Intrinsic value of Tower Semiconductor - TSEM

Previous Close

$15.02

  Intrinsic Value

$40.02

stock screener

  Rating & Target

str. buy

+166%

Previous close

$15.02

 
Intrinsic value

$40.02

 
Up/down potential

+166%

 
Rating

str. buy

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 0001), $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 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  1,540
  1,700
  1,868
  2,043
  2,225
  2,415
  2,613
  2,819
  3,033
  3,255
  3,486
  3,725
  3,975
  4,234
  4,504
  4,785
  5,077
  5,382
  5,700
  6,031
  6,376
  6,737
  7,114
  7,507
  7,918
  8,349
  8,798
  9,269
  9,761
  10,277
Variable operating expenses, $m
  1,042
  1,150
  1,263
  1,382
  1,505
  1,633
  1,767
  1,906
  2,050
  2,200
  2,353
  2,515
  2,683
  2,858
  3,041
  3,230
  3,428
  3,633
  3,848
  4,071
  4,304
  4,548
  4,802
  5,068
  5,345
  5,636
  5,939
  6,257
  6,590
  6,938
Fixed operating expenses, $m
  238
  243
  249
  254
  260
  265
  271
  277
  283
  290
  296
  303
  309
  316
  323
  330
  337
  345
  352
  360
  368
  376
  384
  393
  401
  410
  419
  429
  438
  448
Total operating expenses, $m
  1,280
  1,393
  1,512
  1,636
  1,765
  1,898
  2,038
  2,183
  2,333
  2,490
  2,649
  2,818
  2,992
  3,174
  3,364
  3,560
  3,765
  3,978
  4,200
  4,431
  4,672
  4,924
  5,186
  5,461
  5,746
  6,046
  6,358
  6,686
  7,028
  7,386
Operating income, $m
  260
  306
  355
  407
  461
  517
  575
  636
  699
  765
  837
  908
  982
  1,060
  1,141
  1,225
  1,313
  1,404
  1,500
  1,600
  1,704
  1,813
  1,927
  2,047
  2,172
  2,302
  2,440
  2,583
  2,734
  2,892
EBITDA, $m
  405
  466
  531
  598
  669
  743
  819
  899
  982
  1,069
  1,159
  1,252
  1,350
  1,451
  1,557
  1,667
  1,782
  1,901
  2,026
  2,157
  2,293
  2,436
  2,584
  2,740
  2,903
  3,074
  3,253
  3,440
  3,636
  3,841
Interest expense (income), $m
  10
  18
  21
  25
  28
  32
  36
  40
  44
  48
  53
  57
  62
  67
  72
  78
  83
  89
  95
  102
  108
  115
  123
  130
  138
  146
  155
  164
  173
  183
  194
Earnings before tax, $m
  241
  285
  331
  379
  429
  481
  535
  592
  651
  713
  779
  846
  915
  988
  1,063
  1,141
  1,223
  1,309
  1,398
  1,491
  1,589
  1,690
  1,797
  1,908
  2,025
  2,147
  2,276
  2,410
  2,551
  2,698
Tax expense, $m
  65
  77
  89
  102
  116
  130
  145
  160
  176
  192
  210
  228
  247
  267
  287
  308
  330
  353
  377
  403
  429
  456
  485
  515
  547
  580
  614
  651
  689
  729
Net income, $m
  176
  208
  242
  276
  313
  351
  391
  432
  475
  520
  569
  618
  668
  721
  776
  833
  893
  955
  1,020
  1,088
  1,160
  1,234
  1,312
  1,393
  1,478
  1,568
  1,661
  1,759
  1,862
  1,970

