Intrinsic value of Tower Semiconductor - TSEM

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$25.49

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$25.49

 
Intrinsic value

$120.44

 
Up/down potential

+372%

 
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 2.4

 

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
  18.70
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
Revenue, $m
  1,250
  1,484
  1,741
  2,021
  2,324
  2,649
  2,996
  3,364
  3,752
  4,161
  4,590
  5,039
  5,508
  5,996
  6,505
  7,034
  7,584
  8,156
  8,750
  9,367
  10,009
  10,676
  11,370
  12,092
  12,843
  13,626
  14,441
  15,291
  16,177
  17,102
  18,068
Variable operating expenses, $m
 
  745
  874
  1,014
  1,166
  1,329
  1,503
  1,687
  1,882
  2,087
  2,302
  2,527
  2,762
  3,007
  3,262
  3,527
  3,803
  4,090
  4,387
  4,697
  5,019
  5,353
  5,701
  6,063
  6,440
  6,832
  7,241
  7,667
  8,112
  8,576
  9,060
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
  1,162
  1,302
  1,452
  1,615
  1,789
  1,975
  2,171
  2,378
  2,595
  2,823
  3,061
  3,309
  3,568
  3,837
  4,116
  4,407
  4,709
  5,022
  5,348
  5,686
  6,037
  6,402
  6,781
  7,176
  7,587
  8,014
  8,460
  8,925
  9,409
  9,914
Operating income, $m
  226
  322
  440
  569
  709
  860
  1,021
  1,193
  1,374
  1,566
  1,767
  1,978
  2,199
  2,428
  2,668
  2,917
  3,177
  3,447
  3,728
  4,019
  4,323
  4,639
  4,968
  5,310
  5,667
  6,039
  6,426
  6,831
  7,253
  7,694
  8,154
EBITDA, $m
  424
  458
  599
  754
  921
  1,102
  1,295
  1,500
  1,717
  1,946
  2,186
  2,438
  2,701
  2,975
  3,261
  3,559
  3,869
  4,191
  4,525
  4,874
  5,236
  5,613
  6,005
  6,413
  6,838
  7,281
  7,743
  8,225
  8,728
  9,253
  9,802
Interest expense (income), $m
  10
  10
  15
  19
  24
  30
  35
  42
  48
  55
  63
  70
  78
  87
  96
  105
  114
  124
  134
  145
  156
  168
  180
  192
  205
  219
  233
  247
  262
  278
  295
Earnings before tax, $m
  211
  312
  425
  549
  685
  830
  985
  1,151
  1,326
  1,510
  1,704
  1,908
  2,120
  2,342
  2,572
  2,813
  3,063
  3,323
  3,593
  3,874
  4,167
  4,471
  4,788
  5,118
  5,462
  5,820
  6,194
  6,583
  6,990
  7,415
  7,859
Tax expense, $m
  2
  84
  115
  148
  185
  224
  266
  311
  358
  408
  460
  515
  572
  632
  695
  759
  827
  897
  970
  1,046
  1,125
  1,207
  1,293
  1,382
  1,475
  1,571
  1,672
  1,778
  1,887
  2,002
  2,122
Net income, $m
  204
  227
  310
  401
  500
  606
  719
  840
  968
  1,103
  1,244
  1,393
  1,548
  1,709
  1,878
  2,053
  2,236
  2,426
  2,623
  2,828
  3,042
  3,264
  3,495
  3,736
  3,987
  4,249
  4,521
  4,806
  5,103
  5,413
  5,737

