Visual Photonics Epitaxy Co Ltd (2455) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Visual Photonics Epitaxy Co Ltd stock TWD 45.36, price TWD 450, that is 89.9% below the price, quality 63 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 52.30 TWD – 606.00 TWD · fair‑value band 27.11 TWD – 67.85 TWD · the 449.50 TWD price screens above the 45.36 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Visual Photonics Epitaxy Co., Ltd. engages in the research and development, manufacture, and sale of optoelectronic semiconductors and optoelectronic components products in Taiwan, the United States, China, and internationally.
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The company offers microelectronics epi wafers, including gallium arsenide (GaAs) heterojunction bipolar transistor (HBT), low turn-on voltage HBT, high voltage HBT, InP HBT and HEMT, GaAs pseudomorphic high electron mobility transistor (PHEMT) and BiHEMT, and GaN epi wafers.
The company also provides optoelectronics epi wafers, such as GaAs PD, InGaAs PD and APD, Zn diffusion ready InGaAs PD and APD, long wavelength InGaAs PD, F-P and DFB LD, and VCSEL epi wafers; and solar cell epi wafers, as well as customerized epi foundry services.
Visual Photonics Epitaxy Co., Ltd. was incorporated in 1996 and is based in Taoyuan City, Taiwan.
Stock analysis
Visual Photonics Epitaxy Co Ltd (2455) currently trades at 449.50 TWD, while our model-based Fair Value estimate is 45.36 TWD, 89.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 82.05 TWD per share, and 0 of the 26 models we run sit above the 449.50 TWD price.
Bear case: the Asset-Based group reads lowest at 4.95 TWD, and 26 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 27.11 TWD (bear) to 67.85 TWD (bull), the price of 449.50 TWD sits above 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 63/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Visual Photonics Epitaxy Co Ltd reported revenue of 3.4B TWD in FY2025 versus 3.6B TWD in FY2021, a compound −1.6%/yr. Reported net income was 548M TWD in FY2025, compounding −10.5%/yr from FY2021.
Key figures
Market cap 84.9B TWD (≈ $2.6B) Mid · P/E ratio 111.0 · P/S ratio 22.4 · EPS (TTM) 4.05 TWD · Dividend yield 0.6% · Net margin 20.1% · Return on equity 23.4% · Return on assets (EBIT) 15.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 77 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 243% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at −90%, 2455 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (4.95 TWD to 105.47 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear27.11 TWDFair Value 45.36 TWDBull67.85 TWD
Price 449.50 TWD · Downside -89.9%
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 (1.18 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.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.3%
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.
+9.1%
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: +3.5% 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.
+10.3%
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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.
+1.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.7%
Dividend (yield on the price)0.6%
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.0.7% vs 1.6%, 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.25% → 20%
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 and more than analysts expect.
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).
+76.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+33.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +73.3% a year for the price and +31.7% for the forecasts.
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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.Semiconductor Equipment & Materials · 235 stocks
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Cite: Fair Value Calculator (2026). "Visual Photonics Epitaxy Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2455
Frequently asked questions
Is Visual Photonics Epitaxy Co Ltd (2455) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 45.36 TWD versus a price of 449.50 TWD, about 90% lower (overvalued).
What is the fair value of 2455?
Our model-based fair value for Visual Photonics Epitaxy Co Ltd is 45.36 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 449.50 TWD.
What is the quality score of 2455?
Visual Photonics Epitaxy Co Ltd has a Quality Score of 63/100. 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 Visual Photonics Epitaxy Co Ltd (2455)?
Our model-based price target is the fair value of 45.36 TWD (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 27.11 TWD, optimistic scenario 67.85 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Visual Photonics Epitaxy Co Ltd stock forecast for 2026?
Our models put fair value at 45.36 TWD, about 90% lower versus a price of 449.50 TWD (overvalued). Cautious scenario 27.11 TWD, optimistic scenario 67.85 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Visual Photonics Epitaxy Co Ltd (2455)?
Visual Photonics Epitaxy Co Ltd reported trailing-twelve-month revenue of about 3.8B TWD (latest available figure, as of Nov 3, 2026).
Does Visual Photonics Epitaxy Co Ltd pay a dividend?
Visual Photonics Epitaxy Co Ltd currently shows a dividend yield of 0.59% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Visual Photonics Epitaxy Co Ltd (2455)?
For today's price to be fair in a discounted-cash-flow model, Visual Photonics Epitaxy Co Ltd would have to grow free cash flow by +76.0 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.0 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 2455 use?
Our models discount Visual Photonics Epitaxy Co Ltd at 12.5 %: a base by market capitalisation (mid), damped by beta 1.85, 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 Visual Photonics Epitaxy Co Ltd that is +76.0 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Visual Photonics Epitaxy Co Ltd (2455) delivered so far?
Over the past 5 years revenue at Visual Photonics Epitaxy Co Ltd grew +5.0 % a year. The price currently implies +76.0 % per year free-cash-flow growth a 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 Visual Photonics Epitaxy Co Ltd (2455) growing?
