2. Finance Genius is evaluating Taiwan Semiconductor Manufacturing Co., Ltd., (NYSE:TSM) headquartered in Hsinchu, Taiwan.In 2020, when Genius is performing his analysis, the company-and indeed, the whole industry-is unprofitable.Furthermore, TSM pays in dividends on its common shares.Finance Genius decides to value TSM using his forecasts of FCFE and makes the following assumptions:

The company has 17.0 billion outstanding shares.

Sales will be $5.5 billion in 2021, increasing at 28 percent annually for the next four years (though 2025)

Net income will be 32 percent of sales.

Investment in fixed assets (or Capex) will be 35 percent of sales, investment in working capital will be 6 percent of sales, and depreciation will be 9 percent of sales.

20 percent of the investment in assets will be financed with debt.

Interest expenses will be only 2 percent of sales.

The tax rate will be 10 percent.

TSM's beta is 2.1, the risk-free government bond rate is 6.4 percent, and the equity risk premium is 5.0 percent.

At the end of 2025, Finance Genius projects TSM will sell for 18 times earnings.

What is the value of one ordinary share of Taiwan Semiconductor Manufacturing Co., Ltd.?