Sample data. This screen uses four test cases in data/fixtures/. Press Check now to fetch real filings for your watchlist from the exchanges' official OpenAPI. Real data then replaces the samples, read by exactly the same code.
2330 · as of 2026-09-14 · NT$ million unless stated
TSMC 台積電
Market price
2,380 NTD
6 source(s) incomplete: <span class="mono">price_per_share, shares_issued_thousands, balance_sheet, cash_flow, tax, terminal_growth_ceiling</span>. Figures may be computed but must not go into the deck until every input has a URL the judges can open.
Enterprise-value bridge
Market capitalisation61.719 T
+ Interest-bearing debt1.033 T
− Cash & short-term investments3.068 T
= Enterprise value59.684 T
Cost of capital
Cost of equity8.20%
Cost of debt1.93%
Equity weight98.35%
WACC8.09%
Effective tax rate16.97%
Free cash flow
FCFF 2023
297.0 bn
FCFF 2024
870.0 bn
FCFF 2025 ← used
1,012.8 bn
Average
726.6 bn
Reverse DCF
Perpetual growth implied by the market
6.29%
Perpetual-growth ceiling (nominal GDP)
3.50%
Circularity check
drift 2.50e-14%
A reverse DCF does not produce an intrinsic value. Feeding its g back into the same formula always returns the market price: that is a mathematical identity, not a valuation. The judgement comes next: is that number plausible?
Implied g exceeds the ceiling. The market is pricing growth that cannot last forever → a sign of overvaluation.
Sensitivity · fair value per share (NTD)
| WACC | g = 2.50% | g = 3.00% | g = 3.50% | g = 4.00% | g = 4.50% |
|---|---|---|---|---|---|
| 7.09% | 950 | 1,061 | 1,203 | 1,391 | 1,652 |
| 7.59% | 864 | 954 | 1,066 | 1,209 | 1,398 |
| 8.09% | 794 | 868 | 958 | 1,071 | 1,214 |
| 8.59% | 735 | 798 | 872 | 963 | 1,075 |
| 9.09% | 686 | 739 | 801 | 876 | 967 |
The middle row is the WACC computed from the input file; the middle column is the implied g. Every figure on this page comes straight from scripts/dcf.py, the same function as the CLI worksheet, so the two cannot silently diverge.
Source of each input
✕
price_per_share
Harga penutupan TWSE 2026-09-14 — GANTI dengan URL TWSE
✕
shares_issued_thousands
Laporan keuangan 2025, Issued and paid shares — GANTI dengan URL MOPS
✕
balance_sheet
Neraca konsolidasi 2025 — GANTI dengan URL MOPS
✕
cash_flow
Laporan arus kas 2023-2025 — GANTI dengan URL MOPS. Angka 2023-2024 disetel agar FCFF cocok dengan hitungan tangan PDK (297 dan 870 bio) — PERKIRAAN, wajib diganti angka asli
✕
tax
Laporan laba rugi 2025 — GANTI dengan URL MOPS
✓
risk_free_rate
Imbal hasil obligasi Taiwan 10 tahun — https://ca.investing.com/rates-bonds/taiwan-10-year-bond-yield-historical-data
✓
beta
Beta 5Y bulanan — https://finance.yahoo.com/quote/2330.TW/
✓
equity_risk_premium
Damodaran country premium, Taiwan — https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/ctryprem.html
✕
terminal_growth_ceiling
BELUM ADA SUMBER — isi dengan proyeksi pertumbuhan PDB nominal Taiwan jangka panjang