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Taiwan Semiconductor Manufacturing Co Ltd
TSM : NYSE : Technology

$20.72 | %
Today's Range: 20.57 - 20.92
Avg. Daily Volume: 11,607,400
04/17/14 - 4:03 PM ET

Financial Analysis


Even though sales increased, the net income has decreased.

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Income Statement Q4 FY13 Q4 FY12
Net Sales ($mil)4749.744625.71
EBITDA ($mil)0.02899.84
EBIT ($mil)0.01626.7
Net Income ($mil)1458.321466.1


Balance Sheet Q4 FY13 Q4 FY12
Cash & Equiv. ($mil)0.05195.1
Total Assets ($mil)0.032875.55
Total Debt ($mil)0.04025.84
Equity ($mil)0.024894.93


Profitability Q4 FY13 Q4 FY12
Gross Profit Margin0.074.65
EBITDA Margin0.062.68
Operating Margin0.035.17
Sales Turnover0.00.53
Return on Assets0.017.39
Return on Equity0.022.97
Debt Q4 FY13 Q4 FY12
Current Ratio0.01.77
Debt/Capital0.00.14
Interest Expense0.011.73
Interest Coverage0.0138.74


Share Data Q4 FY13 Q4 FY12
Shares outstanding (mil)5185.685184.89
Div / share0.00.0
EPS0.280.28
Book value / share0.04.8
Institutional Own % n/a n/a
Avg Daily Volume1.1675835E71.0175471E7

Valuation


BUY. The current P/E ratio indicates a significant discount compared to an average of 28.84 for the Semiconductors & Semiconductor Equipment industry and a value on par with the S&P 500 average of 18.59. The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, TAIWAN SEMICONDUCTOR MFG CO proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
TSM 16.65 Peers 28.84   TSM NA Peers 27.93

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

TSM is trading at a significant discount to its peers.

 

Neutral. The P/CF ratio is the stock’s price divided by the sum of the company's cash flow from operations. It is useful for comparing companies with different capital requirements or financing structures.

Ratio not available.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
TSM 12.55 Peers 18.44   TSM 0.57 Peers 1.06

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

TSM is trading at a discount to its peers.

 

Discount. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

TSM trades at a significant discount to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
TSM NA Peers 3.65   TSM 10.00 Peers 68.63

Neutral. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

Ratio not available.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, TSM is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
TSM 5.22 Peers 4.06   TSM 14.84 Peers 7.58

Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

TSM is trading at a significant premium to its industry.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

TSM has a sales growth rate that significantly exceeds its peers.

 

 

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