The median revenue growth in the sector is +11.0 % a year. That is the yardstick for the growth priced into Visual Photonics Epitaxy Co Ltd (+76.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Visual Photonics Epitaxy Co Ltd (2455)?
The free-cash-flow yield on the price is 0.33 %: that much free cash flow Visual Photonics Epitaxy Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Visual Photonics Epitaxy Co Ltd (2455)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Visual Photonics Epitaxy Co Ltd it is 45.36 TWD per share (as of Nov 3, 2026), against a price of 449.50 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Visual Photonics Epitaxy Co Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 2455 trades above its calculated fair value: price 449.50 TWD, fair value 45.36 TWD, a gap of about −90% (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 2455?
No. The price is what the market pays today (449.50 TWD); the fair value is what the company's own numbers justify (45.36 TWD). For Visual Photonics Epitaxy Co Ltd the two are 404.14 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Visual Photonics Epitaxy Co Ltd worth?
The market values Visual Photonics Epitaxy Co Ltd at about 84.9B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 449.50 TWD; our models calculate a fair value of 45.36 TWD per share.
What do the bullish and bearish scenarios say about 2455?
Our models span a range for Visual Photonics Epitaxy Co Ltd: cautious scenario 27.11 TWD, base 45.36 TWD, optimistic 67.85 TWD per share (as of Nov 3, 2026, price 449.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2455?
Visual Photonics Epitaxy Co Ltd trades at a price-to-earnings ratio of 111.0 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 45.36 TWD is built from several models across several years. Other multiples: PEG 0.8, P/B 25.8, P/S 22.4, EV/EBITDA 76.0.
What is the PEG ratio of 2455?
The PEG ratio of Visual Photonics Epitaxy Co Ltd is 0.83 (P/E divided by earnings growth, as of Nov 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Visual Photonics Epitaxy Co Ltd (2455)?
Balance-sheet figures for Visual Photonics Epitaxy Co Ltd (as of Nov 3, 2026): return on equity 23.4%, debt of 0.18 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 2455 from its 52-week high?
Visual Photonics Epitaxy Co Ltd trades at 449.50 TWD, about 26% below its 52-week high of 606.00 TWD and 243% above the low of 131.00 TWD (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of 45.36 TWD is for.
Which stocks are comparable to Visual Photonics Epitaxy Co Ltd?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA 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 Visual Photonics Epitaxy Co Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 449.50 TWD, calculated fair value 45.36 TWD (−90%), Quality Score 63/100, 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 2455 calculated?
We run Visual Photonics Epitaxy Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 45.36 TWD, 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 15.2 % above its aggregate fair value. Visual Photonics Epitaxy 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 Visual Photonics Epitaxy Co Ltd (2455)?
The closing price on Nov 2, 2026 was 449.50 TWD. Our model-based fair value is 45.36 TWD, about 90% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Visual Photonics Epitaxy Co Ltd right now?
The price sits above even our optimistic bull case (67.85 TWD). The favourable scenario is already priced in. 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 but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (27.11 TWD to 67.85 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Visual Photonics Epitaxy Co Ltd (2455) come from?
Earnings per share at Visual Photonics Epitaxy Co Ltd grew +1.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.6 %, EBIT margin −2.8 %, tax rate −0.2 %, residual (interest, one-offs) +0.3 %. 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 Visual Photonics Epitaxy Co Ltd
How large is the market capitalisation of Visual Photonics Epitaxy Co Ltd (2455)?
The market capitalisation of Visual Photonics Epitaxy Co Ltd is 84.9B TWD (≈ $2.6B). 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 Visual Photonics Epitaxy Co Ltd (2455)?
The price-to-sales ratio of Visual Photonics Epitaxy Co Ltd is 22.4 (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 Visual Photonics Epitaxy Co Ltd (2455)?
Earnings per share at Visual Photonics Epitaxy Co Ltd are 4.05 TWD (price ÷ EPS = P/E 111.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Visual Photonics Epitaxy Co Ltd (2455)?
The dividend yield of Visual Photonics Epitaxy Co Ltd is 0.6% (payout 65.4%). 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 Visual Photonics Epitaxy Co Ltd (2455)?
The net margin of Visual Photonics Epitaxy Co Ltd is 20.1% (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 Visual Photonics Epitaxy Co Ltd (2455)?
The return on equity (ROE) of Visual Photonics Epitaxy Co Ltd is 23.4% (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 Visual Photonics Epitaxy Co Ltd (2455)?
On an EBIT basis the return on assets of Visual Photonics Epitaxy Co Ltd is 15.8% (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 Visual Photonics Epitaxy Co Ltd (2455)?
The operating margin of Visual Photonics Epitaxy Co Ltd is 23.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Visual Photonics Epitaxy Co Ltd (2455)?
Revenue at Visual Photonics Epitaxy Co Ltd is growing +35.2% versus a year earlier (3y avg +9.1%). 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 Visual Photonics Epitaxy Co Ltd (2455)?
Earnings per share at Visual Photonics Epitaxy Co Ltd are growing +462% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Visual Photonics Epitaxy Co Ltd (2455) hold?
Visual Photonics Epitaxy Co Ltd holds more cash than debt, 337M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 3, 2026