Intrinsic value of Tower Semiconductor - TSEM

Previous Close

$29.90

  Intrinsic Value

$77.04

stock screener

  Rating & Target

str. buy

+158%

  Value-price divergence*

-82%

Previous close

$29.90

 
Intrinsic value

$77.04

 
Up/down potential

+158%

 
Rating

str. buy

 
Value-price divergence*

-82%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TSEM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  30.07
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  1,250
  1,414
  1,587
  1,771
  1,964
  2,167
  2,379
  2,600
  2,831
  3,071
  3,321
  3,581
  3,851
  4,131
  4,423
  4,726
  5,041
  5,369
  5,710
  6,065
  6,435
  6,820
  7,221
  7,640
  8,077
  8,533
  9,009
  9,507
  10,027
  10,570
  11,139
Variable operating expenses, $m
 
  710
  797
  889
  986
  1,087
  1,193
  1,304
  1,420
  1,541
  1,666
  1,796
  1,931
  2,072
  2,218
  2,370
  2,528
  2,692
  2,863
  3,041
  3,227
  3,420
  3,621
  3,831
  4,050
  4,279
  4,517
  4,767
  5,028
  5,300
  5,586
Fixed operating expenses, $m
 
  417
  428
  438
  449
  460
  472
  484
  496
  508
  521
  534
  547
  561
  575
  589
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  773
  793
  813
  833
  854
Total operating expenses, $m
  1,024
  1,127
  1,225
  1,327
  1,435
  1,547
  1,665
  1,788
  1,916
  2,049
  2,187
  2,330
  2,478
  2,633
  2,793
  2,959
  3,132
  3,311
  3,498
  3,692
  3,894
  4,104
  4,322
  4,549
  4,786
  5,034
  5,290
  5,560
  5,841
  6,133
  6,440
Operating income, $m
  226
  287
  363
  444
  529
  619
  713
  812
  915
  1,022
  1,134
  1,251
  1,373
  1,499
  1,630
  1,767
  1,909
  2,058
  2,212
  2,373
  2,541
  2,716
  2,900
  3,091
  3,291
  3,500
  3,718
  3,947
  4,186
  4,437
  4,700
EBITDA, $m
  424
  417
  509
  606
  709
  817
  931
  1,050
  1,174
  1,303
  1,438
  1,578
  1,724
  1,876
  2,034
  2,198
  2,369
  2,547
  2,733
  2,926
  3,128
  3,338
  3,558
  3,787
  4,027
  4,278
  4,540
  4,814
  5,101
  5,401
  5,716
Interest expense (income), $m
  10
  10
  13
  16
  20
  23
  27
  31
  35
  39
  43
  48
  52
  57
  62
  67
  73
  78
  84
  90
  97
  103
  110
  118
  125
  133
  141
  150
  159
  168
  178
Earnings before tax, $m
  211
  277
  350
  428
  510
  596
  686
  781
  880
  983
  1,091
  1,204
  1,320
  1,442
  1,568
  1,700
  1,836
  1,979
  2,128
  2,283
  2,444
  2,613
  2,789
  2,973
  3,165
  3,367
  3,577
  3,797
  4,028
  4,269
  4,522
Tax expense, $m
  2
  75
  94
  115
  138
  161
  185
  211
  238
  266
  295
  325
  356
  389
  423
  459
  496
  534
  574
  616
  660
  706
  753
  803
  855
  909
  966
  1,025
  1,087
  1,153
  1,221
Net income, $m
  204
  202
  255
  312
  372
  435
  501
  570
  643
  718
  796
  879
  964
  1,052
  1,145
  1,241
  1,341
  1,445
  1,553
  1,666
  1,784
  1,908
  2,036
  2,170
  2,311
  2,458
  2,611
  2,772
  2,940
  3,116
  3,301

