Discounted Cash Flow (DCF) Analysis Levered

Taiwan Semiconductor Manufacturing ... (TSM)

$93.13

-0.17 (-0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,051.65 | 93.13 | undervalue

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 1,031,361.801,069,988.801,339,238.501,587,414.992,263,889.412,773,576.043,398,012.304,163,032.635,100,287.816,248,554.36
Revenue (%)
Operating Cash Flow 573,954.30615,138.70822,666.211,112,160.711,610,597.281,751,636.972,145,996.322,629,140.783,221,059.223,946,240.77
Operating Cash Flow (%)
Capital Expenditure -322,682.20-469,752.10-521,474.49-849,436.40-1,088,098.85-1,196,529.50-1,465,913.28-1,795,945.47-2,200,280.33-2,695,646.16
Capital Expenditure (%)
Free Cash Flow 251,272.10145,386.60301,191.71262,724.31522,498.43555,107.48680,083.04833,195.301,020,778.901,250,594.61

Weighted Average Cost Of Capital

Share price $ 93.13
Beta 1.235
Diluted Shares Outstanding 5,186.08
Cost of Debt
Tax Rate 10.30
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.378
Total Debt -
Total Equity 482,979.26
Total Capital 482,979.26
Debt Weighting 0.00
Equity Weighting 100.00
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 1,031,361.801,069,988.801,339,238.501,587,414.992,263,889.412,773,576.043,398,012.304,163,032.635,100,287.816,248,554.36
Operating Cash Flow 573,954.30615,138.70822,666.211,112,160.711,610,597.281,751,636.972,145,996.322,629,140.783,221,059.223,946,240.77
Capital Expenditure -322,682.20-469,752.10-521,474.49-849,436.40-1,088,098.85-1,196,529.50-1,465,913.28-1,795,945.47-2,200,280.33-2,695,646.16
Free Cash Flow 251,272.10145,386.60301,191.71262,724.31522,498.43555,107.48680,083.04833,195.301,020,778.901,250,594.61
WACC
PV LFCF 507,503.63568,441.93636,697.37713,148.55798,779.58
SUM PV LFCF 3,224,571.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.38
Free cash flow (t + 1) 1,275,606.50
Terminal Value 17,284,640.89
Present Value of Terminal Value 11,040,043.02

Intrinsic Value

Enterprise Value 14,264,614.10
Net Debt -1,561,490
Equity Value 15,826,104.10
Shares Outstanding 5,186.08
Equity Value Per Share 3,051.65