Texas Instruments Inc


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SKU: TXN Category:


Texas Instruments delivered yet another all-around beat as it continued to benefit from the global semiconductor shortage. The company’s top-line grew by a staggering 41% as the consumption of its chips continued to be huge in sectors such as personal electronics, automotive and industrial end-markets. In fact, the company might be facing supply constraints as its inventory level has dropped to around 111 days which is a low point in the eyes of the management. Texas Instruments did witness some softness in the communication equipment market but the growth in the other markets more than made up for this industry. It is worth highlighting that the management is ramping up the new 300mm wafer capacity in order to gain an edge over competitors. Its new RFAB2 and the Lehi fab, which it bought from Micron Technology, are expected to come online in 2022. We maintain our ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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