Taiwan Navigation Co Ltd (2617) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Taiwan Navigation Co Ltd stock TWD 36.26, price TWD 30.00, upside +20.9%, quality 61 out of 100. Rating: undervalued. 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 21.48 TWD – 62.39 TWD · fair‑value band 24.77 TWD – 49.37 TWD · the 30.00 TWD price screens below the 36.26 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Taiwan Navigation Co., Ltd., together with its subsidiaries, provides shipping services in Taiwan. It offers passenger and cargo transportation services through water, shipping agency, sand dredging, channel dredging, and tugboat services.
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The company is also involved in the commissioning construction companies to build and lease residential and commercial buildings. In addition, it engages in general management; and purchasing, sale, charter, and operation of sea navigation routes; and maritime operations of ships.
The company owns 36 vessels. Taiwan Navigation Co., Ltd. was founded in 1946 and is based in Taipei, Taiwan.
Stock analysis
Taiwan Navigation Co Ltd (2617) currently trades at 30.00 TWD, while our model-based Fair Value estimate is 36.26 TWD, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 52.79 TWD per share, and 14 of the 25 models we run sit above the 30.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 17.54 TWD, and 11 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: 24.77 TWD (bear) to 49.37 TWD (bull), the price of 30.00 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 61/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Taiwan Navigation Co Ltd reported revenue of 4.3B TWD in FY2025 versus 3.2B TWD in FY2021, a compound +7.4%/yr. Reported net income was 1.3B TWD in FY2025, compounding +0.1%/yr from FY2021.
Key figures
Market cap 12.5B TWD (≈ $381M) Small · P/E ratio 8.1 · P/S ratio 2.70 · EPS (TTM) 3.71 TWD · Dividend yield 5.0% · Net margin 33.5% · Return on equity 9.0% · Return on assets (EBIT) 6.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 21%, 2617 screens cheaper than that median.
Fair Value models
Bear24.77 TWDFair Value 36.26 TWDBull49.37 TWD
Price 30.00 TWD · Upside +20.9%
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 (1.90 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 DCF33.74 TWD49.20 TWD68.75 TWD81
Growth DCF34.77 TWD49.11 TWD66.53 TWD79
Owner Earnings30.84 TWD45.28 TWD63.54 TWD77
All 25 models by family
DCF Models
FCF DCF33.74 TWD49.20 TWD68.75 TWD81
Owner Earnings30.84 TWD45.28 TWD63.54 TWD77
5Y Revenue Exit14.64 TWD21.46 TWD29.31 TWD73
5Y EBITDA Exit37.98 TWD62.40 TWD89.26 TWD75
5Y P/E Exit33.44 TWD54.44 TWD74.95 TWD70
10Y Revenue Exit21.81 TWD29.01 TWD36.99 TWD68
10Y EBITDA Exit35.82 TWD54.91 TWD77.64 TWD68
10Y P/E Exit33.16 TWD49.87 TWD67.94 TWD64
Earnings-Based
Graham-Dodd21.60 TWD46.47 TWD59.05 TWD66
PEG = 1.07.18 TWD10.26 TWD13.34 TWD57
EPV15.91 TWD19.73 TWD22.95 TWD74
Dividend Discount
Gordon GGM12.31 TWD18.05 TWD23.65 TWD69
DDM Multi-Stage12.31 TWD17.02 TWD21.88 TWD67
Multiples
P/E Multiple50.03 TWD66.71 TWD83.39 TWD63
P/S Multiple15.46 TWD20.61 TWD25.76 TWD58
P/B Multiple23.25 TWD30.99 TWD38.74 TWD55
EV/EBIT35.60 TWD51.75 TWD67.90 TWD65
EV/EBITDA45.90 TWD65.49 TWD85.07 TWD67
EV/Revenue0.1200 TWD5.69 TWD11.25 TWD46
Asset-Based
NCAV (Graham)21.34 TWD28.59 TWD42.67 TWD54
Growth DCF
Growth DCF34.77 TWD49.11 TWD66.53 TWD79
Rev-Margin DCF14.64 TWD22.35 TWD30.81 TWD73
Economic Profit
Residual Income34.07 TWD35.66 TWD38.90 TWD76
ROIC Compounder15.91 TWD19.73 TWD22.95 TWD72
Growth Earnings
Growth-Adj P/E36.96 TWD52.79 TWD68.63 TWD67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.3%
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.
+3.5%
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.
+11.5%
Start year 2020 (pandemic). Over 10 years: +4.8% 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.
+4.6%
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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.
+22.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.2%
Dividend (yield on the price)5.0%
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.base effect: 17.2% / 20.9%
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% → 37%
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).
−3.4%
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 −4.9% a year for the price.
Compare Taiwan Navigation Co Ltd with another stock
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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.Marine Shipping · 220 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+20.9% · Above median
Profitability
Return on equity (12 months)9.0% · Above median
Return on assets5.0% · Above median
Net margin (12 months)33.5% · Top 25%
Operating margin (12 months)41.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)26.1% · Above median
Dividend yield (12 months)5.0% · Top 25%
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Taiwan Navigation Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2617
Frequently asked questions
Is Taiwan Navigation Co Ltd (2617) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 36.26 TWD versus a price of 30.00 TWD, about +21% upside (undervalued).
What is the fair value of 2617?
Our model-based fair value for Taiwan Navigation Co Ltd is 36.26 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 30.00 TWD.
What is the quality score of 2617?
Taiwan Navigation Co Ltd has a Quality Score of 61/100. 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 Taiwan Navigation Co Ltd (2617)?
Our model-based price target is the fair value of 36.26 TWD (as of Nov 8, 2026) from 25 valuation models. Cautious scenario 24.77 TWD, optimistic scenario 49.37 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Navigation Co Ltd stock forecast for 2026?
