Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with almost 60% market share. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public as an ADR in the U.S. in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious customer base, including Apple, AMD, and Nvidia, that looks to apply cutting-edge process technologies to its semiconductor designs. TSMC employs more than 73,000 people.

Financial Strength

9/10

Name	Current	Vs Industry
Cash-To-Debt	1.79
Equity-to-Asset	0.62
Debt-to-Equity	0.28
Debt-to-EBITDA	0.68
Interest Coverage	103.95
Piotroski F-Score	4/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	7.81	Distress Grey Safe
Beneish M-Score	-2.38	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

10/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	17.3
	3-Year EBITDA Growth Rate	18.4
	3-Year EPS without NRI Growth Rate	18.9
	3-Year FCF Growth Rate	-2.1
	3-Year Book Growth Rate	23.2
	Future 3-5Y EPS without NRI Growth Rate	20.21
	Future 3-5Y Total Revenue Growth Rate	17.3

Momentum Rank

3/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	61.81
	9-Day RSI	53.57
	14-Day RSI	52.57
	6-1 Month Momentum %	54
	12-1 Month Momentum %	71.89

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.33
	Quick Ratio	2.06
	Cash Ratio	1.82
	Days Inventory	82.94
	Days Sales Outstanding	10.89
	Days Payable	81.97

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	1.39
	Dividend Payout Ratio	0.37
	3-Year Dividend Growth Rate	4.8
	Forward Dividend Yield %	1.62
	5-Year Yield-on-Cost %	1.72
	Shareholder Yield %	1.23

Profitability Rank

10/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	53.57
	Operating Margin %	41.82
	Net Margin %	38.75
	FCF Margin %	12.82
	ROE %	27.28
	ROA %	16.62
	ROIC %	26.17
	ROC (Joel Greenblatt) %	33.37
	ROCE %	23
	Years of Profitability over Past 10-Year	10

GF Value Rank

3/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	23.17
	Forward PE Ratio	20.62
	PE Ratio without NRI	23.23
	Shiller PE Ratio	34.54
	Price-to-Owner-Earnings	36.7
	PEG Ratio	1.11
	PS Ratio	8.84
	PB Ratio	5.79
	Price-to-Tangible-Book	5.86
	Price-to-Free-Cash-Flow	69.31
	Price-to-Operating-Cash-Flow	15.99
	EV-to-EBIT	19.33
	EV-to-Forward-EBIT	16.63
	EV-to-EBITDA	13.57
	EV-to-Forward-EBITDA	10.4
	EV-to-Revenue	8.55
	EV-to-Forward-Revenue	7.03
	EV-to-FCF	66.68
	Price-to-Projected-FCF	4.7
	Price-to-DCF (Earnings Based)	1.12
	Price-to-DCF (FCF Based)	3.94
	Price-to-Median-PS-Value	1.43
	Price-to-Peter-Lynch-Fair-Value	1.03
	Price-to-Graham-Number	2.49
	Price-to-Net-Current-Asset-Value	218.64
	Earnings Yield (Greenblatt) %	5.18
	FCF Yield %	1.43
	Forward Rate of Return (Yacktman) %	21.47

GF Value: €107.3

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