Evergreen Steel Corp (2211) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Evergreen Steel Corp stock TWD 124, price TWD 75.30, upside +64.5%, quality 64 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 5, 2026.
How to read this chart
60‑month range 41.48 TWD – 156.00 TWD · fair‑value band 74.09 TWD – 164.79 TWD · the 75.30 TWD price screens below the 123.87 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Evergreen Steel Corp., together with its subsidiaries, engages in the steel structure engineering and environmental protection businesses in Taiwan.
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The company offers construction and engineering services for factories, high-rise, bridges, and special buildings; manufacturing and assembly of steel structures; and maintenance and repair of containers.
It is also involved in general and business waste treatment, disposal, and cogeneration; resource recycling; industrial water, wastewater, tap water, pure water, and sewage treatment; operation of multi-functional biomass energy center; and general investment activities.
Evergreen Steel Corp. was formerly known as Evergreen Development Corp. and changed its name to Evergreen Steel Corp. in July 2011. The company was founded in 1962 and is headquartered in Taipei City, Taiwan.
Stock analysis
Evergreen Steel Corp (2211) currently trades at 75.30 TWD, while our model-based Fair Value estimate is 123.87 TWD, implying the stock looks roughly 39% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 147.31 TWD per share, and 19 of the 26 models we run sit above the 75.30 TWD price.
Bear case: the Economic Profit group reads lowest at 69.12 TWD, and 7 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 74.09 TWD (bear) to 164.79 TWD (bull), the price of 75.30 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 64/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Evergreen Steel Corp reported revenue of 15.3B TWD in FY2025 versus 13.6B TWD in FY2021, a compound +3.0%/yr. Reported net income was 3.6B TWD in FY2025, compounding +29.4%/yr from FY2021.
Key figures
Market cap 36.4B TWD (≈ $1.1B) Small · P/E ratio 10.2 · P/S ratio 2.35 · EPS (TTM) 7.37 TWD · Dividend yield 8.6% · Net margin 19.9% · Return on equity 11.6% · Return on assets (EBIT) 7.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (medium confidence).
What moves the price
The share trades about 38% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 65%, 2211 screens cheaper than that median.
Fair Value models
Bear74.09 TWDFair Value 123.87 TWDBull164.79 TWD
Price 75.30 TWD · Upside +64.5%
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 (0.7437 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.87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.6%
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.
+10.2%
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.
+10.4%
Start year 2020 (pandemic)
Revenue growth 9 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.
+5.3%
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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.
+32.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.4%
Dividend (yield on the price)8.6%
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.23.4% vs 14.8%, 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.16% → 23%
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).
+4.2%
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 +2.6% 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.Engineering & Construction · 791 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+64.5% · Top 25%
Profitability
Return on equity (12 months)11.6% · Above median
Return on assets9.1% · Top 25%
Net margin (12 months)19.9% · Top 25%
Operating margin (12 months)21.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)19.5% · Above median
Dividend yield (12 months)8.6% · Top 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)10.2× · Cheaper than median
P/B1.33× · Cheaper than median
P/S (12 months)2.35× · Priciest 25%
Price / free cash flow (fiscal year)14.6× · Pricier than median
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Is Evergreen Steel Corp (2211) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 123.87 TWD versus a price of 75.30 TWD, about +65% upside (undervalued).
What is the fair value of 2211?
Our model-based fair value for Evergreen Steel Corp is 123.87 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 75.30 TWD.
What is the quality score of 2211?
Evergreen Steel Corp has a Quality Score of 64/100. 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 Evergreen Steel Corp (2211)?
Our model-based price target is the fair value of 123.87 TWD (as of Nov 5, 2026) from 26 valuation models. Cautious scenario 74.09 TWD, optimistic scenario 164.79 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Evergreen Steel Corp stock forecast for 2026?
Our models put fair value at 123.87 TWD, about +65% upside versus a price of 75.30 TWD (undervalued). Cautious scenario 74.09 TWD, optimistic scenario 164.79 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Evergreen Steel Corp (2211)?
Evergreen Steel Corp reported trailing-twelve-month revenue of about 15.5B TWD (latest available figure, as of Nov 5, 2026).
Does Evergreen Steel Corp pay a dividend?
Evergreen Steel Corp currently shows a dividend yield of 8.63% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Evergreen Steel Corp (2211) and when is the ex-dividend date?
Evergreen Steel Corp pays a dividend of 6.50 TWD per share a year, a dividend yield of 8.6%. The last ex-dividend date was Jul 20, 2026. The payout ratio is 97.3% of earnings (on adjusted earnings, reported 88.2%). Free cash flow covers the dividend 0.92 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Evergreen Steel Corp (2211)?
