Independent equity research
Is TSMC (ADR) (TSM) a Buy, Hold or Sell?
TSMC (ADR) — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
$450.00
To fair value
+12%
Report dated 2026-05-30 · fair value derived independently of the market price.
The thesis, in brief
Indispensable leading-edge foundry through the AI-capex super-cycle; at ~36x FY26E the multiple already reflects the bull case. Quality BUY, valuation HOLD; returns are earnings-driven with little multiple cushion. Late-May note
How we value it
We value TSMC (ADR) using Reverse DCF (10.9% WACC) + P/E / EV-EBITDA. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full TSMC (ADR) report
The complete model, the scenarios, and every number behind the call — plus 38 other names. One subscription, cancel anytime.