Discounted Cash Flow (DCF) Analysis Levered
Taiwan Liposome Company, Ltd. (TLC)
$7
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 41.67 | 49.64 | 62.32 | 209.14 | 101.93 | 160.27 | 252.02 | 396.29 | 623.14 | 979.84 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -607.72 | -819.14 | -686.04 | -777.56 | -875.19 | -1,743.72 | -2,741.89 | -4,311.43 | -6,779.44 | -10,660.22 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -24.59 | -25.33 | -69.87 | -60.07 | -34.38 | -91.23 | -143.45 | -225.57 | -354.70 | -557.73 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -632.31 | -844.47 | -755.91 | -837.63 | -909.57 | -1,834.95 | -2,885.34 | -4,537.01 | -7,134.14 | -11,217.96 |
Weighted Average Cost Of Capital
Share price | $ 7 |
---|---|
Beta | 0.797 |
Diluted Shares Outstanding | 39.51 |
Cost of Debt | |
Tax Rate | -0.12 |
After-tax Cost of Debt | 4.11% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.873 |
Total Debt | 667.38 |
Total Equity | 276.55 |
Total Capital | 943.93 |
Debt Weighting | 70.70 |
Equity Weighting | 29.30 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 41.67 | 49.64 | 62.32 | 209.14 | 101.93 | 160.27 | 252.02 | 396.29 | 623.14 | 979.84 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -607.72 | -819.14 | -686.04 | -777.56 | -875.19 | -1,743.72 | -2,741.89 | -4,311.43 | -6,779.44 | -10,660.22 |
Capital Expenditure | -24.59 | -25.33 | -69.87 | -60.07 | -34.38 | -91.23 | -143.45 | -225.57 | -354.70 | -557.73 |
Free Cash Flow | -632.31 | -844.47 | -755.91 | -837.63 | -909.57 | -1,834.95 | -2,885.34 | -4,537.01 | -7,134.14 | -11,217.96 |
WACC | ||||||||||
PV LFCF | -1,352.95 | -2,022.08 | -3,022.13 | -4,516.77 | -6,750.62 | |||||
SUM PV LFCF | -22,771.30 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.21 |
Free cash flow (t + 1) | -11,442.32 |
Terminal Value | -356,458.47 |
Present Value of Terminal Value | -276,518.27 |
Intrinsic Value
Enterprise Value | -299,289.57 |
---|---|
Net Debt | -675.28 |
Equity Value | -298,614.28 |
Shares Outstanding | 39.51 |
Equity Value Per Share | -7,558.52 |