Taiwan Semiconductor Manufacturing Company Limited (TSM) Discounted Free Cash Flow - Perpetuity

Taiwan Semiconductor Manufacturing Company Limited

TSM (NYSE)

(%)

Valuation
Taiwan Semiconductor Manufacturing Company Limited Discounted Free Cash Flow - Perpetuity

"""
    Model: Discounted Free Cash Flow - Perpetuity

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our [GitHub Model Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%growth_in_perpetuity": data.get("treasury:year10"),
        "historical_years": 10,
        "projection_years": 5,
        "%revenue_growth_rate": None,
        "%operating_cash_flow_margin": None,
        "%capital_expenditure_margin": None,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": ["beta", "%risk_free_rate", "%market_premium"]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense") / data.get("balance:totalDebt")

tax_rate = data.get("income:incomeTaxExpense") / data.get("income:incomeBeforeTax")

if tax_rate < 0:
    tax_rate = 0

market_cap = data.get("profile:price") * data.get("income:weightedAverageShsOut")
debt_weight = data.get("balance:totalDebt") / (market_cap + data.get("balance:totalDebt"))
equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - tax_rate) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

data.compute({
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "flow:capitalExpenditure / income:revenue",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%operatingMargin": "income:operatingIncome / income:revenue",
    "%netMargin": "income:netIncome / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth rate between 0% and 25%
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

average_operating_cash_flow_margin = data.average("%operatingCashFlowMargin")
assumptions.set("%operating_cash_flow_margin", average_operating_cash_flow_margin)
# Limit OCF range from 0 to 100% (all revenue converted to OCF)
assumptions.set_bounds(
    "%operating_cash_flow_margin", low=0, high="100%"
)

average_capital_expenditure_margin = -data.average("%capitalExpenditureMargin")
assumptions.set("%capital_expenditure_margin", average_capital_expenditure_margin)

# Limit CapEx range from 0 to 90% of OCF Margin
assumptions.set_bounds(
    "%capital_expenditure_margin",
    low=0,
    high=assumptions.get("%operating_cash_flow_margin")*.9
)

data.compute({
    "linearRegressionRevenue": f"""
        function:linear_regression:income:revenue 
        start:{-assumptions.get('historical_years')}
    """,
}, forecast=assumptions.get("projection_years"))

data.compute({
    "income:revenue": f"""
        function:compound:{data.get('linearRegressionRevenue:1')} 
        rate:{assumptions.get('%revenue_growth_rate')}
        offset:-1
    """,
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:revenue * {assumptions.get('%operating_cash_flow_margin')}",
    "computedCapitalExpenditure": f"income:revenue * {assumptions.get('%capital_expenditure_margin')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "flow:capitalExpenditure": "flow:freeCashFlow - flow:operatingCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')}
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "flow:capitalExpenditure / income:revenue",
    "%freeCashFlowMargin": "flow:freeCashFlow / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculating the Terminal Value
# TV = FCF * (1 + Growth in Perpetuity) / (Discount Rate - Growth in Perpetuity)
terminal_value = \
    data.get(f"flow:freeCashFlow:{assumptions.get('projection_years')}") * \
    (1 + assumptions.get("%growth_in_perpetuity")) / \
    (assumptions.get("%discount_rate") - assumptions.get("%growth_in_perpetuity"))

# Discount the terminal value into the present
tv_discount_rate = (1 + assumptions.get("%discount_rate")) ** assumptions.get('projection_years')
discounted_terminal_value = terminal_value / tv_discount_rate

# Get the sum between current date and projection years
discounted_free_cash_flow_sum = data.sum("discountedFreeCashFlow:1->*")

# Add all Discounted FCFs and the Discounted Terminal Value to calculate the enterprise value
enterprise_value = discounted_terminal_value + discounted_free_cash_flow_sum

# Equity value is calculated by adding cash and subtracting total debt from the enterprise value
equity_value = enterprise_value + data.get("balance:cashAndShortTermInvestments") - \
               data.get("balance:totalDebt")

stock_value = equity_value / data.get("income:weightedAverageShsOut")

model.set_final_value({
    "value": stock_value,
    "units": '$'
})

model.render_results([
    [terminal_value, "Terminal Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Value", "$"],
    [discounted_free_cash_flow_sum, "Sum of Discounted Free Cash Flow", "$"],
    [enterprise_value, "Enterprise Value", "$"],
    [data.get("balance:cashAndCashEquivalents"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "$"],
    [stock_value, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [average_operating_cash_flow_margin, "Average Cash from Operating Activities Margin", "%"],
    [average_capital_expenditure_margin, "Average Capital Expenditure Margin", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [tax_rate, "Tax Rate", "%"],
])

model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "flow:freeCashFlow": "Free Cash Flow",
        "flow:capitalExpenditure": "Capital Expenditure",
        "linearRegressionRevenue": "Linear Regression Revenue Line",
        "discountedFreeCashFlow": "Discounted Free Cash Flow"
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical Values",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow"
        ],
        "hidden_keys": [
            "flow:capitalExpenditure",
            "linearRegressionRevenue",
            "discountedFreeCashFlow"
        ],
        "width": "full"
    },
})

