Financials Taiwan Mobile Co., Ltd.

Equities

3045

TW0003045001

Wireless Telecommunications Services

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
106 ^TWD	+0.47%		+0.95%	+7.51%

May. 14	Taiwan Mobile Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 14	Taiwan Mobile Co., Ltd. Announces Changes to Remuneration and Nomination Committee and ESG Steering Committee	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	313,286	278,272	281,477	267,100	278,099	320,598	-	-
Enterprise Value (EV) ¹	356,091	346,962	337,489	329,500	368,054	397,859	382,325	373,173
P/E ratio	24.8 x	24.7 x	25.6 x	24.3 x	22.8 x	25.5 x	23.3 x	21 x
Yield	3.73%	4.35%	4.3%	4.54%	4.36%	4.06%	4.26%	4.7%
Capitalization / Revenue	2.52 x	2.09 x	1.8 x	1.55 x	1.52 x	1.56 x	1.43 x	1.33 x
EV / Revenue	2.86 x	2.61 x	2.16 x	1.91 x	2.01 x	1.93 x	1.7 x	1.55 x
EV / EBITDA	10.7 x	11.1 x	10.2 x	9.58 x	10.3 x	9.76 x	8.94 x	8.48 x
EV / FCF	15.2 x	17 x	17.5 x	17 x	18.1 x	18.5 x	16.2 x	14.7 x
FCF Yield	6.56%	5.89%	5.72%	5.89%	5.52%	5.41%	6.17%	6.79%
Price to Book	4.61 x	4.25 x	4.3 x	5.17 x	5.14 x	3.82 x	4.11 x	3.75 x
Nbr of stocks (in thousands)	2,797,192	2,813,669	2,814,768	2,820,482	2,820,482	3,024,510	-	-
Reference price ²	112.0	98.90	100.0	94.70	98.60	106.0	106.0	106.0
Announcement Date	1/10/20	2/25/21	2/22/22	2/24/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	124,421	132,861	156,110	172,206	183,348	206,135	224,674	241,279
EBITDA ¹	33,389	31,329	33,120	34,380	35,789	40,779	42,761	44,004
EBIT ¹	17,190	16,060	16,050	16,893	17,545	18,699	20,708	22,847
Operating Margin	13.82%	12.09%	10.28%	9.81%	9.57%	9.07%	9.22%	9.47%
Earnings before Tax (EBT) ¹	16,580	15,460	15,580	16,191	17,471	18,280	19,783	21,740
Net income ¹	12,480	11,290	10,990	11,026	12,274	12,599	13,711	15,154
Net margin	10.03%	8.5%	7.04%	6.4%	6.69%	6.11%	6.1%	6.28%
EPS ²	4.510	4.010	3.900	3.900	4.330	4.157	4.543	5.040
Free Cash Flow ¹	23,370	20,439	19,320	19,401	20,305	21,521	23,608	25,348
FCF margin	18.78%	15.38%	12.38%	11.27%	11.07%	10.44%	10.51%	10.51%
FCF Conversion (EBITDA)	69.99%	65.24%	58.33%	56.43%	56.74%	52.77%	55.21%	57.6%
FCF Conversion (Net income)	187.26%	181.04%	175.8%	175.97%	165.43%	170.82%	172.18%	167.27%
Dividend per Share ²	4.183	4.300	4.300	4.300	4.300	4.300	4.512	4.977
Announcement Date	1/10/20	2/25/21	2/22/22	2/24/23	2/27/24	-	-	-

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	44,986	39,790	41,349	-	50,601	43,015	43,546	43,187	53,599	48,277	49,427	48,853	59,211	-	-
EBITDA ¹	-	8,460	9,115	-	8,695	8,682	8,907	8,750	9,449	10,587	10,160	9,917	9,828	-	-
EBIT ¹	3,940	4,100	4,391	-	4,323	4,290	4,480	4,298	4,477	4,655	4,790	4,547	4,458	-	-
Operating Margin	8.76%	10.3%	10.62%	-	8.54%	9.97%	10.29%	9.95%	8.35%	9.64%	9.69%	9.31%	7.53%	-	-
Earnings before Tax (EBT) ¹	3,760	3,980	4,270	-	3,854	4,061	4,345	4,133	-	4,322	4,479	4,272	4,040	-	-
Net income ¹	2,480	2,720	2,994	2,839	2,470	2,715	3,035	2,938	3,586	2,968	3,000	4,000	3,021	-	-
Net margin	5.51%	6.84%	7.24%	-	4.88%	6.31%	6.97%	6.8%	6.69%	6.15%	6.07%	8.19%	5.1%	-	-
EPS ²	0.8800	0.9700	1.060	1.000	0.8700	0.9600	1.080	1.040	1.250	0.9800	0.9919	1.323	0.9988	-	-
Dividend per Share ²	4.300	-	-	-	-	-	-	-	4.300	-	1.000	1.000	1.300	1.000	1.000
Announcement Date	2/22/22	5/6/22	8/5/22	11/11/22	2/24/23	5/8/23	8/5/23	11/14/23	2/27/24	5/14/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	42,805	68,690	56,012	62,401	89,955	77,261	61,727	52,575
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.282 x	2.193 x	1.691 x	1.815 x	2.513 x	1.895 x	1.444 x	1.195 x
Free Cash Flow ¹	23,370	20,439	19,320	19,401	20,305	21,521	23,608	25,348
ROE (net income / shareholders' equity)	19.2%	16.9%	16.8%	17%	16.4%	15.2%	17.7%	18.4%
ROA (Net income/ Total Assets)	8.28%	6.67%	5.85%	5.74%	5.63%	5.27%	5.63%	5.7%
Assets ¹	150,779	169,303	187,815	192,026	218,016	239,202	243,756	265,820
Book Value Per Share ²	24.30	23.20	23.30	18.30	19.20	27.70	25.80	28.30
Cash Flow per Share ²	10.70	11.20	10.70	10.50	10.20	11.80	12.40	12.10
Capex ¹	6,846	11,303	10,875	10,175	8,753	10,031	8,748	9,088
Capex / Sales	5.5%	8.51%	6.97%	5.91%	4.77%	4.87%	3.89%	3.77%
Announcement Date	1/10/20	2/25/21	2/22/22	2/24/23	2/27/24	-	-	-

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 Taiwan Mobile Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

106 TWD

Average target price

109.4 TWD

Spread / Average Target

+3.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
TAIWAN MOBILE CO., LTD.	+7.51%	9.96B
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KDDI CORPORATION	-3.43%	58.03B
VODAFONE GROUP PLC	+12.57%	26.53B
CHINA UNICOM HONG KONG LIMITED	+28.78%	24.75B
ADVANCED INFO SERVICE	-4.15%	17.13B
TELENOR ASA	+9.78%	16.6B
TRUE CORPORATION	+73.27%	8.37B

Other Wireless Telecommunications Services