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  355
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,380
  1,159
  1,301
  1,452
  1,610
  1,776
  1,950
  2,131
  2,320
  2,517
  2,722
  2,935
  3,156
  3,386
  3,626
  3,874
  4,132
  4,401
  4,680
  4,971
  5,274
  5,590
  5,919
  6,262
  6,620
  6,994
  7,384
  7,792
  8,219
  8,664
  9,131
Adjusted assets (=assets-cash), $m
  1,025
  1,159
  1,301
  1,452
  1,610
  1,776
  1,950
  2,131
  2,320
  2,517
  2,722
  2,935
  3,156
  3,386
  3,626
  3,874
  4,132
  4,401
  4,680
  4,971
  5,274
  5,590
  5,919
  6,262
  6,620
  6,994
  7,384
  7,792
  8,219
  8,664
  9,131
Revenue / Adjusted assets
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
Average production assets, $m
  570
  645
  724
  808
  896
  988
  1,085
  1,186
  1,291
  1,400
  1,514
  1,633
  1,756
  1,884
  2,017
  2,155
  2,299
  2,448
  2,604
  2,766
  2,934
  3,110
  3,293
  3,484
  3,683
  3,891
  4,108
  4,335
  4,572
  4,820
  5,080
Working capital, $m
  451
  163
  183
  204
  226
  249
  274
  299
  326
  353
  382
  412
  443
  475
  509
  544
  580
  617
  657
  697
  740
  784
  830
  879
  929
  981
  1,036
  1,093
  1,153
  1,216
  1,281
Total debt, $m
  344
  379
  469
  563
  662
  766
  875
  988
  1,107
  1,230
  1,358
  1,491
  1,630
  1,774
  1,924
  2,079
  2,241
  2,409
  2,584
  2,766
  2,956
  3,153
  3,359
  3,574
  3,798
  4,032
  4,277
  4,532
  4,799
  5,078
  5,370
Total liabilities, $m
  690
  725
  815
  909
  1,008
  1,112
  1,221
  1,334
  1,453
  1,576
  1,704
  1,837
  1,976
  2,120
  2,270
  2,425
  2,587
  2,755
  2,930
  3,112
  3,302
  3,499
  3,705
  3,920
  4,144
  4,378
  4,623
  4,878
  5,145
  5,424
  5,716
Total equity, $m
  690
  433
  487
  543
  602
  664
  729
  797
  868
  941
  1,018
  1,098
  1,181
  1,267
  1,356
  1,449
  1,545
  1,646
  1,750
  1,859
  1,973
  2,091
  2,214
  2,342
  2,476
  2,616
  2,762
  2,914
  3,074
  3,240
  3,415
Total liabilities and equity, $m
  1,380
  1,158
  1,302
  1,452
  1,610
  1,776
  1,950
  2,131
  2,321
  2,517
  2,722
  2,935
  3,157
  3,387
  3,626
  3,874
  4,132
  4,401
  4,680
  4,971
  5,275
  5,590
  5,919
  6,262
  6,620
  6,994
  7,385
  7,792
  8,219
  8,664
  9,131
Debt-to-equity ratio
  0.499
  0.880
  0.960
  1.040
  1.100
  1.150
  1.200
  1.240
  1.280
  1.310
  1.330
  1.360
  1.380
  1.400
  1.420
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
Adjusted equity ratio
  0.327
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  204
  202
  255
  312
  372
  435
  501
  570
  643
  718
  796
  879
  964
  1,052
