Intrinsic value of Tower Semiconductor - TSEM

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$21.52

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$21.52

 
Intrinsic value

$374.49

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 2.0

 

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
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  1,250
  1,666
  2,174
  2,781
  3,494
  4,317
  5,254
  6,307
  7,477
  8,761
  10,160
  11,670
  13,290
  15,017
  16,848
  18,781
  20,815
  22,947
  25,178
  27,506
  29,933
  32,459
  35,087
  37,820
  40,659
  43,610
  46,676
  49,864
  53,177
  56,624
  60,210
Variable operating expenses, $m
 
  836
  1,091
  1,395
  1,753
  2,166
  2,636
  3,164
  3,750
  4,394
  5,095
  5,852
  6,664
  7,530
  8,448
  9,418
  10,437
  11,507
  12,625
  13,793
  15,009
  16,276
  17,594
  18,964
  20,388
  21,868
  23,405
  25,004
  26,665
  28,393
  30,192
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
  1,253
  1,519
  1,833
  2,202
  2,626
  3,108
  3,648
  4,246
  4,902
  5,616
  6,386
  7,211
  8,091
  9,023
  10,007
  11,041
  12,126
  13,260
  14,444
  15,676
  16,960
  18,295
  19,682
  21,124
  22,623
  24,178
  25,797
  27,478
  29,226
  31,046
Operating income, $m
  226
  413
  656
  947
  1,292
  1,691
  2,147
  2,660
  3,231
  3,859
  4,544
  5,284
  6,079
  6,926
  7,825
  8,774
  9,773
  10,821
  11,918
  13,063
  14,256
  15,499
  16,792
  18,137
  19,535
  20,988
  22,498
  24,067
  25,700
  27,398
  29,165
EBITDA, $m
  424
  422
  667
  962
  1,310
  1,713
  2,174
  2,692
  3,269
  3,904
  4,595
  5,343
  6,145
  7,001
  7,909
  8,868
  9,877
  10,936
  12,044
  13,200
  14,406
  15,662
  16,968
  18,326
  19,738
  21,206
  22,731
  24,317
  25,965
  27,681
  29,466
Interest expense (income), $m
  0
  10
  18
  27
  38
  51
  66
  83
  102
  124
  147
  172
  200
  229
  261
  294
  329
  366
  405
  445
  488
  532
  578
  626
  675
  727
  780
  836
  894
  954
  1,017
Earnings before tax, $m
  211
  402
  638
  920
  1,254
  1,640
  2,081
  2,577
  3,129
  3,735
  4,397
  5,112
  5,879
  6,697
  7,564
  8,480
  9,444
  10,455
  11,513
  12,617
  13,769
  14,967
  16,215
  17,512
  18,860
  20,261
  21,717
  23,231
  24,805
  26,443
  28,147
Tax expense, $m
  2
  109
  172
  248
  338
  443
  562
  696
  845
  1,009
  1,187
  1,380
  1,587
  1,808
  2,042
  2,290
  2,550
  2,823
  3,108
  3,407
  3,718
  4,041
  4,378
  4,728
  5,092
  5,470
  5,864
  6,272
  6,697
  7,140
  7,600
Net income, $m
  204
  294
  465
  672
  915
  1,197
  1,519
  1,881
  2,284
  2,727
  3,210
  3,732
  4,292
  4,889
  5,522
  6,191
  6,894
  7,632
  8,404
  9,211
  10,051
  10,926
  11,837
  12,783
  13,768
  14,790
  15,853
  16,959
  18,108
  19,303
  20,548

