.9 x | 14.6 x | 7.01 x | 10.1 x | 10.5 x | 8.38 x | 7.06 x |
| EV / FCF | 52.8 x | 42.6 x | 57.2 x | 20.7 x | 50 x | 29.8 x | 21.7 x | 15.3 x |
| FCF Yield | 1.89% | 2.35% | 1.75% | 4.83% | 2% | 3.35% | 4.62% | 6.53% |
| Price to Book | 5.29 x | 7.43 x | 7.35 x | 3.95 x | 4.45 x | 4.86 x | 4.02 x | 3.34 x |
| Nbr of stocks (in thousands) | 25,930,380 | 25,930,380 | 25,930,380 | 25,930,380 | 25,932,071 | 25,935,031 | - | - |
| Reference price 2 | 331.0 | 530.0 | 615.0 | 448.5 | 593.0 | 782.0 | 782.0 | 782.0 |
| Announcement Date | 1/16/20 | 1/14/21 | 1/13/22 | 1/12/23 | 1/18/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,069,985 | 1,339,255 | 1,587,415 | 2,263,891 | 2,161,740 | 2,729,503 | 3,268,198 | 3,720,486 |
| EBITDA 1 | 659,585 | 898,509 | 1,072,376 | 1,558,533 | 1,453,657 | 1,843,087 | 2,244,806 | 2,558,540 |
| EBIT 1 | 372,701 | 566,784 | 649,981 | 1,121,279 | 921,466 | 1,141,115 | 1,425,552 | 1,659,129 |
| Operating Margin | 34.83% | 42.32% | 40.95% | 49.53% | 42.63% | 41.81% | 43.62% | 44.59% |
| Earnings before Tax (EBT) 1 | 389,850 | 584,777 | 663,126 | 1,144,191 | 979,170 | 1,195,778 | 1,480,623 | 1,693,190 |
| Net income 1 | 345,264 | 517,885 | 596,540 | 1,016,530 | 838,498 | 1,017,454 | 1,266,189 | 1,446,480 |
| Net margin | 32.27% | 38.67% | 37.58% | 44.9% | 38.79% | 37.28% | 38.74% | 38.88% |
| EPS 2 | 13.32 | 19.98 | 23.01 | 39.20 | 32.34 | 39.17 | 48.52 | 55.74 |
| Free Cash Flow 1 | 154,720 | 315,430 | 272,965 | 527,927 | 292,150 | 647,229 | 868,446 | 1,178,732 |
| FCF margin | 14.46% | 23.55% | 17.2% | 23.32% | 13.51% | 23.71% | 26.57% | 31.68% |
| FCF Conversion (EBITDA) | 23.46% | 35.11% | 25.45% | 33.87% | 20.1% | 35.12% | 38.69% | 46.07% |
| FCF Conversion (Net income) | 44.81% | 60.91% | 45.76% | 51.93% | 34.84% | 63.61% | 68.59% | 81.49% |
| Dividend per Share 2 | 9.500 | 10.00 | 11.00 | 11.00 | 13.00 | 14.78 | 16.51 | 19.64 |
| Announcement Date | 1/16/20 | 1/14/21 | 1/13/22 | 1/12/23 | 1/18/24 | - | - | - |
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 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 414,671 | 438,189 | 491,076 | 534,141 | 613,142 | 625,532 | 508,633 | 480,841 | 546,733 | 625,529 | 1,172,262 | 592,644 | 646,089 | 723,413 | 781,994 | 724,683 |
| EBITDA 1 | 278,031 | 293,435 | 334,892 | 375,349 | 415,669 | 432,623 | 341,561 | 325,897 | 375,346 | 410,853 | - | 408,041 | 435,923 | 497,689 | 532,222 | 507,934 |
| EBIT 1 | 171,004 | 182,772 | 223,790 | 262,124 | 310,324 | 325,041 | 231,238 | 201,958 | 228,065 | 260,205 | - | 249,018 | 266,086 | 302,342 | 328,563 | 303,748 |
| Operating Margin | 41.24% | 41.71% | 45.57% | 49.07% | 50.61% | 51.96% | 45.46% | 42% | 41.71% | 41.6% | - | 42.02% | 41.18% | 41.79% | 42.02% | 41.91% |
| Earnings before Tax (EBT) 1 | 173,852 | 184,819 | 226,832 | 265,998 | 316,691 | 334,670 | 244,275 | 214,675 | 241,940 | 278,281 | - | 266,543 | 281,910 | 317,140 | 344,009 | 319,308 |
| Net income 1 | 156,259 | 166,232 | 202,733 | 237,027 | 280,866 | 295,904 | 206,987 | 181,799 | 211,000 | 238,712 | - | 225,485 | 227,914 | 272,219 | 297,974 | 273,082 |
| Net margin | 37.68% | 37.94% | 41.28% | 44.38% | 45.81% | 47.3% | 40.69% | 37.81% | 38.59% | 38.16% | - | 38.05% | 35.28% | 37.63% | 38.1% | 37.68% |
| 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 | 8.790 | 10.50 | 11.49 | 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 | 10/14/21 | 1/13/22 | 4/14/22 | 7/14/22 | 10/13/22 | 1/12/23 | 4/20/23 | 7/20/23 | 10/19/23 | 1/18/24 | 1/18/24 | 4/18/24 | - | - | - | - |
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 | 408,026 | 314,907 | 335,431 | 707,836 | 764,452 | 961,982 | 1,468,716 | 2,223,372 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 154,720 | 315,430 | 272,965 | 527,927 | 292,150 | 647,229 | 868,446 | 1,178,732 |
| 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 | 2,177,470 | 2,512,761 | 3,528,908 | 4,345,141 | 5,248,584 | 6,062,753 | 7,039,618 | 8,049,303 |
| 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 | 460,420 | 507,239 | 839,196 | 1,082,672 | 949,820 | 950,005 | 1,080,521 | 1,152,078 |
| Capex / Sales | 43.03% | 37.87% | 52.87% | 47.82% | 43.94% | 34.81% | 33.06% | 30.97% |
| Announcement Date | 1/16/20 | 1/14/21 | 1/13/22 | 1/12/23 | 1/18/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
782
TWD
Average target price
913
TWD
Spread / Average Target
+16.75%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +31.87% | 622B | |
| +77.16% | 2,159B | |
| +20.41% | 623B | |
| +6.78% | 254B | |
| +14.54% | 185B | |
| +4.12% | 162B | |
| -36.56% | 136B | |
| +34.57% | 127B | |
| +35.67% | 105B | |
| +1.72% | 100B |
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