TSMC DCF Valuation Lab - Public materials, Version 1.0
Journal date: 2026-10-18. Historical valuation date: 2026-02-27.

TSMC_DCF_V1_Public.xlsx is an editable model copy, not a read-only file.
TSMC_DCF_V1_Model_Review.pdf provides static selected workbook views.
images/ contains PNGs rendered from actual saved workbook values, not native Excel screenshots.
figures.json maps each image to its source worksheet and range.

PUBLIC COPY CHANGE: only docProps/core.xml author and last-modifier email metadata was replaced with the public byline Eva Zhang. Every other XLSX ZIP member is byte-identical to the source. Financial formulas, values, styles, public source hyperlinks and internal version v01 were preserved. This is a public copy of the same initial framework, not an improved valuation version.

OPEN: terminal transition; equity bridge roll-forward; selected operating WC scope; WACC proxies; investment/NCI book values; dilution. Bull/Base/Bear scenarios are not built. Source-log B90 contains an earlier pending-date note that needs editorial alignment with later timing entries. WACC archived sources and the reference price citation need final publication validation.

No external workbook links, VBA, embedded objects or data connections were found in the source. Official source web hyperlinks remain. Saved Excel error values were not found. Arithmetic checks do not validate forecasts. Review in Mac Excel before website release.

This package contains model presentation materials only. It does not contain website changes or the approved journal text. Do not replace the existing website with this directory.