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Taiwan Semiconductor Manufacturing Co (BUE:TSM) Cyclically Adjusted FCF per Share : ARS278.73 (As of Mar. 2024)


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What is Taiwan Semiconductor Manufacturing Co Cyclically Adjusted FCF per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

Taiwan Semiconductor Manufacturing Co's adjusted free cash flow per share for the three months ended in Mar. 2024 was ARS777.991. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is ARS278.73 for the trailing ten years ended in Mar. 2024.

During the past 12 months, Taiwan Semiconductor Manufacturing Co's average Cyclically Adjusted FCF Growth Rate was 17.40% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 19.50% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 18.10% per year. During the past 10 years, the average Cyclically Adjusted FCF Growth Rate was 13.50% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Taiwan Semiconductor Manufacturing Co was 22.00% per year. The lowest was -5.10% per year. And the median was 9.30% per year.

As of today (2024-05-21), Taiwan Semiconductor Manufacturing Co's current stock price is ARS19436.50. Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2024 was ARS278.73. Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted Price-to-FCF of today is 69.73.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Taiwan Semiconductor Manufacturing Co was 94.08. The lowest was 28.78. And the median was 45.43.


Taiwan Semiconductor Manufacturing Co Cyclically Adjusted FCF per Share Historical Data

The historical data trend for Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Taiwan Semiconductor Manufacturing Co Cyclically Adjusted FCF per Share Chart

Taiwan Semiconductor Manufacturing Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted FCF per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only 48.12 616.34 984.35 67.34 225.57

Taiwan Semiconductor Manufacturing Co Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Cyclically Adjusted FCF per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 88.06 110.06 169.04 225.57 278.73

Competitive Comparison of Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted FCF per Share

For the Semiconductors subindustry, Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted Price-to-FCF Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted Price-to-FCF falls into.



Taiwan Semiconductor Manufacturing Co Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Taiwan Semiconductor Manufacturing Co's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2024 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=777.991/131.7762*131.7762
=777.991

Current CPI (Mar. 2024) = 131.7762.

Taiwan Semiconductor Manufacturing Co Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201406 0.263 100.560 0.345
201409 1.367 100.428 1.794
201412 3.145 99.070 4.183
201503 3.440 99.621 4.550
201506 1.933 100.684 2.530
201509 1.557 100.392 2.044
201512 2.673 99.792 3.530
201603 4.271 100.470 5.602
201606 1.578 101.688 2.045
201609 1.176 101.861 1.521
201612 4.094 101.863 5.296
201703 3.351 102.862 4.293
201706 -0.179 103.349 -0.228
201709 3.591 104.136 4.544
201712 10.423 104.011 13.205
201803 7.078 105.290 8.859
201806 6.610 106.317 8.193
201809 3.129 106.507 3.871
201812 10.666 105.998 13.260
201903 10.938 107.251 13.439
201906 0.137 108.070 0.167
201909 9.086 108.329 11.053
201912 7.530 108.420 9.152
202003 2.294 108.902 2.776
202006 9.615 108.767 11.649
202009 26.020 109.815 31.224
202012 57.359 109.897 68.779
202103 -8.108 111.754 -9.561
202106 6.677 114.631 7.676
202109 52.444 115.734 59.713
202112 58.648 117.630 65.701
202203 47.823 121.301 51.953
202206 55.450 125.017 58.448
202209 74.559 125.227 78.459
202212 94.005 125.222 98.925
202303 61.708 127.348 63.854
202306 -76.742 128.729 -78.559
202309 84.454 129.860 85.701
202312 297.405 129.419 302.821
202403 777.991 131.776 777.991

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


Taiwan Semiconductor Manufacturing Co  (BUE:TSM) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=19436.50/278.73
=69.73

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Taiwan Semiconductor Manufacturing Co was 94.08. The lowest was 28.78. And the median was 45.43.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


Taiwan Semiconductor Manufacturing Co Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


Taiwan Semiconductor Manufacturing Co (BUE:TSM) Business Description

Address
No. 8, Li-Hsin Road 6, Hsinchu Science Park, Hsinchu, TWN, 300-096
Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with almost 60% market share. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public as an ADR in the U.S. in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious customer base, including Apple, AMD, and Nvidia, that looks to apply cutting-edge process technologies to its semiconductor designs. TSMC employs more than 73,000 people.

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