Nantex Industry Co Ltd (2108) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nantex Industry Co Ltd stock TWD 32.89, price TWD 26.95, upside +22.1%, quality 65 out of 100. Rating: 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 6, 2026.
How to read this chart
60‑month range 21.45 TWD – 142.84 TWD · fair‑value band 28.01 TWD – 37.79 TWD · the 26.95 TWD price screens below the 32.89 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Nantex Industry Co., Ltd., together with its subsidiaries, manufactures, processes, and sells various types of latex, rubber, and related products in Taiwan, China, Thailand, Malaysia, and internationally.
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The company offers NANTEX synthetic rubber latex products used in making examination, medical, household, and industrial gloves; and Nancar NBR, an acrylonitrile-butadiene rubber used in o-rings, gaskets, fuel hoses, shoe soles, automotive parts, insulation equipment, sporting goods, rollers, electronic parts. applications.
It also provides DYNAPRENE thermoplastic elastomer for automotive parts, building and construction, industrial product, 3c products, sporting goods, food contact, and plastic modifier applications; and NANCAR carbon masterbatch used for fuel hoses, belts for automotive parts, foam products, cables, rollers, and shoe soles, as well as suited for products of lower hardness.
The company was formerly known as President Fine Chemical Industry Co. Ltd. and changed its name to NANTEX Industry Co., Ltd. in October 1991. The company was incorporated in 1979 and is based in Kaohsiung, Taiwan.
Stock analysis
Nantex Industry Co Ltd (2108) currently trades at 26.95 TWD, while our model-based Fair Value estimate is 32.89 TWD, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 25.39 TWD per share, and 3 of the 26 models we run sit above the 26.95 TWD price.
Bear case: the Dividend Discount group reads lowest at 7.61 TWD, and 23 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 28.01 TWD (bear) to 37.79 TWD (bull), the price of 26.95 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 65/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Nantex Industry Co Ltd reported revenue of 9.5B TWD in FY2025 versus 23.5B TWD in FY2021, a compound −20.2%/yr. Reported net income was 410M TWD in FY2025, compounding −51.4%/yr from FY2021.
Key figures
Market cap 13.3B TWD (≈ $406M) Small · P/E ratio 15.1 · P/S ratio 1.24 · EPS (TTM) 1.78 TWD · Dividend yield 3.7% · Net margin 8.2% · Return on equity 8.0% · Return on assets (EBIT) 14.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at 22%, 2108 screens cheaper than that median.
Fair Value models
Bear28.01 TWDFair Value 32.89 TWDBull37.79 TWD
Price 26.95 TWD · Upside +22.1%
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 (0.6667 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.
Best data coverage
FCF DCF22.43 TWD27.26 TWD33.64 TWD81
Growth DCF22.57 TWD26.86 TWD32.22 TWD79
Owner Earnings24.09 TWD29.62 TWD36.94 TWD77
All 26 models by family
DCF Models
FCF DCF22.43 TWD27.26 TWD33.64 TWD81
Owner Earnings24.09 TWD29.62 TWD36.94 TWD77
5Y Revenue Exit19.70 TWD23.65 TWD28.51 TWD73
5Y EBITDA Exit20.36 TWD24.85 TWD29.90 TWD76
5Y P/E Exit21.16 TWD26.32 TWD31.55 TWD71
10Y Revenue Exit20.51 TWD24.16 TWD28.71 TWD67
10Y EBITDA Exit21.09 TWD24.92 TWD29.69 TWD69
10Y P/E Exit21.56 TWD25.86 TWD30.83 TWD64
Earnings-Based
Graham-Dodd5.67 TWD15.81 TWD20.79 TWD65
Lynch FV3.18 TWD4.54 TWD5.91 TWD61
PEG = 1.03.18 TWD4.54 TWD5.91 TWD57
EPV15.05 TWD15.63 TWD16.12 TWD73
Dividend Discount
Gordon GGM4.54 TWD8.39 TWD11.81 TWD67
DDM Multi-Stage4.54 TWD6.83 TWD8.94 TWD67
Multiples
P/E Multiple10.63 TWD14.17 TWD17.71 TWD63
P/S Multiple10.63 TWD14.17 TWD17.71 TWD57
P/B Multiple33.38 TWD44.50 TWD55.63 TWD55
EV/EBIT19.20 TWD22.03 TWD24.87 TWD65
EV/EBITDA19.82 TWD22.87 TWD25.91 TWD67
EV/Revenue18.07 TWD21.22 TWD24.38 TWD53
Asset-Based
NCAV (Graham)15.87 TWD24.05 TWD30.07 TWD54
Growth DCF
Growth DCF22.57 TWD26.86 TWD32.22 TWD79
Rev-Margin DCF19.70 TWD23.80 TWD28.43 TWD73
Economic Profit
Residual Income19.52 TWD19.56 TWD20.29 TWD76
ROIC Compounder15.05 TWD15.63 TWD16.12 TWD71
Growth Earnings
Growth-Adj P/E8.65 TWD12.36 TWD16.07 TWD67
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−21.5%
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.