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
  1,216
  1,427
  1,657
  1,905
  2,171
  2,456
  2,757
  3,076
  3,411
  3,763
  4,130
  4,514
  4,915
  5,332
  5,765
  6,216
  6,685
  7,172
  7,678
  8,204
  8,751
  9,320
  9,911
  10,527
  11,169
  11,837
  12,534
  13,260
  14,018
  14,809
Adjusted assets (=assets-cash), $m
  1,025
  1,216
  1,427
  1,657
  1,905
  2,171
  2,456
  2,757
  3,076
  3,411
  3,763
  4,130
  4,514
  4,915
  5,332
  5,765
  6,216
  6,685
  7,172
  7,678
  8,204
  8,751
  9,320
  9,911
  10,527
  11,169
  11,837
  12,534
  13,260
  14,018
  14,809
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
  677
  794
  922
  1,060
  1,208
  1,366
  1,534
  1,711
  1,898
  2,093
  2,298
  2,511
  2,734
  2,966
  3,207
  3,458
  3,719
  3,990
  4,271
  4,564
  4,868
  5,185
  5,514
  5,857
  6,213
  6,585
  6,973
  7,377
  7,799
  8,239
Working capital, $m
  451
  171
  200
  232
  267
  305
  345
  387
  432
  479
  528
  579
  633
  690
  748
  809
  872
  938
  1,006
  1,077
  1,151
  1,228
  1,308
  1,391
  1,477
  1,567
  1,661
  1,758
  1,860
  1,967
  2,078
Total debt, $m
  344
  415
  547
  691
  846
  1,013
  1,191
  1,380
  1,579
  1,789
  2,009
  2,240
  2,480
  2,731
  2,992
  3,263
  3,545
  3,839
  4,144
  4,460
  4,790
  5,132
  5,488
  5,858
  6,244
  6,646
  7,064
  7,500
  7,955
  8,429
  8,925
Total liabilities, $m
  690
  761
  893
  1,037
  1,192
  1,359
  1,537
  1,726
  1,925
  2,135
  2,355
  2,586
  2,826
  3,077
  3,338
  3,609
  3,891
  4,185
  4,490
  4,806
  5,136
  5,478
  5,834
  6,204
  6,590
  6,992
  7,410
  7,846
  8,301
  8,775
  9,271
Total equity, $m
  690
  455
  534
  620
  712
  812
  918
  1,031
  1,150
  1,276
  1,407
  1,545
  1,688
  1,838
  1,994
  2,156
  2,325
  2,500
  2,682
  2,872
  3,068
  3,273
  3,486
  3,707
  3,937
  4,177
  4,427
  4,688
  4,959
  5,243
  5,539
Total liabilities and equity, $m
  1,380
  1,216
  1,427
  1,657
  1,904
  2,171
  2,455
  2,757
  3,075
  3,411
  3,762
  4,131
  4,514
  4,915
  5,332
  5,765
  6,216
  6,685
  7,172
  7,678
  8,204
  8,751
  9,320
  9,911
  10,527
  11,169
  11,837
  12,534
  13,260
  14,018
  14,810
Debt-to-equity ratio
  0.499
  0.910
  1.030
  1.120
  1.190
  1.250
  1.300
  1.340
  1.370
  1.400
  1.430
  1.450
  1.470
  1.490
  1.500
  1.510
  1.520
  1.540
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
  1.610
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
  227
  310
  401
  500
  606
  719
  840
  968
  1,103
  1,244
  1,393
  1,548
  1,709
  1,878
  2,053
  2,236
  2,426
  2,623
  2,828
  3,042
  3,264
  3,495
  3,736
  3,987
  4,249
  4,521
  4,806
  5,103
  5,413
  5,737
Depreciation, amort., depletion, $m
  198
  136
  159
  185
  213
  242
  274
  307
  343
  380
  419
  460
  502
  547
  593
  641
  692
  744
  798
  854
  913
  974
  1,037
  1,103
  1,171
  1,243
  1,317
  1,395
  1,475
  1,560
  1,648
Funds from operations, $m
  299
  363
  470
  586
  712
  848
  993
  1,148
  1,311
  1,483
  1,663
  1,852
  2,050
  2,256
  2,471
  2,695
  2,927
  3,169
  3,421
  3,683
  3,955
  4,238
  4,532
  4,839
  5,158
  5,491
  5,838
  6,200
  6,578
  6,973
  7,385
Change in working capital, $m
  -28
  27
  30
  32
  35
  37
  40
  42
  45
  47
  49
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
Cash from operations, $m
  327
  412
  440
  554
