Good Will Instrument Co Ltd (2423) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Good Will Instrument Co Ltd stock TWD 50.91, price TWD 62.20, that is 18.2% below the price, quality 75 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 8, 2026.
How to read this chart
60‑month range 20.61 TWD – 84.80 TWD · fair‑value band 33.29 TWD – 72.81 TWD · the 62.20 TWD price screens above the 50.91 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
Follow Good Will Instrument Co in your weekly email
Every Wednesday you see whether Good Will Instrument Co is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Good Will Instrument Co., Ltd. manufactures and markets electrical test and measurement instruments for educational and industrial manufacturing markets in Taiwan.
Show moreShow less
The company provides handheld oscilloscopes, digital storage oscilloscopes, and oscilloscope training kits; spectrum analyzers, RF training systems, and EMI solution packages; and signal generators comprising arbitrary function, RF signal, DDS function, and analog function generators, as well as other signal sources.
It also provides DC and AC power supplies, and DC and AC/DC electronic loads; bench-top and hand-held digital multi-meters, and digital clamp meters; LCR meters; safety, leakage current, and AC ground bond testers, as well as multiplex scanner boxes; data acquisition systems; and other meters comprising DC milli-Ohm meters, AC power meters, digital IC testers, precision current shunt and automatic distortion meter, AC millvolt meters, precision current shunt meters, AC millvolt meters, frequency counters, and battery meters.
In addition, it offers accessories, such as oscilloscope, function generator, spectrum analyzer, power and load, T & M accessories and racks, RF accessories, LCR fixtures, communication cables, and general leads; and power electronic modules and training systems.
The company was founded in 1975 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Good Will Instrument Co Ltd (2423) currently trades at 62.20 TWD, while our model-based Fair Value estimate is 50.91 TWD, 18% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of 65.56 TWD per share, and 6 of the 25 models we run sit above the 62.20 TWD price.
Bear case: the Asset-Based group reads lowest at 11.41 TWD, and 19 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: 33.29 TWD (bear) to 72.81 TWD (bull), the price of 62.20 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 75/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Good Will Instrument Co Ltd reported revenue of 2.9B TWD in FY2025 versus 2.6B TWD in FY2021, a compound +3.1%/yr. Reported net income was 424M TWD in FY2025, compounding +10.0%/yr from FY2021.
Key figures
Market cap 9.0B TWD (≈ $274M) Micro · P/E ratio 14.8 · P/S ratio 2.74 · EPS (TTM) 4.19 TWD · Dividend yield 4.0% · Net margin 18.7% · Return on equity 21.7% · Return on assets (EBIT) 13.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 39% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at −18%, 2423 screens cheaper than that median.
Fair Value models
Bear33.29 TWDFair Value 50.91 TWDBull72.81 TWD
Price 62.20 TWD · Downside -18.2%
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 (1.45 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.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.5%
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.
+0.7%
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.
+5.0%
Start year 2020 (pandemic). Over 10 years: +3.2% 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.
+4.4%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.1%
Dividend (yield on the price)4.0%
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.8.1% vs 6.3%, steady
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.12% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+18.4%
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 +16.5% a year for the price.
Compare Good Will Instrument Co Ltd with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Scientific & Technical Instruments · 159 stocks
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). "Good Will Instrument Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2423
Frequently asked questions
Is Good Will Instrument Co Ltd (2423) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 50.91 TWD versus a price of 62.20 TWD, about 18% lower (overvalued).
What is the fair value of 2423?
Our model-based fair value for Good Will Instrument Co Ltd is 50.91 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 62.20 TWD.
What is the quality score of 2423?
Good Will Instrument Co Ltd has a Quality Score of 75/100. 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 Good Will Instrument Co Ltd (2423)?
Our model-based price target is the fair value of 50.91 TWD (as of Nov 8, 2026) from 25 valuation models. Cautious scenario 33.29 TWD, optimistic scenario 72.81 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Good Will Instrument Co Ltd stock forecast for 2026?
Our models put fair value at 50.91 TWD, about 18% lower versus a price of 62.20 TWD (overvalued). Cautious scenario 33.29 TWD, optimistic scenario 72.81 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Good Will Instrument Co Ltd (2423)?
Good Will Instrument Co Ltd reported trailing-twelve-month revenue of about 3.3B TWD (latest available figure, as of Nov 8, 2026).
Does Good Will Instrument Co Ltd pay a dividend?
Good Will Instrument Co Ltd currently shows a dividend yield of 4.02% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Good Will Instrument Co Ltd (2423) and when is the ex-dividend date?
Good Will Instrument Co Ltd pays a dividend of 2.50 TWD per share a year, a dividend yield of 4.0%. The last ex-dividend date was Jun 24, 2026. The payout ratio is 59.7% of earnings. Free cash flow covers the dividend 0.82 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 Good Will Instrument Co Ltd (2423)?
