Discounted Cash Flow (DCF) Analysis Unlevered

Taiwan Liposome Company, Ltd. (TLC)

$7

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -16,706.97 | 7 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 41.6749.6462.32209.14101.93160.27252.02396.29623.14979.84
Revenue (%)
EBITDA -745.57-817.13-843.36-708.34-909.66-1,929.61-3,034.18-4,771.04-7,502.15-11,796.63
EBITDA (%)
EBIT -820.81-869.63-890.82-779.75-965.82-2,074.40-3,261.85-5,129.05-8,065.09-12,681.81
EBIT (%)
Depreciation 75.2452.5047.4671.4056.17144.79227.68358.01562.94885.19
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 1,798.80951.711,114.631,023.871,342.673,150.714,954.287,790.2712,249.6819,261.81
Total Cash (%)
Account Receivables 22.0428.7617.5520.7635.3558.8592.54145.52228.81359.79
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -24.59-25.33-69.87-60.07-34.38-91.23-143.45-225.57-354.70-557.73
Capital Expenditure (%)

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 2.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.645
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

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 41.6749.6462.32209.14101.93160.27252.02396.29623.14979.84
EBITDA -745.57-817.13-843.36-708.34-909.66-1,929.61-3,034.18-4,771.04-7,502.15-11,796.63
EBIT -820.81-869.63-890.82-779.75-965.82-2,074.40-3,261.85-5,129.05-8,065.09-12,681.81
Tax Rate -0.07%-0.11%-0.10%-0.51%-0.12%-0.18%-0.18%-0.18%-0.18%-0.18%
EBIAT -821.37-870.57-891.68-783.74-966.94-2,078.14-3,267.74-5,138.30-8,079.63-12,704.68
Depreciation 75.2452.5047.4671.4056.17144.79227.68358.01562.94885.19
Accounts Receivable --6.7211.21-3.21-14.59-23.51-33.69-52.97-83.30-130.98
Inventories ----------
Accounts Payable ----------
Capital Expenditure -24.59-25.33-69.87-60.07-34.38-91.23-143.45-225.57-354.70-557.73
UFCF -770.72-850.13-902.88-775.62-959.74-2,048.08-3,217.20-5,058.84-7,954.68-12,508.21
WACC
PV UFCF -1,975.39-2,992.87-4,539.06-6,884.03-10,440.47
SUM PV UFCF -26,831.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.68
Free cash flow (t + 1) -12,758.37
Terminal Value -759,426.95
Present Value of Terminal Value -633,885.86

Intrinsic Value

Enterprise Value -660,717.68
Net Debt -675.28
Equity Value -660,042.40
Shares Outstanding 39.51
Equity Value Per Share -16,706.97