Discounted Cash Flow

Tower Semiconductor Ltd. Foreign

TSEM · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.2b $203.9m $-214.7m 16.3% $2.33
2017 $1.4b (11.0%) $298.0m (46.1%) $168.0m (178.2%) 21.5% (31.6%) $3.08 (32.2%)
2018 $1.3b (-6.0%) $135.6m (-54.5%) $102.7m (-38.9%) 10.4% (-51.6%) $1.35 (-56.2%)
2019 $1.2b (-5.4%) $90.0m (-33.6%) $99.9m (-2.7%) 7.3% (-29.8%) $0.85 (-37.0%)
2020 $1.3b (2.6%) $82.3m (-8.6%) $-37.1m (-137.1%) 6.5% (-10.9%) $0.77 (-9.4%)
2021 $1.5b (19.2%) $150.0m (82.3%) $107.5m (389.8%) 9.9% (53.0%) $1.39 (80.5%)
2022 $1.7b (11.2%) $264.6m (76.4%) $163.4m (52.0%) 15.8% (58.6%) $2.42 (74.1%)
2023 $1.4b (-15.2%) $518.5m (96.0%) $232.1m (42.0%) 36.4% (131.1%) $4.70 (94.2%)
2024 $1.4b (0.9%) $207.9m (-59.9%) $12.5m (-94.6%) 14.5% (-60.3%) $1.87 (-60.2%)
2025 $1.6b (9.1%) $220.5m (6.1%) $-48.9m (-490.6%) 14.1% (-2.7%) $1.97 (5.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model