Tehmag Foods (1264) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tehmag Foods stock TWD 363, price TWD 235, upside +54.4%, quality 69 out of 100. Rating: strongly undervalued. Calculated from audited financials with 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 8, 2026.
How to read this chart
60‑month range 195.91 TWD – 304.61 TWD · fair‑value band 239.22 TWD – 511.98 TWD · the 235.00 TWD price screens below the 362.88 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Tehmag Foods Corporation operates in the baking industry in Taiwan. The company offers bread, dairy, pastry, fruit, liqueur and coffee beans, chocolate, frozen food, package, flexible mold, and festival and western food products.
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It sells its products under the VAN HOUTEN, TEALIA, TANAKA FOODS, CALLEBAUT CHOCOLATE, OPEN COUNTRY DAIRY, Westland Milk Products, ZEELANDIA, GRANDS MOULINS, Algist Bruggeman, NIPPN FLOUR, NITTO FUIL, SCHREIBER, Fléchard, DAIRYMONT, RICH'S, LIGUORI, LINDT CHOCOLATE, SELBOURNE CHOCOLATE, RAVIFRUIT, VEDRENNE, Grand Marnier, ALDIA, LANGEBERG & ASHTO, LAROSE NOIRE, PCB CREATION, DOBLA, NATRA CACAO, Dai-Nippn Meiji Sugar, ISF, FRANCE BEURRE, Fiamma, kyo-nichi, cherry-rocher, TEHCHUN, TEMMA, TEHMAG FOODS, PBQ, F1 CHOCOLAT, and Oliveto Torre brands.
Tehmag Foods Corporation was founded in 1989 and is based in New Taipei City, Taiwan.
Stock analysis
Tehmag Foods (1264) currently trades at 235.00 TWD, while our model-based Fair Value estimate is 362.88 TWD, implying the stock looks roughly 35% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 393.83 TWD per share, and 18 of the 26 models we run sit above the 235.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 176.53 TWD, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 239.22 TWD (bear) to 511.98 TWD (bull), the price of 235.00 TWD sits below 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 69/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tehmag Foods reported revenue of 6.8B TWD in FY2025 versus 4.9B TWD in FY2021, a compound +8.2%/yr. Reported net income was 758M TWD in FY2025, compounding +6.0%/yr from FY2021.
Key figures
Market cap 8.7B TWD (≈ $265M) Micro · P/E ratio 11.1 · P/S ratio 1.24 · EPS (TTM) 21.16 TWD · Dividend yield 6.4% · Net margin 11.2% · Return on equity 21.9% · Return on assets (EBIT) 20.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −1% fair-value upside, at 54%, 1264 screens cheaper than that median.
Fair Value models
Bear239.22 TWDFair Value 362.88 TWDBull511.98 TWD
Price 235.00 TWD · Upside +54.4%
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 (5.28 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.83/100
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.
+8.3%
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.
+9.2%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 10 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.
+5.7%
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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.
+13.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.1%
Dividend (yield on the price)6.4%
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.19% → 17%
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
+2.4%
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 +0.9% 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.Packaged Foods · 625 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+54.4% · Top 25%
Profitability
Return on equity (12 months)21.9% · Top 25%
Return on assets12.8% · Top 25%
Net margin (12 months)11.2% · Top 25%
Operating margin (12 months)16.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)7.7% · Above median
Dividend yield (12 months)6.4% · Top 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
P/E (12 months)11.1× · Cheaper than median
P/B2.37× · Pricier than median
P/S (12 months)1.24× · Pricier than median
Price / free cash flow (fiscal year)11.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tehmag Foods Fair Value". https://www.fairvalue-calculator.com/stock/1264
Frequently asked questions
Is Tehmag Foods (1264) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 362.88 TWD versus a price of 235.00 TWD, about +54% upside (undervalued).
What is the fair value of 1264?
Our model-based fair value for Tehmag Foods is 362.88 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 235.00 TWD.
What is the quality score of 1264?
Tehmag Foods has a Quality Score of 69/100. 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 Tehmag Foods (1264)?
Our model-based price target is the fair value of 362.88 TWD (as of Nov 8, 2026) from 26 valuation models. Cautious scenario 239.22 TWD, optimistic scenario 511.98 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Tehmag Foods stock forecast for 2026?
Our models put fair value at 362.88 TWD, about +54% upside versus a price of 235.00 TWD (undervalued). Cautious scenario 239.22 TWD, optimistic scenario 511.98 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Tehmag Foods (1264)?
Tehmag Foods reported trailing-twelve-month revenue of about 7.0B TWD (latest available figure, as of Nov 8, 2026).
