Discounted Cash Flow (DCF) Analysis Levered
Taiwan Semiconductor Manufacturing ... (TSM)
$90.04
+0.57 (+0.64%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,031,361.80 | 1,069,988.80 | 1,339,238.50 | 1,587,414.99 | 2,263,891.29 | 2,773,579 | 3,398,016.72 | 4,163,039.03 | 5,100,296.86 | 6,248,566.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 573,954.30 | 615,138.70 | 822,666.21 | 1,112,160.71 | 1,610,599.18 | 1,751,638.98 | 2,145,999.28 | 2,629,145.03 | 3,221,065.19 | 3,946,249.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -322,682.20 | -469,752.10 | -521,474.49 | -849,436.40 | -1,089,626.45 | -1,196,904.84 | -1,466,373.47 | -1,796,509.70 | -2,200,972.11 | -2,696,494.33 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 251,272.10 | 145,386.60 | 301,191.71 | 262,724.31 | 520,972.73 | 554,734.13 | 679,625.80 | 832,635.32 | 1,020,093.08 | 1,249,754.69 |
Weighted Average Cost Of Capital
| Share price | $ 90.04 |
|---|---|
| Beta | 1.244 |
| Diluted Shares Outstanding | 5,186.08 |
| Cost of Debt | |
| Tax Rate | 11.16 |
| After-tax Cost of Debt | 1.17% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.351 |
| Total Debt | 888,174.47 |
| Total Equity | 466,954.28 |
| Total Capital | 1,355,128.76 |
| Debt Weighting | 65.54 |
| Equity Weighting | 34.46 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,031,361.80 | 1,069,988.80 | 1,339,238.50 | 1,587,414.99 | 2,263,891.29 | 2,773,579 | 3,398,016.72 | 4,163,039.03 | 5,100,296.86 | 6,248,566.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 573,954.30 | 615,138.70 | 822,666.21 | 1,112,160.71 | 1,610,599.18 | 1,751,638.98 | 2,145,999.28 | 2,629,145.03 | 3,221,065.19 | 3,946,249.01 |
| Capital Expenditure | -322,682.20 | -469,752.10 | -521,474.49 | -849,436.40 | -1,089,626.45 | -1,196,904.84 | -1,466,373.47 | -1,796,509.70 | -2,200,972.11 | -2,696,494.33 |
| Free Cash Flow | 251,272.10 | 145,386.60 | 301,191.71 | 262,724.31 | 520,972.73 | 554,734.13 | 679,625.80 | 832,635.32 | 1,020,093.08 | 1,249,754.69 |
| WACC | ||||||||||
| PV LFCF | 533,449.50 | 628,473.11 | 740,423.33 | 872,315.30 | 1,027,701.25 | |||||
| SUM PV LFCF | 3,802,362.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.99 |
| Free cash flow (t + 1) | 1,274,749.78 |
| Terminal Value | 64,057,778.02 |
| Present Value of Terminal Value | 52,676,144.36 |
Intrinsic Value
| Enterprise Value | 56,478,506.85 |
|---|---|
| Net Debt | -454,639.61 |
| Equity Value | 56,933,146.46 |
| Shares Outstanding | 5,186.08 |
| Equity Value Per Share | 10,978.08 |