  1,145
  1,241
  1,341
  1,445
  1,553
  1,666
  1,784
  1,908
  2,036
  2,170
  2,311
  2,458
  2,611
  2,772
  2,940
  3,116
  3,301
Depreciation, amort., depletion, $m
  198
  130
  145
  162
  180
  198
  218
  238
  259
  281
  304
  327
  351
  377
  403
  431
  460
  490
  521
  553
  587
  622
  659
  697
  737
  778
  822
  867
  914
  964
  1,016
Funds from operations, $m
  299
  332
  401
  474
  552
  633
  719
  808
  901
  999
  1,100
  1,205
  1,315
  1,429
  1,548
  1,672
  1,800
  1,934
  2,074
  2,219
  2,371
  2,529
  2,695
  2,867
  3,047
  3,236
  3,433
  3,639
  3,855
  4,081
  4,317
Change in working capital, $m
  -28
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
Cash from operations, $m
  327
  313
  381
  453
  530
  610
  694
  783
  875
  971
  1,071
  1,175
  1,284
  1,397
  1,515
  1,637
  1,764
  1,897
  2,035
  2,179
  2,329
  2,485
  2,648
  2,819
  2,997
  3,183
  3,378
  3,582
  3,795
  4,018
  4,252
Maintenance CAPEX, $m
  0
  -114
  -129
  -145
  -162
  -179
  -198
  -217
  -237
  -258
  -280
  -303
  -327
  -351
  -377
  -403
  -431
  -460
  -490
  -521
  -553
  -587
  -622
  -659
  -697
  -737
  -778
  -822
  -867
  -914
  -964
New CAPEX, $m
  -218
  -75
  -79
  -84
  -88
  -92
  -97
  -101
  -105
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -259
Cash from investing activities, $m
  -227
  -189
  -208
  -229
  -250
  -271
  -295
  -318
  -342
  -368
  -394
  -421
  -450
  -479
  -510
  -541
  -575
  -609
  -645
  -683
  -722
  -763
  -805
  -850
  -896
  -945
  -995
  -1,049
  -1,104
  -1,162
  -1,223
Free cash flow, $m
  100
  124
  173
  225
  280
  339
  400
  465
  532
  603
  677
  754
  834
  918
  1,005
  1,095
  1,189
  1,287
  1,390
  1,496
  1,607
  1,723
  1,843
  1,970
  2,101
  2,239
  2,383
  2,533
  2,691
  2,856
  3,028
Issuance/(repayment) of debt, $m
  37
  83
  89
  94
  99
  104
  109
  114
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
Issuance/(repurchase) of shares, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  76
  83
  89
  94
  99
  104
  109
  114
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
Total cash flow (excl. dividends), $m
  183
  207
  262
  319
  379
  442
  509
  578
  651
  727
  805
  887
  973
  1,062
  1,154
  1,251
  1,351
  1,456
  1,565
  1,678
  1,797
  1,920
  2,049
  2,184
  2,325
  2,473
  2,627
  2,788
  2,958
  3,135
  3,320
Retained Cash Flow (-), $m
  -293
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -100
  -105
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -159
  -167
  -174
Prev. year cash balance distribution, $m
 
