Taiwan Semiconductor Manufacturing Company Limited Website

Taiwan Semiconductor Manufacturing Company Limited

TWSE-2330

BUILD UP FREE CASH
2022-12-31 (A)
2023-12-31 (A)
2024-12-31 (A)
2025-12-31 (E)
2026-12-31 (E)
2027-12-31 (E)
2028-12-31 (E)
2029-12-31 (E)

Revenue

2,263,891.32,161,735.82,894,307.73,776,191.54,559,236.95,502,692.55,502,692.55,502,692.5

Revenue % Chg.

42.6%-4.5%33.9%

EBIT

1,122,069.6921,465.61,323,203.51,878,235.72,254,011.52,726,125.72,726,125.72,726,125.7

EBIT Margin

49.6%42.6%45.7%

Tax Rate

13.2%13.1%17.7%

NOPAT

974,192800,755.41,089,484.71,576,834.11,896,551.92,300,265.92,300,265.92,300,265.9

NOPAT Margin

43%37%37.6%41.8%41.6%41.8%41.8%41.8%

D&A

432,479.8526,882.8657,326.4739,254.1873,284.71,003,968.71,003,968.71,003,968.7

D&A / Revenue

19.1%24.4%22.7%

Capex

-1,082,672.1-949,816.8-956,006.5-1,261,295.7-1,412,125.5-1,570,399.3-1,570,399.3-1,570,399.3

Capex / Revenue

-47.8%-43.9%-33%

Chg. NWC

122,508.5-56,85213,350.940,817.749,281.959,479.959,479.959,479.9

Chg. NWC / Revenue

5.4%-2.6%0.5%

Unlevered FCF (UFCF)

446,508.2320,969.4804,155.51,095,610.21,406,992.91,793,315.11,793,315.11,793,315.1

UFCF % Chg.

52.5%-28.1%150.5%36.2%28.4%27.5%0%—

PV of UFCF

———1,001,504.51,175,670.51,369,768.51,252,114.51,144,566.1

Sum of PV of UFCF

———1,001,504.52,177,1753,546,943.54,799,0585,943,624.1
Cost of Debt
Tax Rate
After Tax Cost of Debt0.9%
Risk Free Rate
Market Risk Premium
Beta1
Cost of Equity9.6%
Total Debt1,050,091.1
Market Cap38,380,135.5
Total Capital39,430,226.6
Debt Weighting2.7%
Equity Weighting97.3%
WACC9.4%
Exit Multiple EV/FCF
Terminal Value36,695,457.7
PV of Terminal Value21,408,855.4
Cumulative PV of UFCF5,943,624.1
Net Debt-1,721,948.7
Equity Value29,074,428.3
Shares Outstanding25,932.5
Implied Share Price1,121.2
Current Share Price1,480
Implied Upside / (Downside)-24.2%