CMC Magnetics Corp (2323) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of CMC Magnetics Corp stock TWD 19.63, price TWD 9.96, upside +97.1%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 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 8, 2026.
How to read this chart
60‑month range 4.27 TWD – 13.80 TWD · fair‑value band 18.20 TWD – 21.74 TWD · the 9.96 TWD price screens below the 19.63 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 8, 2026.
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CMC Magnetics Corporation manufactures, sells, and distributes consumer electronic products in Taiwan, the Americas, Japan, Mainland China, the rest of Asia, Europe, and internationally. It operates through Storage Media, Other Optoelectronics, Investment, and Other segments.
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The company offers M-disc products; HP optical media disc products; data storage products comprising USB, micro-SD, solid state drive, and control cards; and CMC pro media products, including CD-R and DVD-R shiny silver lacquer, inkjet printable, watershield, and thermal products, as well as DVD-R HardCoat products.
It also engages in film production and distribution; shopping mall; provision of electronic information and internet services; manufacture and sale of touch panels; general investment; and purchase and sale of optical discs. The company was founded in 1978 and is headquartered in Taipei, Taiwan.
Stock analysis
CMC Magnetics Corp (2323) currently trades at 9.96 TWD, while our model-based Fair Value estimate is 19.63 TWD, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 54.57 TWD per share, and 7 of the 10 models we run sit above the 9.96 TWD price.
Bear case: the Dividend Discount group reads lowest at 7.90 TWD, and 3 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: 18.20 TWD (bear) to 21.74 TWD (bull), the price of 9.96 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 54/100 (solid quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
CMC Magnetics Corp reported revenue of 7.2B TWD in FY2025 versus 8.7B TWD in FY2021, a compound −4.7%/yr. Reported net income was 1.7B TWD in FY2025, compounding +80.7%/yr from FY2021.
Key figures
Market cap 10.9B TWD (≈ $331M) Micro · P/E ratio 3.0 · P/S ratio 1.27 · EPS (TTM) 3.36 TWD · Dividend yield 2.2% · Net margin 42.7% · Return on equity 17.8% · Return on assets (EBIT) −1.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at 97%, 2323 screens cheaper than that median.
Fair Value models
Bear18.20 TWDFair Value 19.63 TWDBull21.74 TWD
Price 9.96 TWD · Upside +97.1%
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 (2.69 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.24/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.4%
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.
−2.3%
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.
−5.2%
Start year 2020 (pandemic). Over 10 years: −5.6% a year
Revenue growth 25 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.
−4.1%
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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.
+62.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+60.6%
Dividend (yield on the price)2.2%
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.4% → −1%
⚠ Revenue per share shrinking 4.9%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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.Computer Hardware · 213 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+97.1% · Top 25%
Profitability
Return on equity (12 months)17.8% · Above median
Return on assets6.0% · Above median
Net margin (12 months)42.7% · Top 25%
Operating margin (12 months)3.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)16.2% · Below median
Dividend yield (12 months)2.2% · Below median
Balance sheet
Debt / equity0.19× · Above median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
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Is CMC Magnetics Corp (2323) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 19.63 TWD versus a price of 9.96 TWD, about +97% upside (undervalued).
What is the fair value of 2323?
Our model-based fair value for CMC Magnetics Corp is 19.63 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 9.96 TWD.
What is the quality score of 2323?
CMC Magnetics Corp has a Quality Score of 54/100. 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 CMC Magnetics Corp (2323)?
Our model-based price target is the fair value of 19.63 TWD (as of Nov 8, 2026) from 11 valuation models. Cautious scenario 18.20 TWD, optimistic scenario 21.74 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the CMC Magnetics Corp stock forecast for 2026?
Our models put fair value at 19.63 TWD, about +97% upside versus a price of 9.96 TWD (undervalued). Cautious scenario 18.20 TWD, optimistic scenario 21.74 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of CMC Magnetics Corp (2323)?
CMC Magnetics Corp reported trailing-twelve-month revenue of about 7.7B TWD (latest available figure, as of Nov 8, 2026).
Does CMC Magnetics Corp pay a dividend?