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  1,454
  1,605
  1,764
  1,929
  2,101
  2,281
  2,468
  2,662
  2,864
  3,073
  3,291
  3,518
  3,753
  3,998
  4,253
  4,518
  4,795
  5,082
  5,382
  5,695
  6,021
  6,362
  6,717
  7,089
  7,477
  7,883
  8,308
  8,753
  9,218
  9,705
Adjusted assets (=assets-cash), $m
  1,454
  1,605
  1,764
  1,929
  2,101
  2,281
  2,468
  2,662
  2,864
  3,073
  3,291
  3,518
  3,753
  3,998
  4,253
  4,518
  4,795
  5,082
  5,382
  5,695
  6,021
  6,362
  6,717
  7,089
  7,477
  7,883
  8,308
  8,753
  9,218
  9,705
Revenue / Adjusted assets
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
Average production assets, $m
  711
  785
  863
  944
  1,028
  1,116
  1,207
  1,302
  1,401
  1,504
  1,610
  1,721
  1,836
  1,956
  2,081
  2,211
  2,346
  2,487
  2,633
  2,786
  2,946
  3,113
  3,287
  3,468
  3,658
  3,857
  4,065
  4,282
  4,510
  4,748
Working capital, $m
  131
  145
  159
  174
  189
  205
  222
  240
  258
  277
  296
  317
  338
  360
  383
  407
  432
  457
  484
  513
  542
  573
  605
  638
  673
  710
  748
  788
  830
  874
Total debt, $m
  394
  457
  522
  590
  660
  734
  811
  891
  974
  1,060
  1,149
  1,243
  1,339
  1,440
  1,545
  1,654
  1,767
  1,885
  2,009
  2,137
  2,271
  2,411
  2,558
  2,710
  2,870
  3,037
  3,211
  3,394
  3,585
  3,785
Total liabilities, $m
  598
  660
  725
  793
  864
  937
  1,014
  1,094
  1,177
  1,263
  1,353
  1,446
  1,543
  1,643
  1,748
  1,857
  1,971
  2,089
  2,212
  2,341
  2,475
  2,615
  2,761
  2,914
  3,073
  3,240
  3,415
  3,597
  3,788
  3,989
Total equity, $m
  856
  946
  1,039
  1,136
  1,238
  1,343
  1,453
  1,568
  1,687
  1,810
  1,939
  2,072
  2,211
  2,355
  2,505
  2,661
  2,824
  2,993
  3,170
  3,354
  3,546
  3,747
  3,957
  4,175
  4,404
  4,643
  4,893
  5,155
  5,429
  5,716
Total liabilities and equity, $m
  1,454
  1,606
  1,764
  1,929
  2,102
  2,280
  2,467
  2,662
  2,864
  3,073
  3,292
  3,518
  3,754
  3,998
  4,253
  4,518
  4,795
  5,082
  5,382
  5,695
  6,021
  6,362
  6,718
  7,089
  7,477
  7,883
  8,308
  8,752
  9,217
  9,705
Debt-to-equity ratio
  0.460
  0.480
  0.500
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  176
  208
  242
  276
  313
  351
  391
  432
  475
  520
  569
  618
  668
  721
  776
  833
  893
  955
  1,020
  1,088
  1,160
  1,234
  1,312
  1,393
  1,478
  1,568
  1,661
  1,759
  1,862
  1,970
Depreciation, amort., depletion, $m
  145
  160
  175
  191
  208
  226
  244
  263
  283
  303
  322
  344
  367
  391
  416
  442
  469
  497
  527
  557
  589
  623
  657
  694
  732
  771
  813
  856
  902
  950
Funds from operations, $m
  321
  368
  417
  468
  521
  577
  635
  695
  758
  824
  891
  962
  1,035
  1,112
  1,192
  1,275
  1,362
  1,453
  1,547
  1,646
  1,749
  1,856
  1,969
  2,087
  2,210
  2,339
  2,474
  2,616
  2,764
  2,919
Change in working capital, $m
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
Cash from operations, $m
  308
  354
  403
  453
  506
  561
  618
  678
  740
  805
  871
  941
  1,014
  1,090
  1,169
  1,251
  1,337
  1,427
  1,520
  1,618
  1,719
  1,826
  1,937
  2,053
  2,175
  2,303
  2,436
  2,576
  2,722
  2,875
Maintenance CAPEX, $m
  -128
  -142
  -157
  -173
  -189
  -206
  -223
  -241
  -260
  -280
  -301
  -322
  -344
  -367
  -391
  -416
  -442
  -469
  -497
  -527
  -557
  -589
  -623
  -657
  -694
  -732
  -771
  -813
  -856
  -902
New CAPEX, $m
  -70
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -217
  -228
  -238
Cash from investing activities, $m
  -198
  -216
  -234
  -254
  -273
  -294
  -314
  -336
  -359
  -383
  -408
  -433
  -459
  -487
  -516
  -546
  -577
  -610
  -644
  -680
  -717
  -756
  -797
  -839
  -884
  -931
  -979
  -1,030
  -1,084
  -1,140
Free cash flow, $m
  110
  138
  168
  200
  233
  267
  304
  341
  381
  422
  464
  508
  555
  603
  653
  706
  760
  817
  876
  938
  1,003
  1,070
  1,141
  1,214
  1,291
  1,372
  1,457
  1,545
  1,638
  1,735
Issuance/(repayment) of debt, $m
  60
  62
  65
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  60
  62
  65
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
Total cash flow (excl. dividends), $m
  170
  200
  233
  268
  304
  341
  380
  421
  464
  508
  554
  602
  652
  704
  758
  814
  873
  935
  999
  1,066
  1,137
  1,210
  1,287
  1,367
  1,451
  1,539
  1,631
  1,728
  1,829
  1,935
Retained Cash Flow (-), $m
  -84
  -89
  -93
  -97
  -102
  -106
  -110
  -114
  -119
  -124
  -128
  -133
  -139
  -144
  -150
  -156
  -163
  -169
  -177
  -184
  -192
  -201
  -209
  -219
  -229
  -239
  -250
  -262
  -274
  -287
Prev. year cash balance distribution, $m
  257
  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
  343
  111
  140
  170
  202
  235
  270
  307
  345
  385
  425
  468
  513
  559
  608
  658
  711
  766
  823
  882
  944
  1,009
  1,077
  1,148
  1,222
  1,300
  1,381
  1,466
  1,555
  1,649
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
  329
  102
  122
  140
  157
  171
  183
  192
  198
  202
  202
  200
  195
  188
  178
  167
  155
  141
  127
  112
  98
  84
  71
  58
  48
  38
  30
  23
  17
  12
Current shareholders' claim on cash, %
  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 6.8
Price to Sales 1.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 4.3
Price to Free Cash Flow 12.8
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 $1387.31 million for the last fiscal year's total revenue generated by Tower Semiconductor. The default revenue input number comes from 0001 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 11% 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 67.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $233 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 5.4% 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 46.2%.

