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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 385.56 Fair value 522.76 One-star price 708.77
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (385.56) to the one-star price (708.77).
| Ratios |
|---|
| Currency (Price/reporting): USD/TWD |
| Exchange Rate: — |
| Price - closing or last bid | 439.51 |
| Price - 12 month high | 487.47 |
| Price - 12 month low | 266.82 |
| Pricing date | 27 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 13.01 |
| Market capitalization | 2,279,507.19 |
| 12 Month High price date | 5 OCT 2026 |
| 12 Month Low price date | 21 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 10.96 |
| Price - 1 Day % Change | 0.60% |
| Price - 13 week price percent change | 12.03% |
| Price - 26 week price percent change | 12.02% |
| Price - 5 Day % Change | 1.76% |
| Price - 52 week price percent change | 45.76% |
| Price - YTD price percent change | 46.71% |
| Price % Change Month To Date | -2.95% |
| EPS excluding extraordinary items - most recent fiscal year | 327.350 |
| EPS excluding extraordinary items - trailing 12 month | 487.350 |
| EPS Normalized - most recent fiscal year | 329.971 |
| Revenue/share - most recent fiscal year | 734.471 |
| Revenue/share - trailing 12 month | 953.416 |
| Book value per share - most recent fiscal year | 1,032.587 |
| Book value per share - most recent quarter | 1,349.260 |
| Book value (tangible) per share - most recent fiscal year | 1,035.624 |
| Book value (tangible) per share - most recent quarter | 1,357.999 |
| Cash per share - most recent fiscal year | 533.665 |
| Cash per share - most recent quarter | 698.335 |
| Cash Flow per share - most recent fiscal year | 453.634 |
| Cash Flow per share - trailing 12 month | 650.135 |
| Dividend per share - most recent fiscal year | 110.000 |
| Dividends per share - trailing 12 month | 3.770 |
| EBITD per share - trailing 12 month | 711.223 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 327.350 |
| EPS Basic excluding extraordinary items - trailing 12 month | 487.370 |
| EPS including extraordinary items - most recent fiscal year | 327.350 |
| EPS including extraordinary items - trailing 12 month | 491.270 |
| Free Cash Flow per share - trailing 12 month | 332.597 |
| P/E excluding extraordinary items, most recent fiscal year | 28.48 |
| P/E Normalized, most recent fiscal year | 28.48 |
| Price to sales - most recent fiscal year | 14.56 |
| Price to Tangible Book - most fiscal year | 10.38 |
| Price to Free Cash Flow per Share - most recent fiscal year | 41.73 |
| Price to Cash Flow per share - trailing 12 month | 21.35 |
| Price to Book - most recent fiscal year | 10.38 |
| P/E excluding extraordinary items high, trailing 12 months | 40.32 |
| P/E excluding extraordinary items low, trailing 12 months | 26.72 |
| Net Debt, LFI | -3,033,466.00 |
| Net Debt, LFY | -2,063,485.40 |
| Dividend Yield - 5 Year Average | 1.33% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.86% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.86% |
| Free Cash Flow - most recent fiscal year | 1,070,001.60 |
| LT debt/equity - most recent fiscal year | 17.19% |
| Payout ratio - most recent fiscal year | 33.60% |
| Total debt/total equity - most recent fiscal year | 19.73% |
| LT debt/equity - most recent quarter | 10.94% |
| Total debt/total equity - most recent quarter | 13.96% |
| Free Cash Flow - trailing 12 month | 1,724,986.87 |
| Payout ratio - trailing 12 month | 6.16% |
| Revenue - most recent fiscal year | 3,809,054.30 |
| Revenue - trailing 12 month | 4,944,817.45 |
| EBITD - most recent fiscal year | 2,636,382.40 |
| EBITD - trailing 12 month | 3,688,699.22 |
| Earnings before taxes - most recent fiscal year | 2,041,654.70 |
| Earnings before taxes - trailing 12 month | 3,053,624.06 |
| Net Income available to common - most recent fiscal year | 1,697,604.00 |
| Net Income available to common - trailing 12 months | 2,527,571.36 |
| Earnings before taxes Normalized - most recent fiscal year | 2,058,024.60 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 487.35 |
| Net Profit Margin % - 1st historical fiscal year | 44.50% |
| Net Profit Margin % - trailing 12 month | 51.13% |
| Operating margin - 1st historical fiscal year | 50.83% |
| Operating margin - trailing 12 month | 57.98% |
| Pretax margin - trailing 12 month | 61.75% |
| Pretax margin - 1st historical fiscal year | 53.60% |
| Operating Margin - 5 year average | 45.92% |
| Pretax Margin - 5 year average | 47.96% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 21.74% |
| Free Operating Cash Flow/Revenue, TTM | 34.88% |
| Net Profit Margin - 5 year average | 41.02% |
| Return on average assets - most recent fiscal year | 23.47% |
| Return on average assets - trailing 12 month | 29.14% |
| Return on average equity - most recent fiscal year | 35.69% |
| Return on average equity - trailing 12 month | 42.59% |
| Return on average assets - 5 year average | 20.92% |
| Return on average equity - 5 year average | 33.34% |
| Net Income/employee - most recent fiscal year | 18,718,872.09 |
| Revenue/employee - most recent fiscal year | 42,062,505.38 |
| Revenue growth rate, 5 year | 23.25% |
| EPS growth rate, 5 year | 27.15% |
| Growth rate% - dividend, 3 year | 20.97% |
| Revenue/share (5 yr growth) | 23.25% |
| Growth rate% - Revenue, 3 year | 18.94% |
| Growth rate% - EPS, 3 year | 19.58% |
| Book value per share growth rate, 5 year | 23.89% |
| Capital Spending growth rate, 5 year | 19.72% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 23.72% |
Financial forecast (TWD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (TWD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Taiwan based TSM is arguably our most conservative pick today having only corrected 33% over recent weeks as bond yields surged ever higher and Russia’s invasion threatened further supply chain disruption. We like this integrated circuit manufacturer whose suffering due to current macro issues but it’s a quality operation that we believe will ultimately recover strongly.
MM likes TSM around $US105
Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US 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 base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.
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