OTC: TSMWF - TAIWAN SEMICONDUCTOR MANUFACTUR

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 = 1042.52
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.24 + (17.24 * 8.66% / 100) = 18.73

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) = 3508.91
Ebitda Yield = 0.1017
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 = 380.87
Debt = 959.11
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 959.11) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (380.87 / 959.11) * (100% - 0) * (1 - 0.21) + 0.0275 + 0 = 31.37
Terminal Value = Discount (3508.91 * (1 + 0.1017) / (31.37 - 0.1017)) = 4660.44
Company Value = ∑ (3508.91 / (1 + 31.37) ^ 5) = 6574.32
Price = (Terminal Value + Company Value) / Count shares = (4660.44 + 6574.32) / 25932070000 = 433.24

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) = 268.5
FCF Yield = -0.0129
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 = 380.87
Debt = 959.11
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 959.11) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (380.87 / 959.11) * (100% - 0) * (1 - 0.21) + 0.0275 + 0 = 31.37
Terminal Value = Discount (268.5 * (1 + -0.0129) / (31.37 - -0.0129)) = 207.35
Company Value = ∑ (268.5 / (1 + 31.37) ^ 5) = 658.58
Price = (Terminal Value + Company Value) / Count shares = (207.35 + 658.58) / 25932070000 = 33.39