Crowell Development Corp (2528) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Crowell Development Corp stock TWD 37.30, price TWD 17.15, upside +117.5%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 16 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 6, 2026.
How to read this chart
60‑month range 14.55 TWD – 54.90 TWD · fair‑value band 20.55 TWD – 49.88 TWD · the 17.15 TWD price screens below the 37.30 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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Crowell Development Corp. engages in the construction, leasing, and sale of commercial and residential buildings in Taiwan.
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It is also involved in the investment and development of parking lots; operation of playgrounds, amusement parks, sports stadiums, supermarkets, warehouses, restaurants, coffee shops, and hotels; manufacture and sale of building materials; sale and import and export of decoration and building materials; and department store sales business.
The company was founded in 1985 and is based in Taoyuan City, Taiwan.
Stock analysis
Crowell Development Corp (2528) currently trades at 17.15 TWD, while our model-based Fair Value estimate is 37.30 TWD, implying the stock looks roughly 54% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 139.04 TWD per share, and 15 of the 16 models we run sit above the 17.15 TWD price.
Bear case: the Asset-Based group reads lowest at 13.67 TWD, and 1 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: 20.55 TWD (bear) to 49.88 TWD (bull), the price of 17.15 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 Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Crowell Development Corp reported revenue of 12.3B TWD in FY2025 versus 3.2B TWD in FY2021, a compound +40.0%/yr. Reported net income was 1.5B TWD in FY2025, compounding +33.0%/yr from FY2021.
Key figures
Market cap 9.1B TWD (≈ $278M) Micro · P/E ratio 7.6 · P/S ratio 1.05 · EPS (TTM) 2.25 TWD · Dividend yield 7.6% · Net margin 12.4% · Return on equity 14.7% · Return on assets (EBIT) 4.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 117%, 2528 screens cheaper than that median.
Fair Value models
Bear20.55 TWDFair Value 37.30 TWDBull49.88 TWD
Price 17.15 TWD · Upside +117.5%
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 (0.8112 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 DCF109.52 TWD157.91 TWD300.53 TWD77
Growth DCF102.33 TWD172.71 TWD282.81 TWD76
Residual Income16.44 TWD20.96 TWD30.45 TWD75
All 16 models by family
DCF Models
FCF DCF109.52 TWD157.91 TWD300.53 TWD77
5Y Revenue Exit59.54 TWD91.54 TWD157.35 TWD71
5Y EBITDA Exit67.29 TWD107.17 TWD184.81 TWD73
10Y Revenue Exit76.15 TWD138.19 TWD168.00 TWD67
10Y EBITDA Exit82.37 TWD152.87 TWD265.26 TWD66
Dividend Discount
Gordon GGM12.09 TWD20.92 TWD27.85 TWD68
DDM Multi-Stage12.09 TWD19.52 TWD22.44 TWD67
Multiples
P/S Multiple39.00 TWD52.00 TWD65.00 TWD58
P/B Multiple23.62 TWD31.49 TWD39.36 TWD55
EV/EBIT43.59 TWD64.61 TWD85.63 TWD65
EV/EBITDA29.40 TWD45.69 TWD61.98 TWD66
EV/Revenue15.30 TWD30.21 TWD45.11 TWD51
Asset-Based
NCAV (Graham)9.02 TWD13.67 TWD17.09 TWD54
Growth DCF
Growth DCF102.33 TWD172.71 TWD282.81 TWD76
Rev-Margin DCF65.23 TWD105.37 TWD190.31 TWD70
Economic Profit
Residual Income16.44 TWD20.96 TWD30.45 TWD75
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+130.3%
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.
+92.2%
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.
+59.9%
Start year 2020 (pandemic). Over 10 years: +56.9% 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.
+16.6%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+37.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.9%
Dividend (yield on the price)7.6%
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.21.6% vs 34.3%, 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.−17% → 16%
2025 sits 513% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
−15.1%
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 −16.4% a year for the price.
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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.Real Estate Services · 472 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+117.5% · Top 25%
Profitability
Return on equity (12 months)14.7% · Top 25%
Return on assets6.8% · Top 25%
Net margin (12 months)12.4% · Below median
Operating margin (12 months)26.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)−36.4% · Bottom 25%
Dividend yield (12 months)7.6% · Top 25%
Balance sheet
Debt / equity0.39× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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). "Crowell Development Corp Fair Value". https://www.fairvalue-calculator.com/stock/2528
Frequently asked questions
Is Crowell Development Corp (2528) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 37.30 TWD versus a price of 17.15 TWD, about +117% upside (undervalued).
What is the fair value of 2528?
Our model-based fair value for Crowell Development Corp is 37.30 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 17.15 TWD.
What is the quality score of 2528?
Crowell Development 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 Crowell Development Corp (2528)?
Our model-based price target is the fair value of 37.30 TWD (as of Nov 6, 2026) from 16 valuation models. Cautious scenario 20.55 TWD, optimistic scenario 49.88 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Crowell Development Corp stock forecast for 2026?
