DDM Analysis: TSFA.F

Valuation Snapshot

Stable Growth	$6,335.72 - $30,425.36	$13,734.75
Multi-Stage	$3,385.95 - $3,703.78	$3,541.96
Blended Fair Value	$8,638.35
Current Price	$8,480.33
Upside	1.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.96%	16.66%	35.00	28.13	27.50	25.62	25.00	25.00	20.00	17.50	15.00	11.25
YoY Growth	-	-	24.45%	2.27%	7.32%	2.50%	0.00%	25.00%	14.29%	16.67%	33.34%	50.01%
Dividend Yield	-	-	0.64%	0.63%	0.97%	0.86%	0.75%	1.71%	1.57%	1.39%	1.51%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,586,819.13
(-) Cash Dividends Paid (M)	440,849.82
(=) Cash Retained (M)	1,145,969.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	317,363.83	198,352.39	119,011.43
Cash Retained (M)	1,145,969.31	1,145,969.31	1,145,969.31
(-) Cash Required (M)	-317,363.83	-198,352.39	-119,011.43
(=) Excess Retained (M)	828,605.48	947,616.92	1,026,957.87
(/) Shares Outstanding (M)	10,372.22	10,372.22	10,372.22
(=) Excess Retained per Share	79.89	91.36	99.01
LTM Dividend per Share	42.50	42.50	42.50
(+) Excess Retained per Share	79.89	91.36	99.01
(=) Adjusted Dividend	122.39	133.86	141.51
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,335.72	$13,734.75	$30,425.36
Upside / Downside	-25.29%	61.96%	258.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,586,819.13	1,689,962.37	1,799,809.93	1,916,797.57	2,041,389.41	2,174,079.72	2,239,302.12
Payout Ratio	27.78%	40.23%	52.67%	65.11%	77.56%	90.00%	92.50%
Projected Dividends (M)	440,849.82	679,797.27	947,945.31	1,248,080.44	1,583,228.07	1,956,671.75	2,071,354.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	626,210.52	632,146.17	638,081.81
Year 2 PV (M)	804,387.23	819,708.55	835,174.40
Year 3 PV (M)	975,585.66	1,003,591.21	1,032,127.67
Year 4 PV (M)	1,140,006.31	1,183,847.73	1,228,941.68
Year 5 PV (M)	1,297,844.59	1,360,530.97	1,425,616.50
PV of Terminal Value (M)	30,275,808.61	31,738,141.49	33,256,441.28
Equity Value (M)	35,119,842.92	36,737,966.12	38,416,383.35
Shares Outstanding (M)	10,372.22	10,372.22	10,372.22
Fair Value	$3,385.95	$3,541.96	$3,703.78
Upside / Downside	-60.07%	-58.23%	-56.33%

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Taiwan Semiconductor Manufacturing Company Limited (TSFA.F)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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