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 | 4.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.091 |
| 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 | -1,740.45 | -2,595.78 | -3,871.48 | -5,774.11 | -8,611.78 | |||||
| SUM PV LFCF | -22,593.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.43 |
| Free cash flow (t + 1) | -11,442.32 |
| Terminal Value | -333,595.24 |
| Present Value of Terminal Value | -256,093.65 |
Intrinsic Value
| Enterprise Value | -278,687.24 |
|---|---|
| Net Debt | -675.28 |
| Equity Value | -278,011.96 |
| Shares Outstanding | 39.51 |
| Equity Value Per Share | -7,037.03 |