3105.TWO
WIN SEMICONDUCTORS CORPOpen3105.TWO discounted cash flow valuation
3105.TWO Fair Value
Reverse DCF: no growth rate between −50% and +100% a year matches today's price.
Model: 25.0% from analyst next-year EPS & revenue growth. Fades linearly to terminal growth by year 10.
Model: 14.80% (CAPM, see the build-up).
Long-run growth after year 10; keep it at or below nominal GDP.
Value Bridge
| PV of free cash flow, years 1–10 | TWD 1.82B |
|---|---|
| PV of terminal value (44% of EV) | TWD 1.41B |
| Enterprise value | TWD 3.23B |
| + Cash & investments | TWD 5.58B |
| − Total debt | −TWD 12.44B |
| Equity value | −TWD 3.62B |
| ÷ Shares outstanding | 423.94M |
| Value per share | TWD -8.54 |
| Market cap | TWD 238.25B |
Discount Rate Build-up
| Risk-free rate (10-yr Treasury) | 5.22% |
|---|---|
| Beta (clamped 0.5–2.5) | 2.03 |
| Equity risk premium | 5.00% |
| Cost of equity (CAPM) | 15.35% |
| Pre-tax cost of debt | 5.43% |
| Tax rate | 21.4% |
| Debt / (equity + debt) | 5.0% |
| WACC | 14.80% |
Cost of debt is interest expense ÷ total debt, held between the risk-free rate and 12%.
Free Cash Flow: History and Projection
Sensitivity: Value per Share
| WACC ↓ / g → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 12.80% | -7.28 | -6.99 | -6.67 | -6.32 | -5.93 |
| 13.80% | -8.18 | -7.95 | -7.69 | -7.42 | -7.11 |
| 14.80% | -8.93 | -8.74 | -8.54 | -8.32 | -8.08 |
| 15.80% | -9.57 | -9.42 | -9.25 | -9.08 | -8.88 |
| 16.80% | -10.13 | -10.00 | -9.86 | -9.71 | -9.56 |
Green is above today's price, red below (full colour at ±30%). The outlined centre cell is the current inputs.
Projected Cash Flows
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Base (TTM) | — | TWD 129.16M | — | — |
| Year 1 | 25.0% | TWD 161.45M | 0.871 | TWD 140.64M |
| Year 2 | 25.0% | TWD 201.81M | 0.759 | TWD 153.13M |
| Year 3 | 25.0% | TWD 252.27M | 0.661 | TWD 166.74M |
| Year 4 | 25.0% | TWD 315.33M | 0.576 | TWD 181.55M |
| Year 5 | 25.0% | TWD 394.17M | 0.502 | TWD 197.68M |
| Year 6 | 20.5% | TWD 474.97M | 0.437 | TWD 207.50M |
| Year 7 | 16.0% | TWD 550.96M | 0.381 | TWD 209.67M |
| Year 8 | 11.5% | TWD 614.32M | 0.331 | TWD 203.64M |
| Year 9 | 7.0% | TWD 657.33M | 0.289 | TWD 189.80M |
| Year 10 | 2.5% | TWD 673.76M | 0.252 | TWD 169.47M |
Method
Two-stage free-cash-flow model, the same as the bot's lgf dcf: five years at the chosen growth rate, a straight-line fade to terminal growth by year ten, then a Gordon-growth terminal value. Everything is discounted at WACC.
Base cash flow is the trailing four quarters of operating cash flow minus capital expenditure (the latest fiscal year when quarters are missing). Default growth uses analyst long-term growth when Yahoo publishes it, else the average of next year's EPS and revenue growth, else revenue CAGR, held between −5% and 25%.
A DCF is only as good as its inputs. The terminal value is usually most of the answer, so read the sensitivity grid before the headline number. This is a model, not investment advice.