Taiwan Semiconductor Manufacturing

TWSE:2330 Stock Report

Mkt Cap: NT$12.8t

We’ve recently updated our valuation analysis.

Taiwan Semiconductor Manufacturing Valuation

Is 2330 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

[object Object] Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2330?

Other financial metrics that can be useful for relative valuation.

2330 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.9x
Enterprise Value/EBITDA8.6x
PEG Ratio2.2x

Price to Earnings Ratio vs Peers

How does 2330's PE Ratio compare to its peers?

The above table shows the PE ratio for 2330 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7.3x
2454 MediaTek
9.1x3.6%NT$1.2t
2303 United Microelectronics
6.8x-17.3%NT$567.9b
3711 ASE Technology Holding
5.6x-6.5%NT$433.4b
2408 Nanya Technology
7.8x-38.1%NT$173.8b
2330 Taiwan Semiconductor Manufacturing
14.5x6.6%NT$12.8t

Price-To-Earnings vs Peers: 2330 is expensive based on its Price-To-Earnings Ratio (14.5x) compared to the peer average (7.3x).


Price to Earnings Ratio vs Industry

How does 2330's PE Ratio compare vs other companies in the TW Semiconductor Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a4.1%
n/an/an/a

Price-To-Earnings vs Industry: 2330 is expensive based on its Price-To-Earnings Ratio (14.5x) compared to the TW Semiconductor industry average (12.5x)


Price to Earnings Ratio vs Fair Ratio

What is 2330'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.

2330 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.5x
Fair PE Ratio15.3x

Price-To-Earnings vs Fair Ratio: 2330 is good value based on its Price-To-Earnings Ratio (14.5x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).


Share Price vs Fair Value

What is the Fair Price of 2330 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2330 (NT$492.5) is trading above our estimate of fair value (NT$454.3)

Significantly Below Fair Value: 2330 is trading above our estimate of fair value.


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 2330 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$492.50
NT$627.64
+27.4%
17.7%NT$860.00NT$445.00n/a32
Nov ’23NT$391.50
NT$641.04
+63.7%
18.7%NT$860.00NT$390.00n/a32
Oct ’23NT$422.00
NT$682.18
+61.7%
15.6%NT$1,000.00NT$500.00n/a31
Sep ’23NT$490.50
NT$688.57
+40.4%
16.0%NT$1,000.00NT$500.00n/a31
Aug ’23NT$504.00
NT$692.83
+37.5%
16.9%NT$1,000.00NT$510.00n/a31
Jul ’23NT$453.50
NT$791.56
+74.5%
12.1%NT$1,000.00NT$580.00n/a29
Jun ’23NT$549.00
NT$800.37
+45.8%
11.5%NT$1,000.00NT$580.00n/a28
May ’23NT$538.00
NT$802.53
+49.2%
10.4%NT$1,000.00NT$640.00n/a29
Apr ’23NT$589.00
NT$833.36
+41.5%
8.0%NT$1,000.00NT$700.00n/a30
Mar ’23NT$604.00
NT$856.28
+41.8%
10.4%NT$1,052.00NT$700.00n/a32
Feb ’23NT$636.00
NT$845.30
+32.9%
11.7%NT$1,052.00NT$648.00n/a33
Jan ’23NT$615.00
NT$762.71
+24.0%
12.2%NT$1,028.00NT$580.00n/a33
Dec ’22NT$600.00
NT$761.58
+26.9%
12.4%NT$1,028.00NT$580.00NT$498.5033
Nov ’22NT$590.00
NT$763.20
+29.4%
12.5%NT$1,028.00NT$580.00NT$391.5032
Oct ’22NT$574.00
NT$759.93
+32.4%
12.4%NT$1,014.00NT$580.00NT$422.0030
Sep ’22NT$613.00
NT$752.70
+22.8%
11.7%NT$1,000.00NT$580.00NT$490.5030
Aug ’22NT$580.00
NT$737.58
+27.2%
10.7%NT$900.00NT$580.00NT$504.0029
Jul ’22NT$593.00
NT$740.06
+24.8%
10.7%NT$900.00NT$580.00NT$453.5028
Jun ’22NT$598.00
NT$738.27
+23.5%
11.7%NT$900.00NT$465.00NT$549.0028
May ’22NT$600.00
NT$740.81
+23.5%
11.5%NT$900.00NT$465.00NT$538.0028
Apr ’22NT$602.00
NT$732.32
+21.6%
12.9%NT$900.00NT$450.00NT$589.0028
Mar ’22NT$606.00
NT$736.39
+21.5%
13.4%NT$900.00NT$425.00NT$604.0028
Feb ’22NT$611.00
NT$736.04
+20.5%
13.3%NT$900.00NT$425.00NT$636.0028
Jan ’22NT$530.00
NT$558.00
+5.3%
10.8%NT$700.00NT$425.00NT$615.0027
Dec ’21NT$490.00
NT$542.58
+10.7%
12.7%NT$700.00NT$380.00NT$600.0026

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies