Universal Cement Corp (1104) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Universal Cement Corp stock TWD 22.90, price TWD 26.25, that is 12.8% below the price, quality 66 out of 100. Rating: overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 17.98 TWD – 36.90 TWD · fair‑value band 16.55 TWD – 30.84 TWD · the 26.25 TWD price screens above the 22.90 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Universal Cement Corporation, together with its subsidiaries, research, produces, manufactures, and sells cement, ready-mixed concrete, and gypsum board panels in Taiwan. It operates through Building Materials and Others segments.
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The company also offers other building materials; and pressure-sensing technology products, such as flexible electronic pressure sensors, pressure sensor modules, and flexible microelectromechanical pressure sensing instruments for use in industrial inspection, smart healthcare, smart retail, and consumer electronics.
In addition, it is involved in marketing, importing, and exporting of cement, cement materials, and fuel; trucking operation; investment activities; and trading and leasing of real estate.
Further, the company engages in the marketing of ready-mixed concrete and electronic products; and manufacture and marketing of gravel. Universal Cement Corporation was founded in 1959 and is headquartered in Taipei, Taiwan.
Stock analysis
Universal Cement Corp (1104) currently trades at 26.25 TWD, while our model-based Fair Value estimate is 22.90 TWD, 13% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 36.11 TWD per share, and 8 of the 25 models we run sit above the 26.25 TWD price.
Bear case: the Earnings-Based group reads lowest at 14.00 TWD, and 17 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: 16.55 TWD (bear) to 30.84 TWD (bull), the price of 26.25 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Universal Cement Corp reported revenue of 7.9B TWD in FY2025 versus 6.1B TWD in FY2021, a compound +6.8%/yr. Reported net income was 1.8B TWD in FY2025, compounding +12.7%/yr from FY2021.
Key figures
Market cap 18.1B TWD (≈ $552M) Small · P/E ratio 9.7 · P/S ratio 2.39 · EPS (TTM) 2.70 TWD · Dividend yield 7.0% · Net margin 24.5% · Return on equity 7.8% · Return on assets (EBIT) 5.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at −13%, 1104 screens cheaper than that median.
Fair Value models
Bear16.55 TWDFair Value 22.90 TWDBull30.84 TWD
Price 26.25 TWD · Downside -12.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.7289 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.2%
Dividend (yield on the price)7.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.2% vs 1.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25% → 15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +3.2% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 257 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−12.8% · Below median
Profitability
Return on equity (12 months)7.8% · Above median
Return on assets5.7% · Top 25%
Net margin (12 months)24.5% · Top 25%
Operating margin (12 months)14.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−8.6% · Below median
Dividend yield (12 months)7.0% · Top 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
P/E (12 months)9.7× · Cheapest 25%
P/B0.75× · Cheaper than median
P/S (12 months)2.39× · Priciest 25%
Price / free cash flow (fiscal year)14.4× · Cheaper than median
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Is Universal Cement Corp (1104) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 22.90 TWD versus a price of 26.25 TWD, about 13% lower (overvalued).
What is the fair value of 1104?
Our model-based fair value for Universal Cement Corp is 22.90 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 26.25 TWD.
What is the quality score of 1104?
Universal Cement Corp has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Universal Cement Corp (1104)?
Our model-based price target is the fair value of 22.90 TWD (as of Nov 7, 2026) from 25 valuation models. Cautious scenario 16.55 TWD, optimistic scenario 30.84 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Universal Cement Corp stock forecast for 2026?
Our models put fair value at 22.90 TWD, about 13% lower versus a price of 26.25 TWD (overvalued). Cautious scenario 16.55 TWD, optimistic scenario 30.84 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Universal Cement Corp (1104)?
Universal Cement Corp reported trailing-twelve-month revenue of about 7.6B TWD (latest available figure, as of Nov 7, 2026).
Does Universal Cement Corp pay a dividend?
Universal Cement Corp currently shows a dividend yield of 7.05% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Universal Cement Corp (1104) and when is the ex-dividend date?