Our models put fair value at 36.26 TWD, about +21% upside versus a price of 30.00 TWD (undervalued). Cautious scenario 24.77 TWD, optimistic scenario 49.37 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Navigation Co Ltd (2617)?
Taiwan Navigation Co Ltd reported trailing-twelve-month revenue of about 4.6B TWD (latest available figure, as of Nov 8, 2026).
Does Taiwan Navigation Co Ltd pay a dividend?
Taiwan Navigation Co Ltd currently shows a dividend yield of 5.00% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Taiwan Navigation Co Ltd (2617) and when is the ex-dividend date?
Taiwan Navigation Co Ltd pays a dividend of 1.50 TWD per share a year, a dividend yield of 5.0%. The last ex-dividend date was Jul 15, 2026. The payout ratio is 40.4% of earnings. Free cash flow covers the dividend 2.77 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 Taiwan Navigation Co Ltd (2617)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Navigation Co Ltd would have to grow free cash flow by -3.4 % 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 +11.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 2617 use?
Our models discount Taiwan Navigation Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.34, 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 Taiwan Navigation Co Ltd that is -3.4 % 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 Taiwan Navigation Co Ltd (2617) delivered so far?
Over the past 5 years revenue at Taiwan Navigation Co Ltd grew +11.5 % a year. The price currently implies free-cash-flow growth of -3.4 % 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 Taiwan Navigation Co Ltd (2617) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Taiwan Navigation Co Ltd (-3.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Taiwan Navigation Co Ltd (2617)?
The free-cash-flow yield on the price is 13.85 %: that much free cash flow Taiwan Navigation Co Ltd 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 Taiwan Navigation Co Ltd (2617)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Navigation Co Ltd it is 36.26 TWD per share (as of Nov 8, 2026), against a price of 30.00 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 Taiwan Navigation Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2617 trades below its calculated fair value: price 30.00 TWD, fair value 36.26 TWD, a gap of about +21% (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 2617?
No. The price is what the market pays today (30.00 TWD); the fair value is what the company's own numbers justify (36.26 TWD). For Taiwan Navigation Co Ltd the two are 6.26 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Navigation Co Ltd worth?
The market values Taiwan Navigation Co Ltd at about 12.5B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 30.00 TWD; our models calculate a fair value of 36.26 TWD per share.
What do the bullish and bearish scenarios say about 2617?
Our models span a range for Taiwan Navigation Co Ltd: cautious scenario 24.77 TWD, base 36.26 TWD, optimistic 49.37 TWD per share (as of Nov 8, 2026, price 30.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2617?
Taiwan Navigation Co Ltd trades at a price-to-earnings ratio of 8.1 (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 36.26 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 9.7. Other multiples: P/B 0.7, P/S 2.7, EV/EBITDA 6.1.
How solid is the balance sheet of Taiwan Navigation Co Ltd (2617)?
Balance-sheet figures for Taiwan Navigation Co Ltd (as of Nov 8, 2026): return on equity 9.0%, debt of 0.32 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 2617 from its 52-week high?
Taiwan Navigation Co Ltd trades at 30.00 TWD, about 11% below its 52-week high of 33.65 TWD and 7% above the low of 28.10 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 36.26 TWD is for.
Which stocks are comparable to Taiwan Navigation Co Ltd?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, 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 Taiwan Navigation Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 30.00 TWD, calculated fair value 36.26 TWD (+21%), Quality Score 61/100, 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 2617 calculated?
We run Taiwan Navigation 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 36.26 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. Taiwan Navigation Co Ltd currently trades 17% 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 Taiwan Navigation Co Ltd (2617)?
The closing price on Nov 9, 2026 was 30.00 TWD. Our model-based fair value is 36.26 TWD, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Navigation Co Ltd right now?
Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (24.77 TWD to 49.37 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Taiwan Navigation Co Ltd (2617) come from?
Earnings per share at Taiwan Navigation Co Ltd grew +23.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin +19.7 %, tax rate +1.7 %, residual (interest, one-offs) −3.3 %. 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 Taiwan Navigation Co Ltd
How large is the market capitalisation of Taiwan Navigation Co Ltd (2617)?
The market capitalisation of Taiwan Navigation Co Ltd is 12.5B TWD (≈ $381M). 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 Taiwan Navigation Co Ltd (2617)?
The price-to-sales ratio of Taiwan Navigation Co Ltd is 2.70 (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 Taiwan Navigation Co Ltd (2617)?
Earnings per share at Taiwan Navigation Co Ltd are 3.71 TWD (price ÷ EPS = P/E 8.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Navigation Co Ltd (2617)?
The dividend yield of Taiwan Navigation Co Ltd is 5.0% (payout 40.4%). 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 Taiwan Navigation Co Ltd (2617)?
The net margin of Taiwan Navigation Co Ltd is 33.5% (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 Taiwan Navigation Co Ltd (2617)?
The return on equity (ROE) of Taiwan Navigation Co Ltd is 9.0% (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 Taiwan Navigation Co Ltd (2617)?
On an EBIT basis the return on assets of Taiwan Navigation Co Ltd is 6.2% (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 Taiwan Navigation Co Ltd (2617)?
The operating margin of Taiwan Navigation Co Ltd is 41.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Navigation Co Ltd (2617)?
Revenue at Taiwan Navigation Co Ltd is growing +26.1% versus a year earlier (3y avg +3.5%). 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 Taiwan Navigation Co Ltd (2617)?
Earnings per share at Taiwan Navigation Co Ltd are growing +93.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taiwan Navigation Co Ltd (2617) carry?
The net debt of Taiwan Navigation Co Ltd is 5.4B TWD (fiscal year 2025, ≈ 3.1 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 8, 2026