Novatek Microelectronics Corp (3034) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Novatek Microelectronics Corp stock TWD 534, price TWD 510, upside +4.7%, quality 77 out of 100. Rating: fairly valued. 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 6, 2026.
How to read this chart
60‑month range 167.69 TWD – 599.00 TWD · fair‑value band 352.38 TWD – 779.14 TWD · the 510.00 TWD price screens below the 533.74 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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Novatek Microelectronics Corp., a fabless chip design company, designs, develops and sells a range of display driver integrated circuits (IC) and system-on-a-chip (SoC) solutions in Taiwan, Asia, and internationally.
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The company offers display driver ICs for LCD displays, televisions (TVs), notebook computers, desktop monitors, cameras, tablets, PCs, automotive displays, smartphones, and wearable products.
The company also provides SoC solutions, including timing controllers, LCD monitors, TVs, power management, and digital image controllers, as well as CMOS image sensors. In addition, it is involved in the sale, development, testing, and related consulting services for IC system application software.
The company was incorporated in 1997 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
Novatek Microelectronics Corp (3034) currently trades at 510.00 TWD, while our model-based Fair Value estimate is 533.74 TWD, so the stock looks roughly fairly valued today (gap 4.4%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 651.15 TWD per share, and 9 of the 26 models we run sit above the 510.00 TWD price.
Bear case: the Asset-Based group reads lowest at 71.81 TWD, and 17 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 352.38 TWD (bear) to 779.14 TWD (bull), the price of 510.00 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 77/100 (high quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Novatek Microelectronics Corp reported revenue of 101B TWD in FY2025 versus 135B TWD in FY2021, a compound −7.1%/yr. Reported net income was 16.4B TWD in FY2025, compounding −19.5%/yr from FY2021.
Key figures
Market cap 310B TWD (≈ $9.4B) Mid · P/E ratio 17.8 · P/S ratio 3.13 · EPS (TTM) 28.63 TWD · Dividend yield 4.5% · Net margin 17.6% · Return on equity 27.1% · Return on assets (EBIT) 28.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at 5%, 3034 screens cheaper than that median.
Fair Value models
Bear352.38 TWDFair Value 533.74 TWDBull779.14 TWD
Price 510.00 TWD · Upside +4.7%
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 (4.78 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.9%
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.
+4.7%
Start year 2020 (pandemic). Over 10 years: +7.1% 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.
+12.3%
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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.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.7%
Dividend (yield on the price)4.5%
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.6.7% vs 9.8%, 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.18% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what 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).
+10.5%
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.
+8.8%
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 +8.8% a year for the price and +7.2% 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.Semiconductors · 372 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside+4.7% · Top 25%
Profitability
Return on equity (12 months)27.1% · Top 25%
Return on assets16.8% · Top 25%
Net margin (12 months)17.6% · Above median
Operating margin (12 months)22.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.6% · Below median
Dividend yield (12 months)4.5% · Top 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Is Novatek Microelectronics Corp (3034) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 533.74 TWD versus a price of 510.00 TWD, about +5% upside (fairly valued).
What is the fair value of 3034?
Our model-based fair value for Novatek Microelectronics Corp is 533.74 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 510.00 TWD.
What is the quality score of 3034?
Novatek Microelectronics Corp has a Quality Score of 77/100. 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 Novatek Microelectronics Corp (3034)?
Our model-based price target is the fair value of 533.74 TWD (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 352.38 TWD, optimistic scenario 779.14 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Novatek Microelectronics Corp stock forecast for 2026?
Our models put fair value at 533.74 TWD, about +5% upside versus a price of 510.00 TWD (fairly valued). Cautious scenario 352.38 TWD, optimistic scenario 779.14 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Novatek Microelectronics Corp (3034)?
Novatek Microelectronics Corp reported trailing-twelve-month revenue of about 99.2B TWD (latest available figure, as of Nov 6, 2026).
Does Novatek Microelectronics Corp pay a dividend?
Novatek Microelectronics Corp currently shows a dividend yield of 4.51% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Novatek Microelectronics Corp (3034)?