# Forecast table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowMargin": "Operating Cash Flow Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowMargin": "Free Cash Flow Margin",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Forecast Data",
        "order": "ascending",
        "include_ltm": False,
        "number_format": "M",
        "width": "full"
    },
})

# Historical table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "%netMargin": "Net Margin",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowMargin": "Cash from Operating Activities Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "flow:freeCashFlow": "Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M"
    },
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%growth_in_perpetuity": r"""
        ## Growth in Perpetuity
        
        The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"%operating_cash_flow_margin": r"""
        ## Operating Cash Flow Margin
        
        `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin`
        
        This margin represents the percentage of revenue used to estimate future Operating Cash Flow.
    """,

"%capital_expenditure_margin": r"""
        ## Capital Expenditure Margin
        
        `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin`
        
        This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our GitHub Model Documentation

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
Growth In Perpetuity Growth in Perpetuity The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Operating Cash Flow Margin Operating Cash Flow Margin `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin` This margin represents the percentage of revenue used to estimate future Operating Cash Flow.	%
Capital Expenditure Margin Capital Expenditure Margin `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin` This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.	%

Results
Terminal Value	658.1 Bil. USD
Discounted Terminal Value	408.5 Bil. USD
Sum of Discounted Free Cash Flow	105 Bil. USD
Enterprise Value	513.5 Bil. USD
Cash and Equivalents	81.24 Bil. USD
Total Debt	29.66 Bil. USD
Equity Value	565 Bil. USD
Shares Outstanding	5.19 Bil. USD
Estimated Value per Share	108.9 USD
Yield of the U.S. 10 Year Treasury Note	4.43%
Average Cash from Operating Activities Margin	61.89%
Average Capital Expenditure Margin	39%
Cost of Equity	10.23%
Equity Weight	97.58%
Cost of Debt	1.21%
Debt Weight	2.42%
Tax Rate	16.65%

Historical Values

Monetary values are in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Historical Values", "dates": [2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029], "series": [{"label": "Revenue", "mappingKey": "income:revenue", "data": [25575299000, 29176645176, 32890943490, 33725530860, 35769611922, 47613186649, 57264408710, 73850398097, 70416388464, 88143255832, {"y": 87410810014, "oy": 87410810014, "e": true, "c": 2025, "g": -0.831, "og": -0.831}, {"y": 100644806650, "oy": 100644806650, "e": true, "c": 2026, "g": 15.14, "og": 15.14}, {"y": 115882430376, "oy": 115882430376, "e": true, "c": 2027, "g": 15.14, "og": 15.14}, {"y": 133427030336, "oy": 133427030336, "e": true, "c": 2028, "g": 15.14, "og": 15.14}, {"y": 153627882728, "oy": 153627882728, "e": true, "c": 2029, "g": 15.14, "og": 15.14}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "Operating Cash Flow", "mappingKey": "flow:operatingCashFlow", "data": [16065944560, 16616108741, 19695956319, 18768305871, 20564088211, 29247429169, 40120085885, 52539356111, 40455842830, 55614394358, {"y": 54098550317, "oy": 54098550317, "e": true, "c": 2025, "g": -2.73, "og": -2.73}, {"y": 62289070835, "oy": 62289070835, "e": true, "c": 2026, "g": 15.14, "og": 15.14}, {"y": 71719636160, "oy": 71719636160, "e": true, "c": 2027, "g": 15.14, "og": 15.14}, {"y": 82577989074, "oy": 82577989074, "e": true, "c": 2028, "g": 15.14, "og": 15.14}, {"y": 95080296620, "oy": 95080296620, "e": true, "c": 2029, "g": 15.14, "og": 15.14}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [8128147184, 6363485425, 8393309304, 8216598356, 4860278216, 10707966856, 9477515063, 16994651490, 9334695348, 26500157180, {"y": 20008334412, "oy": 20008334412, "e": true, "c": 2025, "g": -24.5, "og": -24.5}, {"y": 23037596242, "oy": 23037596242, "e": true, "c": 2026, "g": 15.14, "og": 15.14}, {"y": 26525488313, "oy": 26525488313, "e": true, "c": 2027, "g": 15.14, "og": 15.14}, {"y": 30541447243, "oy": 30541447243, "e": true, "c": 2028, "g": 15.14, "og": 15.14}, {"y": 35165422356, "oy": 35165422356, "e": true, "c": 2029, "g": 15.14, "og": 15.14}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "flow:capitalExpenditure", "data": [-7937797375, -10252623316, -11302647015, -10551707514, -15703809995, -18539462312, -30642570821, -35544704621, -31121147481, -29114237178, -34090215905, -39251474593, -45194147847, -52036541831, -59914874264], "dataType": ".", "displayAs": "line", "hidden": true}, {"label": "Linear Regression Revenue Line", "mappingKey": "linearRegressionRevenue", "data": [18377640570, 25280957514, 32184274459, 39087591403, 45990908347, 52894225292, 59797542236, 66700859180, 73604176125, 80507493069, 87410810014, 94314126958, 101217443902, 108120760847, 115024077791], "dataType": ".", "displayAs": "line", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [8128147184, 6363485425, 8393309304, 8216598356, 4860278216, 10707966856, 9477515063, 16994651490, 9334695348, 26500157180, 19133756910, 20026004641, 20959859780, 21931529513, 22954243324], "dataType": ".", "displayAs": "line", "hidden": true}], "editableDates": {"2025": 36, "2026": 37, "2027": 38, "2028": 39, "2029": 40}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2025	2026	2027	2028	2029