  307
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  464
  209
  263
  320
  380
  444
  510
  580
  653
  729
  808
  890
  976
  1,065
  1,158
  1,255
  1,355
  1,460
  1,569
  1,683
  1,802
  1,926
  2,056
  2,191
  2,333
  2,481
  2,636
  2,798
  2,968
  3,146
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  445
  191
  229
  263
  295
  322
  345
  363
  375
  382
  384
  380
  371
  358
  340
  319
  295
  269
  242
  214
  186
  160
  135
  112
  91
  72
  57
  43
  32
  24
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs. It offers process manufacture geometries of 0.35, 0.50, 0.55, 0.60, 0.80-micron and above on 150 millimeter wafers, 0.35, 0.18. 0.16, 0.13 and 0.11-micron on 200 millimeter wafers, and 65 nanometer and 45 nanometer on 300 millimeter wafers. It also provides design support and technical services. The Company's ICs are incorporated into a range of products in markets, including consumer electronics, personal computers, communications, automotive, industrial and medical device products. The Company has manufacturing facilities in the United States, Israel and Japan.

FINANCIAL RATIOS  of  Tower Semiconductor (TSEM)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 2.2
Price to Book 4
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 25.5
Growth Rates
Sales Growth Rate 30.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.1%
Cap. Spend. - 3 Yr. Gr. Rate 21.6%
Financial Strength
Quick Ratio 7
Current Ratio 0.2
LT Debt to Equity 42.9%
Total Debt to Equity 49.9%
Interest Coverage 22
Management Effectiveness
Return On Assets 18.2%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 23.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 37.5%
Return On Equity - 3 Yr. Avg. 10%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 24.2%
Gross Margin - 3 Yr. Avg. 17.8%
EBITDA Margin 33.5%
EBITDA Margin - 3 Yr. Avg. 24.5%
Operating Margin 18.1%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 3.2%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 0.9%
Eff/ Tax Rate - 3 Yr. Avg. 42.1%
Payout Ratio 1.5%

TSEM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSEM stock intrinsic value calculation we used $1250 million for the last fiscal year's total revenue generated by Tower Semiconductor. The default revenue input number comes from 2016 income statement of Tower Semiconductor. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TSEM stock valuation model: a) initial revenue growth rate of 13.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TSEM is calculated based on our internal credit rating of Tower Semiconductor, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tower Semiconductor.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TSEM stock the variable cost ratio is equal to 50.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $407 million in the base year in the intrinsic value calculation for TSEM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Tower Semiconductor.

Corporate tax rate of 27% is the nominal tax rate for Tower Semiconductor. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TSEM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TSEM are equal to 45.6%.

Life of production assets of 2.9 years is the average useful life of capital assets used in Tower Semiconductor operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TSEM is equal to 11.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $690 million for Tower Semiconductor - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 95.29 million for Tower Semiconductor is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tower Semiconductor at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Craig Hodges: These stock plays are bargains. Here's why   [Sep-01-17 06:52AM  CNBC Videos]
▶ TowerJazz (TSEM) Q2 Earnings on Target; Company Guides Up on Q3 Revenues   [Aug-07-17 12:00PM  Zacks Small Cap Research]
▶ Tower Semiconductor posts 2Q profit   [Aug-03-17 11:54AM  Associated Press]
▶ Why Shares of Tower Semiconductor Jumped 16% Last Month   [Jun-14-17 04:52PM  Motley Fool]
▶ [$$] Mid-Year Roundtable: 26 Investment Picks   [Jun-10-17 12:01AM  Barrons.com]
▶ Graphics Chip Maker Nvidia Soars To Record High, But Reverses   [Jun-09-17 04:03PM  Investor's Business Daily]
▶ Chip Stocks To Watch And Semiconductor Industry News   [Jun-05-17 02:11PM  Investor's Business Daily]
▶ These 4 Chip Stocks Earned Price-Target Hikes   [Jun-01-17 04:30PM  Investor's Business Daily]
▶ Why Shares of Tower Semiconductor Jumped Today   [May-08-17 11:44AM  Motley Fool]
▶ Tower Semiconductor posts 1Q profit   [06:28AM  Associated Press]
▶ Blog Coverage Resonant Signs Licensing Agreement   [Mar-10-17 08:15AM  Accesswire]
▶ TowerJazz to Present at Upcoming Investor Conferences   [Mar-06-17 04:31AM  GlobeNewswire]
▶ Tower Semiconductor posts 4Q profit   [Feb-13-17 05:03AM  AP]
▶ Audio Pixels Integration Stage Update   [Jan-26-17 05:31PM  GlobeNewswire]
▶ 4 stocks to watch   [Dec-21-16 03:26PM  at MarketWatch]
▶ TSEM: Hot Markets Fuel TowerJazzs Growth   [Nov-18-16 11:00AM  Zacks Small Cap Research]
▶ 4 stocks to watch   [Nov-17-16 12:43PM  at MarketWatch]
▶ Four Momentum Stocks To Watch   [12:36PM  at Forbes]
▶ TowerJazz to Present at Upcoming Conferences   [Aug-09-16 05:30AM  GlobeNewswire]
▶ TSEM: Simplified Reporting Highlights Another Beat And Raise Quarter   [Aug-08-16 01:00PM  Zacks Small Cap Research]
▶ Heres Why These Five Stocks Are on the Move on Thursday   [Aug-04-16 03:05PM  at Insider Monkey]
▶ TowerJazz Announces Dismissal of Securities Class Action   [Jul-28-16 04:30AM  GlobeNewswire]
Financial statements of TSEM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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