CMC Magnetics Corp currently shows a dividend yield of 2.23% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of CMC Magnetics Corp (2323) and when is the ex-dividend date?
CMC Magnetics Corp pays a dividend of 0.222 TWD per share a year, a dividend yield of 2.2%. The last ex-dividend date was Oct 1, 2026. The payout ratio is 6.6% of earnings. 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 is the intrinsic value of CMC Magnetics Corp (2323)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CMC Magnetics Corp it is 19.63 TWD per share (as of Nov 8, 2026), against a price of 9.96 TWD. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is CMC Magnetics Corp stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2323 trades below its calculated fair value: price 9.96 TWD, fair value 19.63 TWD, a gap of about +97% (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 2323?
No. The price is what the market pays today (9.96 TWD); the fair value is what the company's own numbers justify (19.63 TWD). For CMC Magnetics Corp the two are 9.67 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is CMC Magnetics Corp worth?
The market values CMC Magnetics Corp at about 10.9B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 9.96 TWD; our models calculate a fair value of 19.63 TWD per share.
What do the bullish and bearish scenarios say about 2323?
Our models span a range for CMC Magnetics Corp: cautious scenario 18.20 TWD, base 19.63 TWD, optimistic 21.74 TWD per share (as of Nov 8, 2026, price 9.96 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2323?
CMC Magnetics Corp trades at a price-to-earnings ratio of 3.0 (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 19.63 TWD is built from several models across several years. Other multiples: P/B 0.5, P/S 1.3, EV/EBITDA 28.7.
How solid is the balance sheet of CMC Magnetics Corp (2323)?
Balance-sheet figures for CMC Magnetics Corp (as of Nov 8, 2026): return on equity 17.8%, debt of 0.19 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 2323 from its 52-week high?
CMC Magnetics Corp trades at 9.96 TWD, about 24% below its 52-week high of 13.13 TWD and 10% above the low of 9.08 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 19.63 TWD is for.
Which stocks are comparable to CMC Magnetics Corp?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Sandisk Corporation, Seagate Technology Holdings, 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 CMC Magnetics Corp stock attractive at the current price?
The data as of Nov 8, 2026: price 9.96 TWD, calculated fair value 19.63 TWD (+97%), Quality Score 54/100, from 11 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 2323 calculated?
We run CMC Magnetics Corp through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 19.63 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. CMC Magnetics Corp currently trades 49% 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 CMC Magnetics Corp (2323)?
The closing price on Nov 9, 2026 was 9.96 TWD. Our model-based fair value is 19.63 TWD, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CMC Magnetics Corp right now?
The price is below even our cautious bear case (18.20 TWD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of CMC Magnetics Corp
How large is the market capitalisation of CMC Magnetics Corp (2323)?
The market capitalisation of CMC Magnetics Corp is 10.9B TWD (≈ $331M). 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 CMC Magnetics Corp (2323)?
The price-to-sales ratio of CMC Magnetics Corp is 1.27 (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 CMC Magnetics Corp (2323)?
Earnings per share at CMC Magnetics Corp are 3.36 TWD (price ÷ EPS = P/E 3.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CMC Magnetics Corp (2323)?
The dividend yield of CMC Magnetics Corp is 2.2% (payout 6.6%). 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 CMC Magnetics Corp (2323)?
The net margin of CMC Magnetics Corp is 42.7% (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 CMC Magnetics Corp (2323)?
The return on equity (ROE) of CMC Magnetics Corp is 17.8% (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 CMC Magnetics Corp (2323)?
On an EBIT basis the return on assets of CMC Magnetics Corp is −1.1% (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 CMC Magnetics Corp (2323)?
The operating margin of CMC Magnetics Corp is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CMC Magnetics Corp (2323)?
Revenue at CMC Magnetics Corp is growing +16.2% versus a year earlier (3y avg −2.3%). 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 CMC Magnetics Corp (2323)?
Earnings per share at CMC Magnetics Corp are growing +155% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CMC Magnetics Corp (2323) generate?
The free cash flow of CMC Magnetics Corp is −1.5B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CMC Magnetics Corp (2323) carry?
The net debt of CMC Magnetics Corp is 4.1B TWD (fiscal year 2025). 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 8, 2026