United Microelectronics Corporation

TWSE:2303 Stock Report

Market Cap: NT$551.8b

United Microelectronics Valuation

Is 2303 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2303 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2303 (NT$43.7) is trading below our estimate of fair value (NT$167.15)

Significantly Below Fair Value: 2303 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2303?

Key metric: As 2303 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2303. This is calculated by dividing 2303's market cap by their current earnings.
What is 2303's PE Ratio?
PE Ratio10.8x
EarningsNT$50.61b
Market CapNT$551.85b

Price to Earnings Ratio vs Peers

How does 2303's PE Ratio compare to its peers?

The above table shows the PE ratio for 2303 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average51.1x
3711 ASE Technology Holding
22x32.9%NT$718.1b
2379 Realtek Semiconductor
20.2x15.0%NT$274.4b
3034 Novatek Microelectronics
14.7x5.8%NT$303.6b
3529 eMemory Technology
147.7x29.6%NT$254.6b
2303 United Microelectronics
10.8x8.0%NT$551.8b

Price-To-Earnings vs Peers: 2303 is good value based on its Price-To-Earnings Ratio (10.8x) compared to the peer average (51.3x).

Price to Earnings Ratio vs Industry

How does 2303's PE Ratio compare vs other companies in the TW Semiconductor Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
4944 Crystalwise Technology
4xn/aUS$15.69m
No more companies available in this PE range
2303 10.8xIndustry Avg. 29.5xNo. of Companies29PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2303 is good value based on its Price-To-Earnings Ratio (10.8x) compared to the TW Semiconductor industry average (29.5x).

Price to Earnings Ratio vs Fair Ratio

What is 2303's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2303 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.8x
Fair PE Ratio24.4x

Price-To-Earnings vs Fair Ratio: 2303 is good value based on its Price-To-Earnings Ratio (10.8x) compared to the estimated Fair Price-To-Earnings Ratio (24.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2303 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$43.70
NT$51.49
+17.8%
15.3%NT$70.00NT$36.00n/a22
Dec ’25NT$43.55
NT$51.81
+19.0%
15.1%NT$70.00NT$36.00n/a22
Nov ’25NT$46.60
NT$52.84
+13.4%
15.1%NT$70.00NT$36.00n/a22
Oct ’25NT$53.70
NT$58.45
+8.9%
13.3%NT$70.00NT$34.00n/a22
Sep ’25NT$55.50
NT$58.27
+5.0%
12.9%NT$70.00NT$34.00n/a22
Aug ’25NT$53.90
NT$58.05
+7.7%
13.0%NT$70.00NT$34.00n/a22
Jul ’25NT$56.90
NT$55.35
-2.7%
14.0%NT$70.00NT$33.00n/a22
Jun ’25NT$55.00
NT$54.85
-0.3%
13.4%NT$70.00NT$33.00n/a22
May ’25NT$50.70
NT$55.69
+9.8%
14.7%NT$74.00NT$33.00n/a23
Apr ’25NT$51.70
NT$56.00
+8.3%
14.6%NT$74.00NT$34.00n/a22
Mar ’25NT$48.30
NT$55.78
+15.5%
14.6%NT$74.00NT$34.00n/a22
Feb ’25NT$49.05
NT$54.85
+11.8%
14.2%NT$74.00NT$34.00n/a23
Jan ’25NT$52.60
NT$53.78
+2.2%
18.5%NT$74.02NT$34.00n/a23
Dec ’24NT$49.70
NT$53.70
+8.0%
18.9%NT$74.02NT$32.00NT$43.5523
Nov ’24NT$47.00
NT$54.63
+16.2%
19.9%NT$76.00NT$32.00NT$46.6024
Oct ’24NT$45.20
NT$53.85
+19.1%
21.4%NT$77.65NT$32.00NT$53.7023
Sep ’24NT$45.95
NT$54.02
+17.6%
21.3%NT$77.65NT$32.00NT$55.5024
Aug ’24NT$47.00
NT$53.66
+14.2%
21.3%NT$77.65NT$32.00NT$53.9025
Jul ’24NT$48.50
NT$56.25
+16.0%
18.6%NT$78.61NT$32.00NT$56.9025
Jun ’24NT$50.80
NT$56.25
+10.7%
18.6%NT$78.61NT$32.00NT$55.0025
May ’24NT$49.10
NT$56.25
+14.6%
18.6%NT$78.61NT$32.00NT$50.7025
Apr ’24NT$52.90
NT$54.25
+2.6%
19.1%NT$76.55NT$32.00NT$51.7025
Mar ’24NT$51.30
NT$52.13
+1.6%
20.0%NT$76.55NT$32.00NT$48.3026
Feb ’24NT$49.25
NT$50.86
+3.3%
18.5%NT$76.55NT$32.00NT$49.0527
Jan ’24NT$40.70
NT$47.43
+16.5%
22.9%NT$79.70NT$32.00NT$52.6024
Dec ’23NT$45.60
NT$47.41
+4.0%
23.3%NT$79.70NT$30.00NT$49.7024

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/26 21:34
End of Day Share Price 2024/12/26 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

United Microelectronics Corporation is covered by 49 analysts. 22 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tayla-Blair BothaArete Research Services LLP
Brett SimpsonArete Research Services LLP
Andrew LuBarclays