Discounted Cash Flow (DCF) Analysis Unlevered
Taiwan Liposome Company, Ltd. (TLC)
$7
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 41.67 | 49.64 | 62.32 | 209.14 | 101.93 | 160.27 | 252.02 | 396.29 | 623.14 | 979.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 75.24 | 52.50 | 47.46 | 71.40 | 56.17 | 144.79 | 227.68 | 358.01 | 562.94 | 885.19 |
| 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 | 1,798.80 | 951.71 | 1,114.63 | 1,023.87 | 1,342.67 | 3,150.71 | 4,954.28 | 7,790.27 | 12,249.68 | 19,261.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 22.04 | 28.76 | 17.55 | 20.76 | 35.35 | 58.85 | 92.54 | 145.52 | 228.81 | 359.79 |
| 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 | 7.376 |
| 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 | 41.67 | 49.64 | 62.32 | 209.14 | 101.93 | 160.27 | 252.02 | 396.29 | 623.14 | 979.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 75.24 | 52.50 | 47.46 | 71.40 | 56.17 | 144.79 | 227.68 | 358.01 | 562.94 | 885.19 |
| Accounts Receivable | - | -6.72 | 11.21 | -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 | -1,971.40 | -2,980.79 | -4,511.59 | -6,828.54 | -10,335.38 | |||||
| SUM PV UFCF | -26,627.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.89 |
| Free cash flow (t + 1) | -12,758.37 |
| Terminal Value | -675,046.18 |
| Present Value of Terminal Value | -557,782.33 |
Intrinsic Value
| Enterprise Value | -584,410.02 |
|---|---|
| Net Debt | -675.28 |
| Equity Value | -583,734.73 |
| Shares Outstanding | 39.51 |
| Equity Value Per Share | -14,775.48 |