−1.7%
Revenue growth 22 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.
+7.4%
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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. Basis: EBIT basis. 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.
−27.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−31.6%
Dividend (yield on the price)3.7%
Per share before 2015divided by the spin-off factor 1.025
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.−35.0% vs −6.0%, slowing
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.33% → 7%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
−30.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −31.2% 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.Specialty Chemicals · 727 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+22.1% · Top 25%
Profitability
Return on equity (12 months)8.0% · Above median
Return on assets4.0% · Above median
Net margin (12 months)14.5% · Top 25%
Operating margin (12 months)19.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)31.4% · Top 25%
Dividend yield (12 months)3.7% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)15.1× · Cheaper than median
P/B0.92× · Cheapest 25%
P/S (12 months)2.19× · Pricier than median
Price / free cash flow (fiscal year)22.5× · Pricier 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). "Nantex Industry Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2108
Frequently asked questions
Is Nantex Industry Co Ltd (2108) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 32.89 TWD versus a price of 26.95 TWD, about +22% upside (undervalued).
What is the fair value of 2108?
Our model-based fair value for Nantex Industry Co Ltd is 32.89 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 26.95 TWD.
What is the quality score of 2108?
Nantex Industry Co Ltd has a Quality Score of 65/100. 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 Nantex Industry Co Ltd (2108)?
Our model-based price target is the fair value of 32.89 TWD (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 28.01 TWD, optimistic scenario 37.79 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Nantex Industry Co Ltd stock forecast for 2026?
Our models put fair value at 32.89 TWD, about +22% upside versus a price of 26.95 TWD (undervalued). Cautious scenario 28.01 TWD, optimistic scenario 37.79 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Nantex Industry Co Ltd (2108)?
Nantex Industry Co Ltd reported trailing-twelve-month revenue of about 10.7B TWD (latest available figure, as of Nov 6, 2026).
Does Nantex Industry Co Ltd pay a dividend?
Nantex Industry Co Ltd currently shows a dividend yield of 3.71% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Nantex Industry Co Ltd (2108) and when is the ex-dividend date?
Nantex Industry Co Ltd pays a dividend of 1.00 TWD per share a year, a dividend yield of 3.7%. The last ex-dividend date was Mar 26, 2026. The payout ratio is 56.2% of earnings. Free cash flow covers the dividend 2.12 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Nantex Industry Co Ltd (2108)?
For today's price to be fair in a discounted-cash-flow model, Nantex Industry Co Ltd would have to grow free cash flow by -30.1 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -7.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 2108 use?
Our models discount Nantex Industry Co Ltd at 10.6 %: a base by market capitalisation (small), damped by beta 0.59, 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 Nantex Industry Co Ltd that is -30.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Nantex Industry Co Ltd (2108) delivered so far?
Over the past 5 years revenue at Nantex Industry Co Ltd grew -7.9 % a year. The price currently implies free-cash-flow growth of -30.1 % 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 Nantex Industry Co Ltd (2108) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Nantex Industry Co Ltd (-30.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nantex Industry Co Ltd (2108)?