For today's price to be fair in a discounted-cash-flow model, Good Will Instrument Co Ltd would have to grow free cash flow by +18.4 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 2423 use?
Our models discount Good Will Instrument Co Ltd at 10.5 %: a base by market capitalisation (small), damped by beta 0.55, 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 Good Will Instrument Co Ltd that is +18.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Good Will Instrument Co Ltd (2423) delivered so far?
Over the past 5 years revenue at Good Will Instrument Co Ltd grew +5.0 % a year. The price currently implies free-cash-flow growth of +18.4 % 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 Good Will Instrument Co Ltd (2423) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Good Will Instrument Co Ltd (+18.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Good Will Instrument Co Ltd (2423)?
The free-cash-flow yield on the price is 3.26 %: that much free cash flow Good Will Instrument Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Good Will Instrument Co Ltd (2423)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Good Will Instrument Co Ltd it is 50.91 TWD per share (as of Nov 8, 2026), against a price of 62.20 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 Good Will Instrument Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2423 trades above its calculated fair value: price 62.20 TWD, fair value 50.91 TWD, a gap of about −18% (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 2423?
No. The price is what the market pays today (62.20 TWD); the fair value is what the company's own numbers justify (50.91 TWD). For Good Will Instrument Co Ltd the two are 11.29 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Good Will Instrument Co Ltd worth?
The market values Good Will Instrument Co Ltd at about 9.0B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 62.20 TWD; our models calculate a fair value of 50.91 TWD per share.
What do the bullish and bearish scenarios say about 2423?
Our models span a range for Good Will Instrument Co Ltd: cautious scenario 33.29 TWD, base 50.91 TWD, optimistic 72.81 TWD per share (as of Nov 8, 2026, price 62.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2423?
Good Will Instrument Co Ltd trades at a price-to-earnings ratio of 14.8 (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 50.91 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 12.8. Other multiples: PEG 0.7, P/B 3.0, P/S 2.7, EV/EBITDA 11.0.
What is the PEG ratio of 2423?
The PEG ratio of Good Will Instrument Co Ltd is 0.66 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Good Will Instrument Co Ltd (2423)?
Balance-sheet figures for Good Will Instrument Co Ltd (as of Nov 8, 2026): return on equity 21.7%. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is 2423 from its 52-week high?
Good Will Instrument Co Ltd trades at 62.20 TWD, about 27% below its 52-week high of 84.80 TWD and 39% above the low of 44.70 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 50.91 TWD is for.
Which stocks are comparable to Good Will Instrument Co Ltd?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, 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 Good Will Instrument Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 62.20 TWD, calculated fair value 50.91 TWD (−18%), Quality Score 75/100, 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 2423 calculated?
We run Good Will Instrument Co Ltd 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 50.91 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. Good Will Instrument Co Ltd 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 Good Will Instrument Co Ltd (2423)?
The closing price on Nov 9, 2026 was 62.20 TWD. Our model-based fair value is 50.91 TWD, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Good Will Instrument Co Ltd right now?
A high-quality business (quality 75/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (33.29 TWD to 72.81 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Good Will Instrument Co Ltd (2423) come from?
Earnings per share at Good Will Instrument Co Ltd grew +6.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin +7.4 %, tax rate −0.8 %, residual (interest, one-offs) −2.9 %. 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 Good Will Instrument Co Ltd
How large is the market capitalisation of Good Will Instrument Co Ltd (2423)?
The market capitalisation of Good Will Instrument Co Ltd is 9.0B TWD (≈ $274M). 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 Good Will Instrument Co Ltd (2423)?
The price-to-sales ratio of Good Will Instrument Co Ltd is 2.74 (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 Good Will Instrument Co Ltd (2423)?
Earnings per share at Good Will Instrument Co Ltd are 4.19 TWD (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Good Will Instrument Co Ltd (2423)?
The dividend yield of Good Will Instrument Co Ltd is 4.0% (payout 59.7%). 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 Good Will Instrument Co Ltd (2423)?
The net margin of Good Will Instrument Co Ltd is 18.7% (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 Good Will Instrument Co Ltd (2423)?
The return on equity (ROE) of Good Will Instrument Co Ltd is 21.7% (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 Good Will Instrument Co Ltd (2423)?
On an EBIT basis the return on assets of Good Will Instrument Co Ltd is 13.1% (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 Good Will Instrument Co Ltd (2423)?
The operating margin of Good Will Instrument Co Ltd is 23.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Good Will Instrument Co Ltd (2423)?
Revenue at Good Will Instrument Co Ltd is growing +21.7% versus a year earlier (3y avg +0.7%). 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 Good Will Instrument Co Ltd (2423)?
Earnings per share at Good Will Instrument Co Ltd are growing +125% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Good Will Instrument Co Ltd (2423) hold?
Good Will Instrument Co Ltd holds more cash than debt, 422M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Good Will Instrument Co Ltd in the live analysis
One click puts Good Will Instrument Co Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 8, 2026