↳ Growth Rate

Forecast Data

amounts of USD except for #	2024	2025	2026	2027	2028	2029
Revenue	88,143	87,411	100,645	115,882	133,427	153,628
Revenue Growth Rate	25.17%	-0.831%	15.14%	15.14%	15.14%	15.14%
Operating Cash Flow	55,614	54,099	62,289	71,720	82,578	95,080
Operating Cash Flow Margin	63.1%	61.89%	61.89%	61.89%	61.89%	61.89%
Capital Expenditure	-29,114	-34,090	-39,251	-45,194	-52,037	-59,915
Capital Expenditure Margin	-33.03%	-39%	-39%	-39%	-39%	-39%
Free Cash Flow	26,500	20,008	23,038	26,525	30,541	35,165
Free Cash Flow Margin	30.06%	22.89%	22.89%	22.89%	22.89%	22.89%
Compounded Discount Rate		4.57%	15.04%	26.55%	39.26%	53.2%
Discounted Free Cash Flow	26,500	19,134	20,026	20,960	21,932	22,954

Historical Data

amounts of USD except for #	Average	LTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	54,712	107,409	88,143	70,416	73,850	57,264	47,613	35,770	33,726	32,891	29,177	25,575
Revenue Growth Rate	15.14%	21.86%	25.17%	-4.65%	28.96%	20.27%	33.11%	6.06%	2.54%	12.73%	14.08%	6.43%
Cost of Revenue	25,194	45,744	38,675	32,138	29,866	27,700	22,331	19,299	17,445	16,240	14,561	13,132
Gross Profit	29,518	61,665	49,468	38,278	43,985	29,564	25,282	16,471	16,280	16,651	14,615	12,443
Gross Margin	52.35%	57.41%	56.12%	54.36%	59.56%	51.63%	53.1%	46.05%	48.27%	50.62%	50.09%	48.65%
Operating Income	23,671	50,615	40,262	30,016	36,577	23,447	20,150	12,459	12,544	12,974	11,634	9,704
Operating Margin	41.59%	47.12%	45.68%	42.63%	49.53%	40.95%	42.32%	34.83%	37.2%	39.45%	39.87%	37.94%
Net Income	21,313	44,775	35,731	27,313	32,390	21,369	18,158	11,832	11,872	11,609	10,210	9,182
Net Margin	37.71%	41.69%	40.54%	38.79%	43.86%	37.32%	38.14%	33.08%	35.2%	35.3%	34.99%	35.9%
Cash from Operating Activities	34,483	69,621	55,614	40,456	52,539	40,120	29,247	20,564	18,768	19,696	16,616	16,066
Cash from Operating Activities Margin	61.89%	64.82%	63.1%	57.45%	71.14%	70.06%	61.43%	57.49%	55.65%	59.88%	56.95%	62.82%
Capital Expenditure	-21,708	-38,077	-29,114	-31,121	-35,545	-30,643	-18,539	-15,704	-10,552	-11,303	-10,253	-7,938
Free Cash Flow	12,775	31,544	26,500	9,335	16,995	9,478	10,708	4,860	8,217	8,393	6,363	8,128