  678
  811
  953
  1,105
  1,266
  1,436
  1,614
  1,801
  1,996
  2,200
  2,413
  2,634
  2,864
  3,104
  3,353
  3,612
  3,881
  4,161
  4,453
  4,756
  5,072
  5,401
  5,745
  6,103
  6,476
  6,866
  7,274
Maintenance CAPEX, $m
  0
  -114
  -135
  -159
  -184
  -212
  -242
  -273
  -307
  -342
  -380
  -419
  -460
  -502
  -547
  -593
  -641
  -692
  -744
  -798
  -854
  -913
  -974
  -1,037
  -1,103
  -1,171
  -1,243
  -1,317
  -1,395
  -1,475
  -1,560
New CAPEX, $m
  -218
  -107
  -117
  -128
  -138
  -148
  -158
  -168
  -177
  -186
  -196
  -205
  -214
  -223
  -232
  -241
  -251
  -261
  -271
  -282
  -293
  -304
  -316
  -329
  -343
  -357
  -372
  -388
  -404
  -422
  -440
Cash from investing activities, $m
  -227
  -221
  -252
  -287
  -322
  -360
  -400
  -441
  -484
  -528
  -576
  -624
  -674
  -725
  -779
  -834
  -892
  -953
  -1,015
  -1,080
  -1,147
  -1,217
  -1,290
  -1,366
  -1,446
  -1,528
  -1,615
  -1,705
  -1,799
  -1,897
  -2,000
Free cash flow, $m
  100
  191
  188
  267
  355
  451
  554
  664
  782
  907
  1,039
  1,177
  1,323
  1,475
  1,634
  1,799
  1,972
  2,151
  2,338
  2,532
  2,734
  2,944
  3,163
  3,390
  3,627
  3,873
  4,130
  4,398
  4,678
  4,969
  5,274
Issuance/(repayment) of debt, $m
  37
  119
  132
  144
  155
  167
  178
  189
  199
  210
  220
  230
  240
  251
  261
  271
  282
  293
  305
  317
  329
  342
  356
  370
  386
  402
  418
  436
  455
  475
  495
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
  119
  132
  144
  155
  167
  178
  189
  199
  210
  220
  230
  240
  251
  261
  271
  282
  293
  305
  317
  329
  342
  356
  370
  386
  402
  418
  436
  455
  475
  495
Total cash flow (excl. dividends), $m
  183
  310
  320
  411
  510
  617
  732
  853
  982
  1,117
  1,259
  1,408
  1,563
  1,726
  1,895
  2,071
  2,254
  2,445
  2,643
  2,849
  3,063
  3,286
  3,519
  3,760
  4,012
  4,275
  4,549
  4,834
  5,132
  5,444
  5,769
Retained Cash Flow (-), $m
  -293
  -72
  -79
  -86
  -93
  -100
  -106
  -113
  -119
  -125
  -131
  -138
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -240
  -250
  -261
  -272
  -284
  -296
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
 
  546
  241
  325
  418
  518
  625
  740
  862
  992
  1,128
  1,270
  1,420
  1,576
  1,739
  1,909
  2,085
  2,269
  2,461
  2,660
  2,867
  3,082
  3,306
  3,539
  3,782
  4,035
  4,299
  4,574
  4,861
  5,160
  5,473
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
 
  523
  220
  283
  344
  401
  454
  500
  539
  570
  591
  603
  606
  599
  584
  560
  530
  494
  453
  410
  364
  319
  274
  232
  193
  157
  125
  98
  75
  56
  41
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 11.6
Price to Sales 1.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 21.7
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 18.7% 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 93.713 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 $2.4 billion.


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COMPANY NEWS

▶ 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]
▶ RIMA Senvest Grows Even More Bullish On Top Holdings   [Jun-02-16 09:30AM  at Insider Monkey]
Stock chart of TSEM Financial statements of TSEM Annual reports 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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