Universal Cement Corp pays a dividend of 1.85 TWD per share a year, a dividend yield of 7.0%. The last ex-dividend date was Jun 24, 2026. The payout ratio is 68.5% of earnings. Free cash flow covers the dividend 0.99 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Universal Cement Corp (1104)?
For today's price to be fair in a discounted-cash-flow model, Universal Cement Corp would have to grow free cash flow by +4.9 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.9 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 1104 use?
Our models discount Universal Cement Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.30, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Universal Cement Corp that is +4.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Universal Cement Corp (1104) delivered so far?
Over the past 5 years revenue at Universal Cement Corp grew +7.9 % a year. The price currently implies free-cash-flow growth of +4.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Universal Cement Corp (1104) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Universal Cement Corp (+4.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Universal Cement Corp (1104)?
The free-cash-flow yield on the price is 6.97 %: that much free cash flow Universal Cement Corp produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Universal Cement Corp (1104)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Universal Cement Corp it is 22.90 TWD per share (as of Nov 7, 2026), against a price of 26.25 TWD. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Universal Cement Corp stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 1104 trades above its calculated fair value: price 26.25 TWD, fair value 22.90 TWD, a gap of about −13% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 1104?
No. The price is what the market pays today (26.25 TWD); the fair value is what the company's own numbers justify (22.90 TWD). For Universal Cement Corp the two are 3.35 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Universal Cement Corp worth?
The market values Universal Cement Corp at about 18.1B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 26.25 TWD; our models calculate a fair value of 22.90 TWD per share.
What do the bullish and bearish scenarios say about 1104?
Our models span a range for Universal Cement Corp: cautious scenario 16.55 TWD, base 22.90 TWD, optimistic 30.84 TWD per share (as of Nov 7, 2026, price 26.25 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1104?
Universal Cement Corp trades at a price-to-earnings ratio of 9.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 22.90 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 2.4, EV/EBITDA 13.1.
How solid is the balance sheet of Universal Cement Corp (1104)?
Balance-sheet figures for Universal Cement Corp (as of Nov 7, 2026): return on equity 7.8%, debt of 0.07 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 1104 from its 52-week high?
Universal Cement Corp trades at 26.25 TWD, about 18% below its 52-week high of 31.95 TWD and at the low of 26.15 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 22.90 TWD is for.
Which stocks are comparable to Universal Cement Corp?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Universal Cement Corp stock attractive at the current price?
The data as of Nov 7, 2026: price 26.25 TWD, calculated fair value 22.90 TWD (−13%), Quality Score 66/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 1104 calculated?
We run Universal Cement Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 22.90 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Universal Cement Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Universal Cement Corp (1104)?
The closing price on Nov 9, 2026 was 26.25 TWD. Our model-based fair value is 22.90 TWD, about 13% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Universal Cement Corp right now?
Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (16.55 TWD to 30.84 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Universal Cement Corp (1104) come from?
Earnings per share at Universal Cement Corp grew +1.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.4 %, EBIT margin −8.5 %, tax rate −0.8 %, residual (interest, one-offs) +7.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Universal Cement Corp
How large is the market capitalisation of Universal Cement Corp (1104)?
The market capitalisation of Universal Cement Corp is 18.1B TWD (≈ $552M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Universal Cement Corp (1104)?
The price-to-sales ratio of Universal Cement Corp is 2.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Universal Cement Corp (1104)?
Earnings per share at Universal Cement Corp are 2.70 TWD (price ÷ EPS = P/E 9.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Universal Cement Corp (1104)?
The dividend yield of Universal Cement Corp is 7.0% (payout 68.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Universal Cement Corp (1104)?
The net margin of Universal Cement Corp is 24.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Universal Cement Corp (1104)?
The return on equity (ROE) of Universal Cement Corp is 7.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Universal Cement Corp (1104)?
On an EBIT basis the return on assets of Universal Cement Corp is 5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Universal Cement Corp (1104)?
The operating margin of Universal Cement Corp is 14.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Universal Cement Corp (1104)?
Revenue at Universal Cement Corp is growing −8.6% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Universal Cement Corp (1104)?
Earnings per share at Universal Cement Corp are growing +25.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Universal Cement Corp (1104) carry?
The net debt of Universal Cement Corp is 2.0B TWD (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 7, 2026