Elliott Statement on Texas Instruments' Capital Management Event
Elliott Investment Management has released a statement praising Texas Instruments' (NASDAQ: TXN) capital-allocation update. The update reaffirms TI's commitment to long-term growth of free cash flow per share. TI presented a path to robust free cash flow generation, including a potential $12 per share of free cash flow in 2026. The company also committed to a flexible, modular capex plan starting in 2026.
Elliott supports TI's strategy to build the largest US-based, 300-mm analog semiconductor capacity. The investment firm views the update as aligned with their proposed approach and considers it a positive step towards long-term value creation for shareholders. Elliott appreciates the ongoing constructive dialogue with Texas Instruments.
Elliott Investment Management ha pubblicato una dichiarazione in cui elogia l'aggiornamento sulla capitalizzazione di Texas Instruments' (NASDAQ: TXN). L'aggiornamento ribadisce l'impegno di TI per la crescita a lungo termine del flusso di cassa libero per azione. TI ha presentato un percorso verso una robusta generazione di flusso di cassa libero, inclusa una potenziale $12 per azione di flusso di cassa libero nel 2026. L'azienda si è anche impegnata in un piano di investimenti modulare e flessibile a partire dal 2026.
Elliott supporta la strategia di TI per costruire la più grande capacità di semiconduttori analogici da 300 mm negli Stati Uniti. La società di investimento considera l'aggiornamento allineato con il proprio approccio proposto e lo vede come un passo positivo verso la creazione di valore a lungo termine per gli azionisti. Elliott apprezza il dialogo costruttivo continuo con Texas Instruments.
Elliott Investment Management ha publicado una declaración elogiando la actualización de asignación de capital de Texas Instruments' (NASDAQ: TXN). La actualización reafirma el compromiso de TI con el crecimiento a largo plazo del flujo de caja libre por acción. TI presentó un camino hacia una robusta generación de flujo de caja libre, incluyendo un potencial de $12 por acción de flujo de caja libre en 2026. La compañía también se comprometió a un plan de capital flexible y modular comenzando en 2026.
Elliott apoya la estrategia de TI para construir la mayor capacidad de semiconductores analógicos de 300 mm en los Estados Unidos. La firma de inversión considera que la actualización está alineada con su enfoque propuesto y la considera un paso positivo hacia la creación de valor a largo plazo para los accionistas. Elliott valora el diálogo constructivo en curso con Texas Instruments.
엘리엇 투자 관리(Elliott Investment Management)는 텍사스 인스트루먼트(Texas Instruments' (NASDAQ: TXN))의 자본 배분 업데이트를 칭찬하는 성명을 발표했습니다. 이 업데이트는 TI가 주당 자유 현금 흐름의 장기 성장에 대한 의지를 재확인합니다. TI는 2026년 주당 $12의 자유 현금 흐름 생성을 위한 경로를 제시했습니다. 이 회사는 또한 2026년부터 시작되는 유연하고 모듈화된 자본 지출 계획을 약속했습니다.
엘리엇은 미국 내 최대의 300mm 아날로그 반도체 용량을 구축하려는 TI의 전략을 지지합니다. 투자 회사는 이 업데이트가 그들의 제안된 접근 방식과 일치한다고 보고, 주주를 위한 장기 가치 창출을 향한 긍정적인 단계로 간주합니다. 엘리엇은 텍사스 인스트루먼트와의 지속적인 건설적 대화를 높이 평가합니다.
Elliott Investment Management a publié une déclaration louant la mise à jour de l'allocation de capital de Texas Instruments (NASDAQ: TXN). Cette mise à jour réaffirme l'engagement de TI envers la croissance à long terme du flux de trésorerie libre par action. TI a présenté une voie vers une génération robuste de flux de trésorerie libre, y compris un potentiel de $12 par action de flux de trésorerie libre en 2026. L'entreprise s'est également engagée à un plan d'investissement modulaire et flexible à partir de 2026.
