TSMC (TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY)

Financials TSMC (Taiwan Semiconductor Manufacturing Company) Börse Stuttgart

Equities

TSFA

US8740391003

Semiconductors

Market Closed - Börse Stuttgart Other stock markets 01:18:53 2024-07-16 pm EDT			5-day change	1st Jan Change
171 ^EUR	-0.35%		-1.38%	+81.01%

Jul. 16	ASML's order book expected to jump on AI chip boom	RE
Jul. 16	Social Buzz: Wallstreetbets Stocks Mostly Higher Pre-Bell Tuesday; Tesla to Advance, Trump Media & Technology Group to Decline	MT

Valuation

Fiscal Period: Dicembre	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	27,358,423	-	-
Enterprise Value (EV) ¹	8,174,930	13,428,194	15,611,753	10,921,940	14,613,266	26,395,049	25,847,355	24,968,376
P/E ratio	24.8 x	26.5 x	26.7 x	11.4 x	18.3 x	26.4 x	20.6 x	17.4 x
Yield	2.87%	1.89%	1.79%	2.45%	2.19%	1.41%	1.64%	1.74%
Capitalization / Revenue	8.02 x	10.3 x	10 x	5.14 x	7.11 x	9.93 x	8.09 x	6.98 x
EV / Revenue	7.64 x	10 x	9.83 x	4.82 x	6.76 x	9.58 x	7.64 x	6.37 x
EV / EBITDA	12.4 x	14.9 x	14.6 x	7.01 x	10.1 x	14.3 x	11.1 x	9.28 x
EV / FCF	52.8 x	42.6 x	57.2 x	20.7 x	50 x	40.9 x	28.8 x	18.9 x
FCF Yield	1.89%	2.35%	1.75%	4.83%	2%	2.44%	3.48%	5.28%
Price to Book	5.29 x	7.43 x	7.35 x	3.95 x	4.45 x	6.53 x	5.35 x	4.38 x
Nbr of stocks (in thousands)	25,930,380	25,930,380	25,930,380	25,930,380	25,932,071	25,932,154	-	-
Reference price ²	331.0	530.0	615.0	448.5	593.0	1,055	1,055	1,055
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: Dicembre	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	2,753,909	3,382,115	3,917,841
EBITDA ¹	659,585	898,509	1,072,376	1,558,533	1,453,657	1,849,366	2,321,758	2,691,379
EBIT ¹	372,701	566,784	649,981	1,121,279	921,466	1,162,104	1,502,857	1,776,754
Operating Margin	34.83%	42.32%	40.95%	49.53%	42.63%	42.2%	44.44%	45.35%
Earnings before Tax (EBT) ¹	389,850	584,777	663,126	1,144,191	979,170	1,216,570	1,539,481	1,818,427
Net income ¹	345,264	517,885	596,540	1,016,530	838,498	1,036,092	1,333,178	1,558,624
Net margin	32.27%	38.67%	37.58%	44.9%	38.79%	37.62%	39.42%	39.78%
EPS ²	13.32	19.98	23.01	39.20	32.34	39.91	51.14	60.79
Free Cash Flow ¹	154,720	315,430	272,965	527,927	292,150	645,205	898,583	1,319,185
FCF margin	14.46%	23.55%	17.2%	23.32%	13.51%	23.43%	26.57%	33.67%
FCF Conversion (EBITDA)	23.46%	35.11%	25.45%	33.87%	20.1%	34.89%	38.7%	49.02%
FCF Conversion (Net income)	44.81%	60.91%	45.76%	51.93%	34.84%	62.27%	67.4%	84.64%
Dividend per Share ²	9.500	10.00	11.00	11.00	13.00	14.83	17.30	18.31
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 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	2025 Q2
Net sales ¹	438,189	491,076	534,141	613,142	625,532	508,633	480,841	546,733	625,529	1,172,262	592,644	655,997	733,666	786,208	759,739	799,490
EBITDA ¹	293,435	334,892	375,349	415,669	432,623	341,561	325,897	375,346	410,853	-	408,041	436,429	496,358	526,413	523,161	547,251
EBIT ¹	182,772	223,790	262,124	310,324	325,041	231,238	201,958	228,065	260,205	-	249,018	274,183	310,286	336,534	324,994	351,502
Operating Margin	41.71%	45.57%	49.07%	50.61%	51.96%	45.46%	42%	41.71%	41.6%	-	42.02%	41.8%	42.29%	42.8%	42.78%	43.97%
Earnings before Tax (EBT) ¹	184,819	226,832	265,998	316,691	334,670	244,275	214,675	241,940	278,281	-	266,543	287,645	323,430	351,799	304,516	368,681
Net income ¹	166,232	202,733	237,027	280,866	295,904	206,987	181,799	211,000	238,712	-	225,485	234,641	279,712	303,807	289,405	309,667
Net margin	37.94%	41.28%	44.38%	45.81%	47.3%	40.69%	37.81%	38.59%	38.16%	-	38.05%	35.77%	38.13%	38.64%	38.09%	38.73%
EPS ²	6.410	7.820	9.140	10.83	11.41	7.980	7.010	8.140	9.210	17.35	8.700	9.050	10.79	11.72	11.22	12.01
Dividend per Share ²	2.750	2.750	2.750	2.750	2.750	3.000	3.000	3.500	3.500	-	4.000	3.250	3.375	3.500	3.750	3.750
Announcement Date	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	963,374	1,511,067	2,390,047
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	154,720	315,430	272,965	527,927	292,150	645,205	898,583	1,319,185
ROE (net income / shareholders' equity)	20.9%	29.8%	29.7%	39.8%	26.2%	26.7%	28.3%	27.6%
ROA (Net income/ Total Assets)	15.9%	20.6%	16.9%	23.4%	16%	17.1%	18.9%	18.8%
Assets ¹	2,177,470	2,512,761	3,528,908	4,345,141	5,248,584	6,064,153	7,069,458	8,298,828
Book Value Per Share ²	62.50	71.30	83.60	114.0	133.0	162.0	197.0	241.0
Cash Flow per Share ²	23.70	31.70	42.90	62.10	47.90	65.50	79.40	87.20
Capex ¹	460,420	507,239	839,196	1,082,672	949,820	969,223	1,058,725	1,183,455
Capex / Sales	43.03%	37.87%	52.87%	47.82%	43.94%	35.19%	31.3%	30.21%
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

Ratings for TSMC (Taiwan Semiconductor Manufacturing Company)

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,055 TWD

Average target price

1,145 TWD

Spread / Average Target

+8.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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