Intrinsic value of United Microelectronics ADR - UMC

Previous Close

$2.29

  Intrinsic Value

$0.68

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

+3119%

Previous close

$2.29

 
Intrinsic value

$0.68

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

+3119%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of UMC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.10
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  4,754
  5,172
  5,608
  6,061
  6,532
  7,021
  7,530
  8,058
  8,608
  9,179
  9,773
  10,391
  11,035
  11,705
  12,403
  13,131
  13,890
  14,683
  15,510
  16,374
  17,277
  18,220
  19,207
  20,239
  21,319
  22,450
  23,634
  24,873
  26,172
  27,533
  28,959
Variable operating expenses, $m
 
  4,831
  5,238
  5,661
  6,101
  6,558
  7,033
  7,527
  8,040
  8,573
  9,128
  9,705
  10,306
  10,932
  11,585
  12,264
  12,974
  13,714
  14,486
  15,293
  16,136
  17,018
  17,939
  18,904
  19,912
  20,968
  22,074
  23,232
  24,445
  25,716
  27,047
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,607
  4,831
  5,238
  5,661
  6,101
  6,558
  7,033
  7,527
  8,040
  8,573
  9,128
  9,705
  10,306
  10,932
  11,585
  12,264
  12,974
  13,714
  14,486
  15,293
  16,136
  17,018
  17,939
  18,904
  19,912
  20,968
  22,074
  23,232
  24,445
  25,716
  27,047
Operating income, $m
  147
  341
  370
  400
  431
  463
  497
  532
  568
  606
  645
  686
  728
  773
  819
  867
  917
  969
  1,024
  1,081
  1,140
  1,203
  1,268
  1,336
  1,407
  1,482
  1,560
  1,642
  1,727
  1,817
  1,911
EBITDA, $m
  1,819
  1,082
  1,173
  1,268
  1,366
  1,469
  1,575
  1,686
  1,801
  1,920
  2,045
  2,174
  2,308
  2,449
  2,595
  2,747
  2,906
  3,072
  3,245
  3,425
  3,614
  3,812
  4,018
  4,234
  4,460
  4,697
  4,944
  5,204
  5,475
  5,760
  6,058
Interest expense (income), $m
  33
  68
  82
  96
  111
  127
  143
  160
  177
  195
  214
  233
  254
  275
  297
  320
  344
  369
  395
  422
  451
  480
  511
  544
  578
  613
  651
  689
  730
  773
  818
Earnings before tax, $m
  156
  273
  288
  304
  320
  337
  354
  372
  391
  411
  431
  452
  475
  498
  522
  547
  573
  600
  629
  658
  690
  722
  756
  792
  829
  868
  909
  952
  997
  1,044
  1,094
Tax expense, $m
  32
  74
  78
  82
  86
  91
  96
  100
  106
  111
  116
  122
  128
  134
  141
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
  234
  246
  257
  269
  282
  295
Net income, $m
  267
  199
  210
  222
  233
  246
  258
  272
  285
  300
  315
  330
  346
  363
  381
  399
  418
  438
  459
  481
  503
  527
  552
  578
  605
  634
  664
  695
  728
  762
  798