Elliott soutient la stratégie de TI visant à construire la plus grande capacité de semi-conducteurs analogiques de 300 mm basée aux États-Unis. La société d'investissement considère que cette mise à jour est alignée avec son approche proposée et la voit comme une étape positive vers la création de valeur à long terme pour les actionnaires. Elliott apprécie le dialogue constructif continu avec Texas Instruments.
Elliott Investment Management hat eine Erklärung veröffentlicht, in der das Kapitalallokations-Update von Texas Instruments (NASDAQ: TXN) gelobt wird. Das Update bekräftigt TIs Engagement für das langfristige Wachstum des freien Cashflows pro Aktie. TI stellte einen Weg zur robusten Generierung von freiem Cashflow dar, einschließlich eines potenziellen $12 pro Aktie freien Cashflow im Jahr 2026. Das Unternehmen verpflichtete sich auch zu einem flexiblen, modularen Investitionsplan, der 2026 beginnen soll.
Elliott unterstützt TIs Strategie, die größte US-amerikanische Kapazität für 300-mm-Analogsandwich zu schaffen. Das Investmentunternehmen sieht das Update als im Einklang mit ihrem vorgeschlagenen Ansatz an und betrachtet es als positiven Schritt zur Schaffung von langfristigem Wert für die Aktionäre. Elliott schätzt den fortlaufenden konstruktiven Dialog mit Texas Instruments.
- TI projects potential free cash flow of $12 per share in 2026
- Company commits to a flexible, modular capex plan starting 2026
- TI's strategy aligns with Elliott's proposed approach
- Ongoing constructive dialogue between Elliott and Texas Instruments
- None.
Insights
Texas Instruments' capital allocation update signals a strong commitment to shareholder value. The projected
TI's commitment to building the world's largest US-based 300-mm analog semiconductor capacity is a strategic move with far-reaching implications. This investment positions TI at the forefront of the analog chip market, important for various industries including automotive, industrial and consumer electronics. The 300-mm wafer technology offers cost advantages and improved efficiency compared to smaller wafers. By localizing production in the US, TI mitigates supply chain risks and aligns with the growing trend of tech sovereignty. However, the success of this strategy depends on long-term demand sustainability and TI's ability to maintain technological edge. The modular capex plan provides a safety net, allowing TI to adjust investments based on market dynamics, which is important in the cyclical semiconductor industry.
The capital management event reflects TI's proactive approach to addressing investor concerns, particularly those raised by Elliott Investment Management. This level of engagement with activist investors often signals improved corporate governance and can positively influence market perception. The focus on free cash flow per share growth as the 'true north' aligns with current market preferences for tangible financial metrics over pure revenue growth. The commitment to a flexible capex plan starting 2026 demonstrates adaptability to market conditions, a important factor in the volatile semiconductor industry. However, investors should monitor the execution of these plans, as the semiconductor market is known for its cyclicality. The emphasis on US-based production could resonate well with the current market sentiment favoring domestic manufacturing, potentially attracting both government support and investor interest.
We commend Texas Instruments on today's capital-allocation update, which re-affirms TI's long-standing commitment to shareholders that long-term growth of free cash flow per share is the Company's true north. During today's presentation, Texas Instruments presented a path to robust free cash flow generation across a range of revenue scenarios, including a path to
Additionally, TI committed to a modular capex plan, with significant flexibility to dynamically calibrate capex beginning in 2026. As detailed in our May 28 letter to the Board, we are supportive of TI's strategy to build the world's largest footprint of US-based, 300-mm analog semiconductor capacity, and we believe today's update is well aligned with Elliott's proposed approach. We appreciate our ongoing, constructive dialogue with Texas Instruments, and we believe today's off-cycle capital-management event is another positive step toward the goal of long-term value creation for all shareholders.
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately
Media Contact:
Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/elliott-statement-on-texas-instruments-capital-management-event-302226696.html
SOURCE Elliott Investment Management L.P.
FAQ
What is Texas Instruments' (TXN) projected free cash flow per share for 2026?
How does Elliott Investment Management view TXN's capital-allocation update?
What is Texas Instruments' (TXN) strategy for semiconductor capacity?
When will Texas Instruments (TXN) implement its flexible capex plan?
