Discounted Cash Flow (DCF) Analysis Levered
Taiwan Semiconductor Manufacturing ... (TSM)
$93.13
-0.17 (-0.18%)
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 | 2,263,889.41 | 2,773,576.04 | 3,398,012.30 | 4,163,032.63 | 5,100,287.81 | 6,248,554.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 573,954.30 | 615,138.70 | 822,666.21 | 1,112,160.71 | 1,610,597.28 | 1,751,636.97 | 2,145,996.32 | 2,629,140.78 | 3,221,059.22 | 3,946,240.77 |
| 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 | 251,272.10 | 145,386.60 | 301,191.71 | 262,724.31 | 522,498.43 | 555,107.48 | 680,083.04 | 833,195.30 | 1,020,778.90 | 1,250,594.61 |
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 | 1,031,361.80 | 1,069,988.80 | 1,339,238.50 | 1,587,414.99 | 2,263,889.41 | 2,773,576.04 | 3,398,012.30 | 4,163,032.63 | 5,100,287.81 | 6,248,554.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 573,954.30 | 615,138.70 | 822,666.21 | 1,112,160.71 | 1,610,597.28 | 1,751,636.97 | 2,145,996.32 | 2,629,140.78 | 3,221,059.22 | 3,946,240.77 |
| 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 | 251,272.10 | 145,386.60 | 301,191.71 | 262,724.31 | 522,498.43 | 555,107.48 | 680,083.04 | 833,195.30 | 1,020,778.90 | 1,250,594.61 |
| WACC | ||||||||||
| PV LFCF | 507,503.63 | 568,441.93 | 636,697.37 | 713,148.55 | 798,779.58 | |||||
| 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 |