The free-cash-flow yield on the price is 7.87 %: that much free cash flow Nantex Industry Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nantex Industry Co Ltd (2108)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nantex Industry Co Ltd it is 32.89 TWD per share (as of Nov 6, 2026), against a price of 26.95 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 Nantex Industry Co Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 2108 trades below its calculated fair value: price 26.95 TWD, fair value 32.89 TWD, a gap of about +22% (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 2108?
No. The price is what the market pays today (26.95 TWD); the fair value is what the company's own numbers justify (32.89 TWD). For Nantex Industry Co Ltd the two are 5.94 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Nantex Industry Co Ltd worth?
The market values Nantex Industry Co Ltd at about 13.3B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 26.95 TWD; our models calculate a fair value of 32.89 TWD per share.
What do the bullish and bearish scenarios say about 2108?
Our models span a range for Nantex Industry Co Ltd: cautious scenario 28.01 TWD, base 32.89 TWD, optimistic 37.79 TWD per share (as of Nov 6, 2026, price 26.95 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2108?
Nantex Industry Co Ltd trades at a price-to-earnings ratio of 15.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.89 TWD is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 12.9. Other multiples: P/B 0.9, P/S 2.2, EV/EBITDA 3.9.
How solid is the balance sheet of Nantex Industry Co Ltd (2108)?
Balance-sheet figures for Nantex Industry Co Ltd (as of Nov 6, 2026): return on equity 8.0%, debt of 0.00 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 2108 from its 52-week high?
Nantex Industry Co Ltd trades at 26.95 TWD, about 16% below its 52-week high of 32.15 TWD and 26% above the low of 21.45 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 32.89 TWD is for.
Which stocks are comparable to Nantex Industry Co Ltd?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Nantex Industry Co Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 26.95 TWD, calculated fair value 32.89 TWD (+22%), Quality Score 65/100, 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 2108 calculated?
We run Nantex Industry Co Ltd 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 32.89 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 13.0% above its aggregate fair value. Nantex Industry Co Ltd currently trades 18% 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 Nantex Industry Co Ltd (2108)?
The closing price on Nov 6, 2026 was 26.95 TWD. Our model-based fair value is 32.89 TWD, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nantex Industry Co Ltd right now?
The price is below even our cautious bear case (28.01 TWD). The market is more pessimistic than our downside scenario. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Nantex Industry Co Ltd (2108) come from?
Earnings per share at Nantex Industry Co Ltd grew −3.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.5 %, EBIT margin −2.4 %, tax rate −2.8 %, residual (interest, one-offs) +1.6 %. 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 Nantex Industry Co Ltd
How large is the market capitalisation of Nantex Industry Co Ltd (2108)?
The market capitalisation of Nantex Industry Co Ltd is 13.3B TWD (≈ $406M). 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 Nantex Industry Co Ltd (2108)?
The price-to-sales ratio of Nantex Industry Co Ltd 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 Nantex Industry Co Ltd (2108)?
Earnings per share at Nantex Industry Co Ltd are 1.78 TWD (price ÷ EPS = P/E 15.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nantex Industry Co Ltd (2108)?
The dividend yield of Nantex Industry Co Ltd is 3.7% (payout 56.2%). 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 Nantex Industry Co Ltd (2108)?
The net margin of Nantex Industry Co Ltd is 8.2% (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 Nantex Industry Co Ltd (2108)?
The return on equity (ROE) of Nantex Industry Co Ltd is 8.0% (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 Nantex Industry Co Ltd (2108)?
On an EBIT basis the return on assets of Nantex Industry Co Ltd is 14.6% (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 Nantex Industry Co Ltd (2108)?
The operating margin of Nantex Industry Co Ltd is 19.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nantex Industry Co Ltd (2108)?
Revenue at Nantex Industry Co Ltd is growing +31.4% versus a year earlier (3y avg −6.5%). 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 Nantex Industry Co Ltd (2108)?
Earnings per share at Nantex Industry Co Ltd are growing +33.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Nantex Industry Co Ltd (2108) hold?
Nantex Industry Co Ltd holds more cash than debt, 9.3B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 6, 2026