In this insight, we analyse TSMC, the world’s largest dedicated integrated circuit foundry’s, revenue growth outlook, capital expenditure cycle, capital allocation, and current valuation level.
Boomeranged on Thu, 6 Jun 2024 13:42
Given that we have reached the peak of the Capex cycle, along with normalisation in its internal working capital, and with revenue growth set to accelerate, we are likely to see a significant net cash build-up over the next few years which is likely to support higher-than-expected dividends and increased optionality such as share repurchases.
SUMMARY
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