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  389
  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
  1,321
  1,724
  2,205
  2,771
  3,424
  4,167
  5,002
  5,929
  6,948
  8,057
  9,255
  10,540
  11,909
  13,361
  14,894
  16,507
  18,198
  19,966
  21,813
  23,737
  25,741
  27,825
  29,992
  32,244
  34,584
  37,015
  39,543
  42,171
  44,904
  47,748
Adjusted assets (=assets-cash), $m
  991
  1,321
  1,724
  2,205
  2,771
  3,424
  4,167
  5,002
  5,929
  6,948
  8,057
  9,255
  10,540
  11,909
  13,361
  14,894
  16,507
  18,198
  19,966
  21,813
  23,737
  25,741
  27,825
  29,992
  32,244
  34,584
  37,015
  39,543
  42,171
  44,904
  47,748
Revenue / Adjusted assets
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
Average production assets, $m
  31
  42
  54
  70
  87
  108
  131
  158
  187
  219
  254
  292
  332
  375
  421
  470
  520
  574
  629
  688
  748
  811
  877
  945
  1,016
  1,090
  1,167
  1,247
  1,329
  1,416
  1,505
Working capital, $m
  451
  147
  191
  245
  307
  380
  462
  555
  658
  771
  894
  1,027
  1,170
  1,322
  1,483
  1,653
  1,832
  2,019
  2,216
  2,421
  2,634
  2,856
  3,088
  3,328
  3,578
  3,838
  4,108
  4,388
  4,680
  4,983
  5,298
Total debt, $m
  344
  512
  776
  1,092
  1,462
  1,889
  2,376
  2,923
  3,531
  4,198
  4,924
  5,709
  6,550
  7,447
  8,398
  9,403
  10,459
  11,566
  12,725
  13,934
  15,195
  16,507
  17,872
  19,292
  20,767
  22,299
  23,892
  25,548
  27,269
  29,059
  30,922
Total liabilities, $m
  697
  865
  1,129
  1,445
  1,815
  2,242
  2,729
  3,276
  3,884
  4,551
  5,277
  6,062
  6,903
  7,800
  8,751
  9,756
  10,812
  11,919
  13,078
  14,287
  15,548
  16,860
  18,225
  19,645
  21,120
  22,652
  24,245
  25,901
  27,622
  29,412
  31,275
Total equity, $m
  683
  456
  595
  761
  956
  1,181
  1,438
  1,726
  2,046
  2,397
  2,780
  3,193
  3,636
  4,109
  4,610
  5,138
  5,695
  6,278
  6,888
  7,525
  8,189
  8,881
  9,600
  10,347
  11,124
  11,931
  12,770
  13,642
  14,549
  15,492
  16,473
Total liabilities and equity, $m
  1,380
  1,321
  1,724
  2,206
  2,771
  3,423
  4,167
  5,002
  5,930
  6,948
  8,057
  9,255
  10,539
  11,909
  13,361
  14,894
  16,507
  18,197
  19,966
  21,812
  23,737
  25,741
  27,825
  29,992
  32,244
  34,583
  37,015
  39,543
  42,171
  44,904
  47,748
Debt-to-equity ratio
  0.504
  1.120
  1.310
  1.430
  1.530
  1.600
  1.650
  1.690
  1.730
  1.750
  1.770
  1.790
  1.800
  1.810
  1.820
  1.830
  1.840
  1.840
  1.850
  1.850
  1.860
  1.860
  1.860
  1.860
  1.870
  1.870
  1.870
  1.870
  1.870
  1.880
  1.880
Adjusted equity ratio
  0.297
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  204
  294
  465
  672
  915
  1,197
  1,519
  1,881
  2,284
  2,727
  3,210
  3,732
  4,292
  4,889
  5,522
  6,191
  6,894
  7,632
  8,404
  9,211
  10,051
  10,926
  11,837
  12,783
  13,768
  14,790
  15,853
  16,959
  18,108
  19,303
  20,548
Depreciation, amort., depletion, $m
  198
  9
  12
  15
  18
  22
  27
  32
  38
  45
  51
  58
  66
  75
  84
  94
  104
  115
  126
  138
  150
  162
  175
  189
  203
  218
  233
  249
  266
  283
  301
Funds from operations, $m
  299
  303
  477
  686
  933
  1,220
  1,546
  1,913
  2,322
  2,771
  3,261
  3,790
  4,358
  4,964
  5,606
  6,285
  6,998
  7,747
  8,530
  9,348
  10,201
  11,089
  12,012
  12,973
  13,971
  15,008
  16,087
  17,208
  18,374
  19,587
  20,849
Change in working capital, $m
  -28
  37
  45
  53
  63
  72
  82
  93
  103
  113
  123
  133
  143
  152
  161
  170
  179
  188
  196
  205
  214
  222
  231
  240
  250
  260
  270
  280
  292
  303
  316
Cash from operations, $m
  327
  263
  432
  633
  871
  1,147
  1,464
  1,821
  2,219
  2,658
  3,138
  3,657
  4,215
  4,812
  5,445
  6,114
  6,819
  7,559
  8,334
  9,143
  9,987
  10,866
  11,781
  12,732
  13,721
  14,749
  15,817
  16,927
  18,082
  19,283
  20,533
Maintenance CAPEX, $m
  0
  -6
  -8
  -11
  -14
  -17
  -22
  -26
  -32
  -37
  -44
  -51
  -58
  -66
  -75
  -84
  -94
  -104
  -115
  -126
  -138
  -150
  -162
  -175
  -189
  -203
  -218
  -233
  -249
  -266
  -283
New CAPEX, $m
  -210
  -11
  -13
  -15
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -40
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
Cash from investing activities, $m
  -227
  -17
  -21
  -26
  -32
  -38
  -45
  -52
  -61
  -69
  -79
  -89
  -98
  -109
  -121
  -132
  -145
  -157
  -171
  -184
  -199
  -213
  -228
  -243
  -260
  -277
  -295
  -313
  -332
  -352
  -373
Free cash flow, $m
  100
  246
  411
  607
  839
  1,109
  1,418
  1,768
  2,158
  2,589
  3,059
  3,569
  4,117
  4,702
  5,324
  5,982
  6,675
  7,402
  8,164
  8,959
  9,789
  10,653
  11,553
  12,488
  13,461
  14,472
  15,522
  16,614
  17,750
  18,931
  20,160
Issuance/(repayment) of debt, $m
  37
  216
  264
  315
  370
  428
  487
  547
  607
  667
  726
  785
  841
  897
  951
  1,004
  1,056
  1,108
  1,159
  1,209
  1,261
  1,312
  1,365
  1,419
  1,475
  1,533
  1,593
  1,656
  1,721
  1,790
  1,863
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
  216
  264
  315
  370
  428
  487
  547
  607
  667
  726
  785
  841
  897
  951
  1,004
  1,056
  1,108
  1,159
  1,209
  1,261
  1,312
  1,365
  1,419
  1,475
  1,533
  1,593
  1,656
  1,721
  1,790
  1,863
Total cash flow (excl. dividends), $m
  183
  463
  675
  922
  1,209
  1,537
  1,905
  2,315
  2,766
  3,256
  3,786
  4,353
  4,958
  5,599
  6,275
  6,986
  7,731
  8,510
  9,322
  10,169
  11,050
  11,966
  12,918
  13,908
  14,936
  16,004
  17,115
  18,270
  19,471
  20,721
  22,023
Retained Cash Flow (-), $m
  -297
  -114
  -139
  -166
  -195
  -225
  -256
  -288
  -320
  -351
  -383
  -413
  -443
  -472
  -501
  -529
  -556
  -583
  -610
  -637
  -664
  -691
  -719
  -748
  -777
  -807
  -839
  -872
  -907
  -943
  -981
Prev. year cash balance distribution, $m
 