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,874
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,431
  11,494
  12,462
  13,469
  14,515
  15,603
  16,733
  17,908
  19,128
  20,398
  21,718
  23,092
  24,522
  26,011
  27,563
  29,180
  30,868
  32,628
  34,467
  36,386
  38,393
  40,490
  42,682
  44,976
  47,377
  49,889
  52,520
  55,274
  58,160
  61,184
  64,353
Adjusted assets (=assets-cash), $m
  10,557
  11,494
  12,462
  13,469
  14,515
  15,603
  16,733
  17,908
  19,128
  20,398
  21,718
  23,092
  24,522
  26,011
  27,563
  29,180
  30,868
  32,628
  34,467
  36,386
  38,393
  40,490
  42,682
  44,976
  47,377
  49,889
  52,520
  55,274
  58,160
  61,184
  64,353
Revenue / Adjusted assets
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
Average production assets, $m
  6,807
  7,407
  8,030
  8,679
  9,354
  10,054
  10,783
  11,540
  12,326
  13,144
  13,995
  14,880
  15,802
  16,761
  17,761
  18,804
  19,891
  21,026
  22,210
  23,447
  24,740
  26,091
  27,505
  28,983
  30,529
  32,148
  33,844
  35,619
  37,478
  39,427
  41,469
Working capital, $m
  1,237
  393
  426
  461
  496
  534
  572
  612
  654
  698
  743
  790
  839
  890
  943
  998
  1,056
  1,116
  1,179
  1,244
  1,313
  1,385
  1,460
  1,538
  1,620
  1,706
  1,796
  1,890
  1,989
  2,092
  2,201
Total debt, $m
  2,951
  2,345
  2,754
  3,180
  3,623
  4,083
  4,561
  5,058
  5,574
  6,111
  6,670
  7,251
  7,856
  8,486
  9,142
  9,826
  10,540
  11,285
  12,062
  12,874
  13,723
  14,610
  15,538
  16,508
  17,523
  18,586
  19,699
  20,864
  22,085
  23,364
  24,704
Total liabilities, $m
  5,468
  4,862
  5,271
  5,697
  6,140
  6,600
  7,078
  7,575
  8,091
  8,628
  9,187
  9,768
  10,373
  11,003
  11,659
  12,343
  13,057
  13,802
  14,579
  15,391
  16,240
  17,127
  18,055
  19,025
  20,040
  21,103
  22,216
  23,381
  24,602
  25,881
  27,221
Total equity, $m
  6,963
  6,632
  7,191
  7,771
  8,375
  9,003
  9,655
  10,333
  11,037
  11,770
  12,531
  13,324
  14,149
  15,008
  15,904
  16,837
  17,811
  18,827
  19,887
  20,995
  22,153
  23,362
  24,628
  25,951
  27,336
  28,786
  30,304
  31,893
  33,558
  35,303
  37,132
Total liabilities and equity, $m
  12,431
  11,494
  12,462
  13,468
  14,515
  15,603
  16,733
  17,908
  19,128
  20,398
  21,718
  23,092
  24,522
  26,011
  27,563
  29,180
  30,868
  32,629
  34,466
  36,386
  38,393
  40,489
  42,683
  44,976
  47,376
  49,889
  52,520
  55,274
  58,160
  61,184
  64,353
Debt-to-equity ratio
  0.424
  0.350
  0.380
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.530
  0.540
  0.560
  0.570
  0.570
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.670
Adjusted equity ratio
  0.545
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  267
  199
  210
  222
  233
  246
  258
  272
  285
  300
  315
  330
  346
  363
  381
  399
  418
  438
  459
  481
  503
  527
  552
  578
  605
  634
  664
  695
  728
  762
  798
Depreciation, amort., depletion, $m
  1,672
  741
  803
  868
  935
  1,005
  1,078
  1,154
  1,233
  1,314
  1,400
  1,488
  1,580
  1,676
  1,776
  1,880
  1,989
  2,103
  2,221
  2,345
  2,474
  2,609
  2,750
  2,898
  3,053
  3,215
  3,384
  3,562
  3,748
  3,943
  4,147
Funds from operations, $m
  1,112
  940
  1,013
  1,090
  1,169
  1,251
  1,337
  1,426
  1,518
  1,614
  1,714
  1,818
  1,927
  2,039
  2,157
  2,279
  2,407
  2,541
  2,680
  2,825
  2,977
  3,136
  3,303
  3,476
  3,658
  3,849
  4,048
  4,257
  4,476
  4,705
  4,945
Change in working capital, $m
  -381
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
Cash from operations, $m
  1,493
  908
  980
  1,055
  1,133
  1,214
  1,298
  1,386
  1,476
  1,571
  1,669
  1,771
  1,878
  1,988
  2,104
  2,224
  2,350
  2,480
  2,617
  2,760
  2,909
  3,065
  3,228
  3,398
  3,576
  3,763
  3,958
  4,163
  4,377
  4,602
  4,837
Maintenance CAPEX, $m
  0
  -681
  -741
  -803
  -868
  -935
  -1,005
  -1,078
  -1,154
  -1,233
  -1,314
  -1,400
  -1,488
  -1,580
  -1,676
  -1,776
  -1,880
  -1,989
  -2,103
  -2,221
  -2,345
  -2,474
  -2,609
  -2,750
  -2,898
  -3,053
  -3,215
  -3,384
  -3,562
  -3,748
  -3,943
New CAPEX, $m
  -2,994
  -600
  -624
  -649
  -674
  -701
  -728
  -757
  -787
  -818
  -851
  -885
  -921
  -960
  -1,000
  -1,042
  -1,087
  -1,135
  -1,185
  -1,237
  -1,293
  -1,351
  -1,413
  -1,478
  -1,547
  -1,619
  -1,695
  -1,775
  -1,860
  -1,948
  -2,042
Cash from investing activities, $m
  -2,575
  -1,281
  -1,365
  -1,452
  -1,542
  -1,636
  -1,733
  -1,835
  -1,941
  -2,051
  -2,165
  -2,285
  -2,409
  -2,540
  -2,676
  -2,818
  -2,967
  -3,124
  -3,288
  -3,458
  -3,638
  -3,825
  -4,022
  -4,228
  -4,445
  -4,672
  -4,910
  -5,159
  -5,422
  -5,696
  -5,985
Free cash flow, $m
  -1,082
  -372
  -384
  -397
  -409
  -422
  -436
  -450
  -464
  -480
  -496
  -513
  -532
  -551
  -572
  -594
  -618
  -643
  -670
  -698
  -729
  -761
  -795
  -831
  -869
  -909
  -952
  -997
  -1,044
  -1,095
  -1,148
Issuance/(repayment) of debt, $m
  1,547
  393
  409
  426
  443
  460
  478
  497
  516
  537
  558
  581
  605
  630
  656
  684
  714
  745
  778
  812
  849
  887
  928
  970
  1,015
  1,063
  1,113
  1,165
  1,221
  1,279
  1,340
Issuance/(repurchase) of shares, $m
  -77
  345
  348
  359
  370
  382
  394
  406
  419
  433
  447
  462
  479
  496
  515
  534
  555
  578
  602
  627
  654
  683
  713
  745
  780
  816
  854
  894
  937
  982
  1,030
Cash from financing (excl. dividends), $m  
  1,469
  738
  757
  785
  813
  842
  872
  903
  935
  970
  1,005
  1,043
  1,084
  1,126
  1,171
  1,218
  1,269
  1,323
  1,380
  1,439
  1,503
  1,570
  1,641
  1,715
  1,795
  1,879
  1,967
  2,059
  2,158
  2,261
  2,370
Total cash flow (excl. dividends), $m
  360
  365
  373
  388
  404
  420
  436
  453
  471
  490
  509
  530
  552
  575
  599
  624
  651
  679
  709
  741
  774
  809
  846
  885
  926
  969
  1,015
  1,063
  1,113
  1,167
  1,223
Retained Cash Flow (-), $m
  328
  -544
  -558
  -581
  -604
  -628
  -652
  -678
  -704
  -732
  -762
  -793
  -825
  -859
  -895
  -933
  -974
  -1,016
  -1,061
  -1,108
  -1,158
  -1,210
  -1,265
  -1,324
  -1,385
  -1,450
  -1,518
  -1,590
  -1,665
  -1,745
  -1,828
Prev. year cash balance distribution, $m
 
