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Taiwan Semiconductor Manufacturing Co Ltd
NYSE:TSM

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Taiwan Semiconductor Manufacturing Co Ltd Logo
Taiwan Semiconductor Manufacturing Co Ltd
NYSE:TSM
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Price: 136.05 USD -0.47% Market Closed
Updated: Mar 29, 2024

Intrinsic Value

Taiwan Semiconductor Manufacturing Co., Ltd. engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. [ Read More ]

The intrinsic value of one TSM stock under the Base Case scenario is 108.13 USD. Compared to the current market price of 136.05 USD, Taiwan Semiconductor Manufacturing Co Ltd is Overvalued by 21%.

Key Points:
TSM Intrinsic Value
Base Case
108.13 USD
Overvaluation 21%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Taiwan Semiconductor Manufacturing Co Ltd

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Fundamental Analysis

TSMC's Growth Amidst Industry Downturn
2023-Q4 Earnings Call

TSMC's Growth Amidst Industry Downturn

Despite a challenging 2023 with a decline in TSMC's revenue by 8.7% and a 2% fall in the semiconductor industry (excluding memory), TSMC outperformed the foundry industry with its technology leadership. The company is on track for 15%-20% CAGR growth over the coming years, targeting a low to mid-20% revenue increase in 2024, as communicated in their January 2022 Investor Conference. They are maintaining a disciplined capital management, with capital spending leveling off between $28 billion and $32 billion. Reflecting this, a minimum quarterly dividend of TWD 3.5 per share has been set, with 2024 dividends expected to be at least TWD 13.5 per share.

Financials

Balance Sheet Decomposition
Taiwan Semiconductor Manufacturing Co Ltd

Current Assets 2.2T
Cash & Short-Term Investments 1.7T
Receivables 202B
Other Current Assets 277.2B
Non-Current Assets 3.3T
Long-Term Investments 129.4B
PP&E 3.1T
Intangibles 22.8B
Other Non-Current Assets 81.2B
Current Liabilities 913.6B
Accounts Payable 57.3B
Accrued Liabilities 325B
Other Current Liabilities 531.3B
Non-Current Liabilities 1.2T
Long-Term Debt 947B
Other Non-Current Liabilities 212.9B
Efficiency

Earnings Waterfall
Taiwan Semiconductor Manufacturing Co Ltd

Revenue
2.2T TWD
Cost of Revenue
-986.6B TWD
Gross Profit
1.2T TWD
Operating Expenses
-253.6B TWD
Operating Income
921.5B TWD
Other Expenses
-83B TWD
Net Income
838.5B TWD

Free Cash Flow Analysis
Taiwan Semiconductor Manufacturing Co Ltd

Last Value
3-Years Average
FCF Margin
Conversion Rate
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Fundamental Scores

TSM Profitability Score
Profitability Due Diligence

Taiwan Semiconductor Manufacturing Co Ltd's profitability score is 72/100. The higher the profitability score, the more profitable the company is.

Exceptional 3-Year Average ROE
Positive Gross Profit
Positive Free Cash Flow
Exceptional 3-Year Average ROIC
72/100
Profitability
Score

Taiwan Semiconductor Manufacturing Co Ltd's profitability score is 72/100. The higher the profitability score, the more profitable the company is.

TSM Solvency Score
Solvency Due Diligence

Taiwan Semiconductor Manufacturing Co Ltd's solvency score is 86/100. The higher the solvency score, the more solvent the company is.

High Interest Coverage
High Altman Z-Score
Low D/E
Long-Term Solvency
86/100
Solvency
Score

Taiwan Semiconductor Manufacturing Co Ltd's solvency score is 86/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

TSM Price Targets Summary
Taiwan Semiconductor Manufacturing Co Ltd

Wall Street analysts forecast TSM stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for TSM is 147.5 USD with a low forecast of 126.91 USD and a high forecast of 156.9 USD.

Lowest
Price Target
126.91 USD
7% Downside
Average
Price Target
147.5 USD
8% Upside
Highest
Price Target
156.9 USD
15% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

Price
Taiwan Semiconductor Manufacturing Co Ltd

1M 1M
+11%
6M 6M
+44%
1Y 1Y
+45%
3Y 3Y
+33%
5Y 5Y
+251%
10Y 10Y
+755%
Annual Price Range
769
52w Low
491.5
52w High
785
Price Metrics
Average Annual Return 25.15%
Standard Deviation of Annual Returns 38.72%
Max Drawdown -15%
Shares Statistics
Market Capitalization 19.9T TWD
Shares Outstanding 25 935 000 000
Percentage of Shares Shorted
N/A

Return Decomposition
Main factors of price return

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TSM News

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Last Important Events
Taiwan Semiconductor Manufacturing Co Ltd

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Sentiment Analysis
Taiwan Semiconductor Manufacturing Co Ltd

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Last 90 Days 90D

Company Profile

Taiwan Semiconductor Manufacturing Co Ltd Logo
Taiwan Semiconductor Manufacturing Co Ltd

Country

Taiwan

Industry

Semiconductors

Market Cap

19.9T USD

Dividend Yield

1.48%

Description

Taiwan Semiconductor Manufacturing Co., Ltd. engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. The company is headquartered in Hsinchu, Hsinchu. The firm is mainly engaged in the manufacture, sale and packaging test of integrated circuits and other semiconductor devices, the manufacture of masks, as well as the provision of computer-aided design services. The firm's products are applied to personal computer (PCs) and peripheral products, information applications, wired and wireless communication systems, industrial equipment, consumer electronics such as digital video disc players, digital TVs, game consoles and digital cameras. The firm is also engaged in the development of 5 nanometer process technology, mask technology, complementary metal oxide semiconductor (CMOS) image sensor technology, three dimensional (3D) IC and TSMC system on integrated chips (TSMC-SoIC) technology, among others. The firm distributes its products to the United States, Asia and Europe.

Contact

HSINCHU
Hsinchu
No.8, Li-Hsin 6th Road, Hsinchu Science Park
+88635636688.0
http://www.tsmc.com

IPO

1994-09-05

Employees

52 045

Officers

Vice Chairman & CEO
Dr. C. C. Wei
Senior VP of Finance & CFO
Mr. Jen-Chau Huang
Senior Vice President of Operations & Overseas Operations Office
Mr. Y. P. Chin
Vice President of Corporate Information Technology & Chief Information Officer
Dr. Horng-Dar Lin
Director of Investor Relations
Jeff Su
Senior VP of Legal, General Counsel & Corporate Governance Officer
Ms. Sylvia Fang
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Senior Director of Corporate Communication Division
Ms. Elizabeth Sun
Senior Vice President of Human Resources
Ms. Li Mei He Ho
Senior Vice President of Research & Development
Dr. Wei-Jen Lo
Senior VP of Corporate Strategy Office and Overseas Office & Chairman of TSMC Arizona
Mr. Richard B. Cassidy II
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See Also

Discover More
What is the Intrinsic Value of one TSM stock?

The intrinsic value of one TSM stock under the Base Case scenario is 108.13 USD.

Is TSM stock undervalued or overvalued?

Compared to the current market price of 136.05 USD, Taiwan Semiconductor Manufacturing Co Ltd is Overvalued by 21%.