Life of production assets of 3.2 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 8.5%. 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 - $1029.706 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 99.014 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 $1.5 billion.

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COMPANY NEWS

▶ TSEM: Component Shortages Cause Near Term Uncertainty at TowerJazz   [Nov-01-18 01:45PM  Zacks Small Cap Research]
▶ Why Tower Semiconductor Stock Plunged Today   [Oct-29-18 05:09PM  Motley Fool]
▶ US Markets Open Higher Monday   [01:28PM  GuruFocus.com]
▶ Tower Semiconductor: 3Q Earnings Snapshot   [05:30AM  Associated Press]
▶ TSEM: Q2 2018 Meets Guidance Despite Continued Mobile Market Weakness   [Jul-27-18 01:30PM  Zacks Small Cap Research]
▶ Why Shares of Tower Semiconductor Slumped Today   [Jul-26-18 02:41PM  Motley Fool]
▶ Tower Semiconductor: 2Q Earnings Snapshot   [05:18AM  Associated Press]
▶ Why I Like Tower Semiconductor Ltd (NASDAQ:TSEM)   [Jun-22-18 07:57AM  Simply Wall St.]
▶ TSEM: Seasonality and Mobile Weakness Hits Q1   [May-08-18 11:45AM  Zacks Small Cap Research]
▶ Tower Semiconductor: 1Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Charts: Tower Semiconductor Is Leaning Lower   [Apr-27-18 04:00PM  TheStreet.com]
▶ March Undervalued Stock Opportunities   [Mar-24-18 10:02AM  Simply Wall St.]
▶ Tower Semiconductor Ltd to Host Earnings Call   [Feb-22-18 08:50AM  ACCESSWIRE]
▶ Tower Semiconductor posts 4Q profit   [05:03AM  Associated Press]
▶ 7 Top Picks For 2018 And Their Corresponding ETFs   [Jan-05-18 01:37PM  Benzinga]
▶ 5 Best Stock Picks for 2018   [Jan-02-18 08:50AM  Kiplinger]
▶ Stock Futures Mixed As Amazon, Facebook Rise; Bitcoin Slips   [Dec-28-17 08:05AM  Investor's Business Daily]
▶ TowerJazz (TSEM) EPS Estimates Raised But Capacity Plans Still Not Settled   [Nov-08-17 04:00PM  Zacks Small Cap Research]
▶ Tower Semiconductor Ltd. to Host Earnings Call   [Nov-07-17 08:20AM  ACCESSWIRE]
▶ Tower Semiconductor posts 3Q profit   [05:57AM  Associated Press]
▶ TowerJazz Reports Increase in Net Profit   [03:30AM  GlobeNewswire]
▶ Buying And Selling Stocks Right Are Keys To This Top Mutual Fund's Success   [Oct-16-17 07:47AM  Investor's Business Daily]
▶ 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]

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