  875
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  696
  -185
  -192
  -200
  -208
  -216
  -225
  -233
  -243
  -252
  -263
  -273
  -285
  -297
  -309
  -323
  -337
  -351
  -367
  -383
  -401
  -419
  -438
  -459
  -480
  -503
  -527
  -552
  -578
  -606
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  668
  -169
  -167
  -165
  -161
  -157
  -152
  -146
  -139
  -132
  -125
  -117
  -108
  -100
  -91
  -82
  -73
  -65
  -57
  -49
  -41
  -35
  -29
  -23
  -19
  -15
  -11
  -9
  -6
  -5
Current shareholders' claim on cash, %
  100
  93.7
  88.2
  83.3
  78.9
  74.8
  71.2
  67.8
  64.7
  61.8
  59.2
  56.7
  54.4
  52.2
  50.2
  48.3
  46.5
  44.7
  43.1
  41.6
  40.1
  38.7
  37.3
  36.0
  34.8
  33.6
  32.5
  31.4
  30.3
  29.3
  28.3

United Microelectronics Corporation provides semiconductor wafer foundry solutions. It provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. The company also engages in the research, development, and manufacture of products in the solar energy and LED industries. It primarily serves integrated device manufacturers and fabless design companies. The company operates primarily in Taiwan, Japan, Korea, China, Singapore, Europe, and the United States. United Microelectronics Corporation was founded in 1980 and is headquartered in Hsinchu, Taiwan.

FINANCIAL RATIOS  of  United Microelectronics ADR (UMC)

Valuation Ratios
P/E Ratio 104.7
Price to Sales 5.9
Price to Book 4
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow -18.6
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.2%
Cap. Spend. - 3 Yr. Gr. Rate 21.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 28%
Total Debt to Equity 42.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 20.6%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 39.1%
EBITDA Margin - 3 Yr. Avg. 39.9%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 16.6%
Payout Ratio 83.1%

UMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UMC stock intrinsic value calculation we used $4754 million for the last fiscal year's total revenue generated by United Microelectronics ADR. The default revenue input number comes from 2016 income statement of United Microelectronics ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UMC stock valuation model: a) initial revenue growth rate of 8.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for UMC is calculated based on our internal credit rating of United Microelectronics ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of United Microelectronics ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UMC stock the variable cost ratio is equal to 93.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UMC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for United Microelectronics ADR.

Corporate tax rate of 27% is the nominal tax rate for United Microelectronics ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UMC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UMC are equal to 143.2%.

