NYSE: TSM - Taiwan Semiconductor Manufacturing Company

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 164.24
CAGR EPS = 138.02%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 154.91 + (154.91 * 138.02% / 100) = 368.7

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 3.71
g = 0.2378
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.21 * 5.94 + 0 = 0.1001
Price = (3.71 * (1 + 0.2378)) / (0.1001 - 0.2378) = 33.34

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2917.59
Ebitda Yield = 0.1395
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 18.33
Debt = 930.39
Market Cap = 437.8
Weight Debt = Market Cap / (Market Cap + Debt) = 437.8 / (437.8 + 930.39) = 0.32
Weight Cost Debt = 100% - 0.32 = 0.68
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.21 * 5.94 + 0 = 0.1001
WACC = (18.33 / 930.39) * (100% - 0.32) * (1 - 0.21) + 0.1001 + 0.32 = 1.58
Terminal Value = Discount (2917.59 * (1 + 0.1395) / (1.58 - 0.1395)) = 24854.75
Company Value = ∑ (2917.59 / (1 + 1.58) ^ 5) = 10859.76
Price = (Terminal Value + Company Value) / Count shares = (24854.75 + 10859.76) / 5185850000 = 6886.91

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 496.71
FCF Yield = 0.1163
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 18.33
Debt = 930.39
Market Cap = 437.8
Weight Debt = Market Cap / (Market Cap + Debt) = 437.8 / (437.8 + 930.39) = 0.32
Weight Cost Debt = 100% - 0.32 = 0.68
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.21 * 5.94 + 0 = 0.1001
WACC = (18.33 / 930.39) * (100% - 0.32) * (1 - 0.21) + 0.1001 + 0.32 = 1.58
Terminal Value = Discount (496.71 * (1 + 0.1163) / (1.58 - 0.1163)) = 5102.82
Company Value = ∑ (496.71 / (1 + 1.58) ^ 5) = 1918.28
Price = (Terminal Value + Company Value) / Count shares = (5102.82 + 1918.28) / 5185850000 = 1353.89