Does Tehmag Foods pay a dividend?
Tehmag Foods currently shows a dividend yield of 6.38% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Tehmag Foods (1264) and when is the ex-dividend date?
Tehmag Foods pays a dividend of 15.00 TWD per share a year, a dividend yield of 6.4%. The last ex-dividend date was Jul 15, 2026. A dividend has been paid every year since at least 2014. The payout ratio is 70.9% of earnings. Free cash flow covers the dividend 1.40 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Tehmag Foods (1264)?
For today's price to be fair in a discounted-cash-flow model, Tehmag Foods would have to grow free cash flow by +2.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 1264 use?
Our models discount Tehmag Foods at 11.8 %: a base by market capitalisation (micro), damped by beta 0.13, 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 Tehmag Foods that is +2.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Tehmag Foods (1264) delivered so far?
Over the past 5 years revenue at Tehmag Foods grew +9.2 % a year. The price currently implies free-cash-flow growth of +2.4 % 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 Tehmag Foods (1264) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Tehmag Foods (+2.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tehmag Foods (1264)?
The free-cash-flow yield on the price is 8.93 %: that much free cash flow Tehmag Foods produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tehmag Foods (1264)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tehmag Foods it is 362.88 TWD per share (as of Nov 8, 2026), against a price of 235.00 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Tehmag Foods stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 1264 trades below its calculated fair value: price 235.00 TWD, fair value 362.88 TWD, a gap of about +54% (undervalued). 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 1264?
No. The price is what the market pays today (235.00 TWD); the fair value is what the company's own numbers justify (362.88 TWD). For Tehmag Foods the two are 127.88 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Tehmag Foods worth?
The market values Tehmag Foods at about 8.7B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 235.00 TWD; our models calculate a fair value of 362.88 TWD per share.
What do the bullish and bearish scenarios say about 1264?
Our models span a range for Tehmag Foods: cautious scenario 239.22 TWD, base 362.88 TWD, optimistic 511.98 TWD per share (as of Nov 8, 2026, price 235.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1264?
Tehmag Foods trades at a price-to-earnings ratio of 11.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 362.88 TWD is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 15.2. Other multiples: P/B 2.4, P/S 1.2, EV/EBITDA 6.5.
How solid is the balance sheet of Tehmag Foods (1264)?
Balance-sheet figures for Tehmag Foods (as of Nov 8, 2026): return on equity 21.9%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 1264 from its 52-week high?
Tehmag Foods trades at 235.00 TWD, about 16% below its 52-week high of 279.65 TWD and at the low of 235.00 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 362.88 TWD is for.
Which stocks are comparable to Tehmag Foods?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz 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 Tehmag Foods stock attractive at the current price?
The data as of Nov 8, 2026: price 235.00 TWD, calculated fair value 362.88 TWD (+54%), Quality Score 69/100, from 26 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 1264 calculated?
We run Tehmag Foods through 26 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 362.88 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. Tehmag Foods currently trades 35% below its own fair value, and the market average says nothing about that. 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 Tehmag Foods (1264)?
The closing price on Nov 6, 2026 was 235.00 TWD. Our model-based fair value is 362.88 TWD, about +54% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tehmag Foods right now?
Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (239.22 TWD to 511.98 TWD) leaves room in how you read the outcome.
Key figures of Tehmag Foods
How large is the market capitalisation of Tehmag Foods (1264)?
The market capitalisation of Tehmag Foods is 8.7B TWD (≈ $265M). 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 Tehmag Foods (1264)?
The price-to-sales ratio of Tehmag Foods is 1.24 (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 Tehmag Foods (1264)?
Earnings per share at Tehmag Foods are 21.16 TWD (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tehmag Foods (1264)?
The dividend yield of Tehmag Foods is 6.4% (payout 70.9%). 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 Tehmag Foods (1264)?
The net margin of Tehmag Foods is 11.2% (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 Tehmag Foods (1264)?
The return on equity (ROE) of Tehmag Foods is 21.9% (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 Tehmag Foods (1264)?
On an EBIT basis the return on assets of Tehmag Foods is 20.7% (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 Tehmag Foods (1264)?
The operating margin of Tehmag Foods is 16.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tehmag Foods (1264)?
Revenue at Tehmag Foods is growing +7.7% versus a year earlier (3y avg +8.3%). 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 Tehmag Foods (1264)?
Earnings per share at Tehmag Foods are growing +8.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tehmag Foods (1264) hold?
Tehmag Foods holds more cash than debt, 434M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026