Life of production assets of 10 years is the average useful life of capital assets used in United Microelectronics ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UMC is equal to 7.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6963 million for United Microelectronics ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 2572.14 million for United Microelectronics ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of United Microelectronics ADR at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ UMC Reports Sales for July 2017   [Aug-09-17 02:11AM  Business Wire]
▶ A Potential Negative for Taiwan Semiconductor   [Jul-26-17 08:30AM  Motley Fool]
▶ UMC Reports Second Quarter 2017 Results   [05:50AM  Business Wire]
▶ UMC Reports Sales for June 2017   [Jul-10-17 02:07AM  Business Wire]
▶ UMC Restructures Executive Team   [Jun-14-17 01:30AM  Business Wire]
▶ UMC Reports Sales for May 2017   [Jun-09-17 02:01AM  Business Wire]
▶ UMC Reports Sales for April 2017   [02:05AM  Business Wire]
▶ UMC Reports First Quarter 2017 Results   [Apr-26-17 05:35AM  Business Wire]
▶ UMC Reports Sales for March 2017   [Apr-10-17 02:20AM  Business Wire]
▶ UMC Reports Sales for February 2017   [Mar-09-17 01:06AM  Business Wire]
▶ UMC Enters Mass Production for 14nm Customer ICs   [Feb-23-17 04:00AM  Business Wire]
▶ UMC Reports Sales for January 2017   [Feb-09-17 01:09AM  Business Wire]
▶ UMC Reports Fourth Quarter 2016 Results   [Jan-23-17 05:08AM  Business Wire]
▶ Hold UMC, buy TSMC: Expert   [Jan-09-17 08:33PM  CNBC Videos]
▶ UMC Reports Sales for December 2016   [01:15AM  Business Wire]
▶ Is Sun Communities Inc (SUI) A Good Stock To Buy?   [Dec-13-16 11:24AM  at Insider Monkey]
▶ Is United Microelectronics Corp (ADR) (UMC) A Good Stock to Buy?   [Dec-12-16 09:14PM  at Insider Monkey]
▶ UMC Reports Sales for November 2016   [Dec-09-16 01:03AM  Business Wire]
▶ UMC Reports Sales for October 2016   [Nov-09-16 01:05AM  Business Wire]
▶ UMC Reports Third Quarter 2016 Results   [05:48AM  Business Wire]
▶ UMC Reports Sales for September 2016   [Oct-07-16 02:05AM  Business Wire]
▶ UMC Reports Sales for August 2016   [Sep-09-16 02:09AM  Business Wire]
▶ UMC Reports Sales for July 2016   [Aug-09-16 02:17AM  Business Wire]
▶ UMC Reports Second Quarter 2016 Results   [Jul-27-16 05:24AM  Business Wire]
▶ UMC Reports Sales for June 2016   [Jul-07-16 04:05AM  Business Wire]
▶ UMC Reports Sales for May 2016   [Jun-08-16 02:04AM  Business Wire]
▶ UMC Reports Sales for April 2016   [May-09-16 02:19AM  Business Wire]
▶ UMC Reports First Quarter 2016 Results   [Apr-27-16 06:01AM  Business Wire]
▶ UNITED MICROELECTRONICS CORP Financials   [01:04PM  EDGAR Online Financials]
▶ UMC Reports Sales for March 2016   [Apr-11-16 02:03AM  Business Wire]
▶ UMC Reports Sales for February 2016   [Mar-09-16 01:17AM  Business Wire]
▶ UMC Reports Sales for January 2016   [Feb-05-16 01:00AM  PR Newswire]
▶ Asia Mixed: Earnings Trump Fed; Eyes On BoJ   [Jan-28-16 02:30AM  at Barrons.com]
▶ UMC Reports Fourth Quarter 2015 Results   [04:28AM  PR Newswire]
▶ UMC 4Q 2015 Financial Results   [03:40AM  at noodls]
▶ UMC Reports Sales for December 2015   [Jan-08-16 02:23AM  PR Newswire]
▶ UMC Reports Sales for November 2015   [Dec-09  02:18AM  PR Newswire]
▶ TSMC To Build New Chip Factory In China: So What?   [Dec-07  08:58PM  at Barrons.com]
▶ What Do Hedge Funds Think of Visteon Corp (VC)?   [Nov-30  07:13PM  at Insider Monkey]
▶ Do Hedge Funds Love United Microelectronics Corp (ADR) (UMC)?   [Nov-26  02:23PM  at Insider Monkey]
▶ Hedge Funds Abandoning Juno Therapeutics Inc (JUNO) In Droves   [Nov-20  06:46PM  at Insider Monkey]
▶ Why China's SMIC Beats Taiwan's TSMC, UMC   [Nov-11  10:25PM  at Barrons.com]
Stock chart of UMC Financial statements of UMC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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