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 = 1493.69
CAGR EPS = 376.37%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.24 + (17.24 * 376.37% / 100) = 82.13

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) = 3705210.52
Ebitda Yield = 1.08
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 = 992.82
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 992.82) = 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) = 2.39
β = 0.000109
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.000109 * 5.94 + 0 = 0.0239
WACC = (380.87 / 992.82) * (100% - 0) * (1 - 0.21) + 0.0239 + 0 = 30.31
Terminal Value = Discount (3705210.52 * (1 + 1.08) / (30.31 - 1.08)) = 2643953.87
Company Value = ∑ (3705210.52 / (1 + 30.31) ^ 5) = 2387786.23
Price = (Terminal Value + Company Value) / Count shares = (2643953.87 + 2387786.23) / 25932730000 = 194030.48

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) = 2066.48
FCF Yield = 0.1873
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 = 992.82
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 992.82) = 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) = 2.39
β = 0.000109
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.000109 * 5.94 + 0 = 0.0239
WACC = (380.87 / 992.82) * (100% - 0) * (1 - 0.21) + 0.0239 + 0 = 30.31
Terminal Value = Discount (2066.48 * (1 + 0.1873) / (30.31 - 0.1873)) = 5642.48
Company Value = ∑ (2066.48 / (1 + 30.31) ^ 5) = 3341.34
Price = (Terminal Value + Company Value) / Count shares = (5642.48 + 3341.34) / 25932730000 = 346.43