Our models put fair value at 37.30 TWD, about +117% upside versus a price of 17.15 TWD (undervalued). Cautious scenario 20.55 TWD, optimistic scenario 49.88 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Crowell Development Corp (2528)?
Crowell Development Corp reported trailing-twelve-month revenue of about 8.7B TWD (latest available figure, as of Nov 6, 2026).
Does Crowell Development Corp pay a dividend?
Crowell Development Corp currently shows a dividend yield of 7.60% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Crowell Development Corp (2528) and when is the ex-dividend date?
Crowell Development Corp pays a dividend of 1.30 TWD per share a year, a dividend yield of 7.6%. The last ex-dividend date was Mar 26, 2026. The payout ratio is 58.0% of earnings. Free cash flow covers the dividend 6.77 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 Crowell Development Corp (2528)?
For today's price to be fair in a discounted-cash-flow model, Crowell Development Corp would have to grow free cash flow by -15.1 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +59.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 2528 use?
Our models discount Crowell Development Corp at 11.8 %: a base by market capitalisation (micro), damped by beta 0.16, 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 Crowell Development Corp that is -15.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Crowell Development Corp (2528) delivered so far?
Over the past 5 years revenue at Crowell Development Corp grew +59.9 % a year. The price currently implies free-cash-flow growth of -15.1 % 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 Crowell Development Corp (2528) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Crowell Development Corp (-15.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Crowell Development Corp (2528)?
The free-cash-flow yield on the price is 48.55 %: that much free cash flow Crowell Development Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Crowell Development Corp (2528)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Crowell Development Corp it is 37.30 TWD per share (as of Nov 6, 2026), against a price of 17.15 TWD. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Crowell Development Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 2528 trades below its calculated fair value: price 17.15 TWD, fair value 37.30 TWD, a gap of about +117% (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 2528?
No. The price is what the market pays today (17.15 TWD); the fair value is what the company's own numbers justify (37.30 TWD). For Crowell Development Corp the two are 20.15 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Crowell Development Corp worth?
The market values Crowell Development Corp at about 9.1B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 17.15 TWD; our models calculate a fair value of 37.30 TWD per share.
What do the bullish and bearish scenarios say about 2528?
Our models span a range for Crowell Development Corp: cautious scenario 20.55 TWD, base 37.30 TWD, optimistic 49.88 TWD per share (as of Nov 6, 2026, price 17.15 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2528?
Crowell Development Corp trades at a price-to-earnings ratio of 7.6 (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 37.30 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 1.1, EV/EBITDA 8.1.
How solid is the balance sheet of Crowell Development Corp (2528)?
Balance-sheet figures for Crowell Development Corp (as of Nov 6, 2026): return on equity 14.7%, debt of 0.39 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 2528 from its 52-week high?
Crowell Development Corp trades at 17.15 TWD, about 45% below its 52-week high of 31.40 TWD and 2% above the low of 16.80 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 37.30 TWD is for.
Which stocks are comparable to Crowell Development Corp?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Crowell Development Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 17.15 TWD, calculated fair value 37.30 TWD (+117%), Quality Score 54/100, from 16 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 2528 calculated?
We run Crowell Development Corp through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 37.30 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. Crowell Development Corp currently trades 54% 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 Crowell Development Corp (2528)?
The closing price on Nov 9, 2026 was 17.15 TWD. Our model-based fair value is 37.30 TWD, about +117% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Crowell Development Corp right now?
The price is below even our cautious bear case (20.55 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. A fairly wide model range (20.55 TWD to 49.88 TWD) leaves room in how you read the outcome.
Key figures of Crowell Development Corp
How large is the market capitalisation of Crowell Development Corp (2528)?
The market capitalisation of Crowell Development Corp is 9.1B TWD (≈ $278M). 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 Crowell Development Corp (2528)?
The price-to-sales ratio of Crowell Development Corp is 1.05 (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 Crowell Development Corp (2528)?
Earnings per share at Crowell Development Corp are 2.25 TWD (price ÷ EPS = P/E 7.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Crowell Development Corp (2528)?
The dividend yield of Crowell Development Corp is 7.6% (payout 58.0%). 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 Crowell Development Corp (2528)?
The net margin of Crowell Development Corp is 12.4% (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 Crowell Development Corp (2528)?
The return on equity (ROE) of Crowell Development Corp is 14.7% (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 Crowell Development Corp (2528)?
On an EBIT basis the return on assets of Crowell Development Corp is 4.2% (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 Crowell Development Corp (2528)?
The operating margin of Crowell Development Corp is 26.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Crowell Development Corp (2528)?
Revenue at Crowell Development Corp is growing −36.4% versus a year earlier (3y avg +92.2%). 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 Crowell Development Corp (2528)?
Earnings per share at Crowell Development Corp are growing +9.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Crowell Development Corp (2528) carry?
The net debt of Crowell Development Corp is 9.8B TWD (fiscal year 2025, ≈ 2.2 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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Thin data
Nov 6, 2026