  341
  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
 
  690
  536
  756
  1,014
  1,311
  1,649
  2,027
  2,446
  2,905
  3,403
  3,940
  4,515
  5,127
  5,774
  6,457
  7,175
  7,926
  8,712
  9,532
  10,386
  11,274
  12,199
  13,160
  14,159
  15,197
  16,276
  17,398
  18,565
  19,779
  21,042
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
 
  662
  491
  658
  835
  1,017
  1,197
  1,369
  1,529
  1,669
  1,784
  1,871
  1,927
  1,949
  1,939
  1,896
  1,823
  1,725
  1,604
  1,468
  1,320
  1,166
  1,012
  863
  721
  591
  475
  373
  287
  216
  158
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., an independent semiconductor foundry, manufactures analog intensive mixed-signal semiconductor devices in the United States, Asia, and Europe. The company provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, radio frequency CMOS, CMOS image sensor, integrated power management, and micro-electro-mechanical systems. It also offers transfer optimization and development process services to integrated device manufacturers and fabless companies. The company serves various markets, such as consumer, automotive, medical, industrial, and aerospace and defense. Tower Semiconductor Ltd. was founded in 1993 and is headquartered in Migdal Haemek, Israel.

FINANCIAL RATIOS  of  Tower Semiconductor (TSEM)

Valuation Ratios
P/E Ratio 9.8
Price to Sales 1.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 30.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.3%
Cap. Spend. - 3 Yr. Gr. Rate 20.7%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 43.3%
Total Debt to Equity 50.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 17.4%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 24%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 38.2%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 24.2%
Gross Margin - 3 Yr. Avg. 17.8%
EBITDA Margin 32.7%
EBITDA Margin - 3 Yr. Avg. 24.3%
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 33.3% 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 2.5%.

Life of production assets of 0.2 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 8.8%. 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 - $683 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 93.275 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 $2.0 billion.


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Stock chart of TSEM Financial statements of TSEM
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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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