For today's price to be fair in a discounted-cash-flow model, Evergreen Steel Corp would have to grow free cash flow by +4.2 % 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 +10.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 2211 use?
Our models discount Evergreen Steel Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.33, 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 Evergreen Steel Corp that is +4.2 % 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 Evergreen Steel Corp (2211) delivered so far?
Over the past 5 years revenue at Evergreen Steel Corp grew +10.4 % a year. The price currently implies free-cash-flow growth of +4.2 % 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 Evergreen Steel Corp (2211) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Evergreen Steel Corp (+4.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Evergreen Steel Corp (2211)?
The free-cash-flow yield on the price is 6.83 %: that much free cash flow Evergreen Steel 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 Evergreen Steel Corp (2211)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Evergreen Steel Corp it is 123.87 TWD per share (as of Nov 5, 2026), against a price of 75.30 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 Evergreen Steel Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2211 trades below its calculated fair value: price 75.30 TWD, fair value 123.87 TWD, a gap of about +65% (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 2211?
No. The price is what the market pays today (75.30 TWD); the fair value is what the company's own numbers justify (123.87 TWD). For Evergreen Steel Corp the two are 48.57 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Evergreen Steel Corp worth?
The market values Evergreen Steel Corp at about 36.4B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 75.30 TWD; our models calculate a fair value of 123.87 TWD per share.
What do the bullish and bearish scenarios say about 2211?
Our models span a range for Evergreen Steel Corp: cautious scenario 74.09 TWD, base 123.87 TWD, optimistic 164.79 TWD per share (as of Nov 5, 2026, price 75.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2211?
Evergreen Steel Corp trades at a price-to-earnings ratio of 10.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 123.87 TWD is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 11.6 (reported for FY2025: 10.5). Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings, FY2025 ex one-offs: 14.7. Other multiples: P/B 1.3, P/S 2.4, EV/EBITDA 9.2.
How solid is the balance sheet of Evergreen Steel Corp (2211)?
Balance-sheet figures for Evergreen Steel Corp (as of Nov 5, 2026): return on equity 11.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 2211 from its 52-week high?
Evergreen Steel Corp trades at 75.30 TWD, about 38% below its 52-week high of 121.00 TWD and at the low of 75.30 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 123.87 TWD is for.
Which stocks are comparable to Evergreen Steel Corp?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Evergreen Steel Corp stock attractive at the current price?
The data as of Nov 5, 2026: price 75.30 TWD, calculated fair value 123.87 TWD (+65%), Quality Score 64/100, 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 2211 calculated?
We run Evergreen Steel Corp 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 123.87 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. Evergreen Steel Corp currently trades 39% 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 Evergreen Steel Corp (2211)?
The closing price on Nov 6, 2026 was 75.30 TWD. Our model-based fair value is 123.87 TWD, about +65% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Evergreen Steel Corp right now?
Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (74.09 TWD to 164.79 TWD) leaves room in how you read the outcome.
Key figures of Evergreen Steel Corp
How large is the market capitalisation of Evergreen Steel Corp (2211)?
The market capitalisation of Evergreen Steel Corp is 36.4B TWD (≈ $1.1B). 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 Evergreen Steel Corp (2211)?
The price-to-sales ratio of Evergreen Steel Corp is 2.35 (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 Evergreen Steel Corp (2211)?
Earnings per share at Evergreen Steel Corp are 7.37 TWD (price ÷ EPS = P/E 10.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Evergreen Steel Corp (2211)?
The dividend yield of Evergreen Steel Corp is 8.6% (payout 97.3%, on adjusted earnings, reported 88.2%). 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 Evergreen Steel Corp (2211)?
The net margin of Evergreen Steel Corp is 19.9% (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 Evergreen Steel Corp (2211)?
The return on equity (ROE) of Evergreen Steel Corp is 11.6% (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 Evergreen Steel Corp (2211)?
On an EBIT basis the return on assets of Evergreen Steel Corp is 7.6% (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 Evergreen Steel Corp (2211)?
The operating margin of Evergreen Steel Corp is 21.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Evergreen Steel Corp (2211)?
Revenue at Evergreen Steel Corp is growing +19.5% versus a year earlier (3y avg +10.2%). 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 Evergreen Steel Corp (2211)?
Earnings per share at Evergreen Steel Corp are growing −26.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Evergreen Steel Corp (2211) carry?
The net debt of Evergreen Steel Corp is 795M TWD (fiscal year 2025, ≈ 0.3 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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Broad data
Nov 5, 2026