For today's price to be fair in a discounted-cash-flow model, Novatek Microelectronics Corp would have to grow free cash flow by +10.5 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.7 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 3034 use?
Our models discount Novatek Microelectronics Corp at 9.6 %: a base by market capitalisation (mid), damped by beta 0.73, 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 Novatek Microelectronics Corp that is +10.5 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Novatek Microelectronics Corp (3034) delivered so far?
Over the past 5 years revenue at Novatek Microelectronics Corp grew +4.7 % a year. The price currently implies +10.5 % 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 Novatek Microelectronics Corp (3034) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Novatek Microelectronics Corp (+10.5 % 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 Novatek Microelectronics Corp (3034)?
The free-cash-flow yield on the price is 4.03 %: that much free cash flow Novatek Microelectronics Corp produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Novatek Microelectronics Corp (3034)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Novatek Microelectronics Corp it is 533.74 TWD per share (as of Nov 6, 2026), against a price of 510.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Novatek Microelectronics Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 3034 trades below its calculated fair value: price 510.00 TWD, fair value 533.74 TWD, a gap of about +5% (fairly valued). 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 3034?
No. The price is what the market pays today (510.00 TWD); the fair value is what the company's own numbers justify (533.74 TWD). For Novatek Microelectronics Corp the two are 23.74 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Novatek Microelectronics Corp worth?
The market values Novatek Microelectronics Corp at about 310B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 510.00 TWD; our models calculate a fair value of 533.74 TWD per share.
What do the bullish and bearish scenarios say about 3034?
Our models span a range for Novatek Microelectronics Corp: cautious scenario 352.38 TWD, base 533.74 TWD, optimistic 779.14 TWD per share (as of Nov 6, 2026, price 510.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3034?
Novatek Microelectronics Corp trades at a price-to-earnings ratio of 17.8 (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 533.74 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 13.7. Other multiples: PEG 1.1, P/B 4.6, P/S 3.1, EV/EBITDA 13.8.
What is the PEG ratio of 3034?
The PEG ratio of Novatek Microelectronics Corp is 1.11 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Novatek Microelectronics Corp (3034)?
Balance-sheet figures for Novatek Microelectronics Corp (as of Nov 6, 2026): return on equity 27.1%. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is 3034 from its 52-week high?
Novatek Microelectronics Corp trades at 510.00 TWD, about 15% below its 52-week high of 599.00 TWD and 48% above the low of 345.68 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 533.74 TWD is for.
Which stocks are comparable to Novatek Microelectronics Corp?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, 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 Novatek Microelectronics Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 510.00 TWD, calculated fair value 533.74 TWD (+5%), Quality Score 77/100, 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 3034 calculated?
We run Novatek Microelectronics Corp 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 533.74 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 15.5% above its aggregate fair value. Novatek Microelectronics Corp currently trades 4% 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 Novatek Microelectronics Corp (3034)?
The closing price on Nov 5, 2026 was 510.00 TWD. Our model-based fair value is 533.74 TWD, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Novatek Microelectronics Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (352.38 TWD to 779.14 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Novatek Microelectronics Corp (3034) come from?
Earnings per share at Novatek Microelectronics Corp grew +13.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.5 %, EBIT margin +5.1 %, tax rate −0.5 %, 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 Novatek Microelectronics Corp
How large is the market capitalisation of Novatek Microelectronics Corp (3034)?
The market capitalisation of Novatek Microelectronics Corp is 310B TWD (≈ $9.4B). 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 Novatek Microelectronics Corp (3034)?
The price-to-sales ratio of Novatek Microelectronics Corp is 3.13 (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 Novatek Microelectronics Corp (3034)?
Earnings per share at Novatek Microelectronics Corp are 28.63 TWD (price ÷ EPS = P/E 17.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Novatek Microelectronics Corp (3034)?
The dividend yield of Novatek Microelectronics Corp is 4.5% (payout 80.3%). 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 Novatek Microelectronics Corp (3034)?
The net margin of Novatek Microelectronics Corp is 17.6% (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 Novatek Microelectronics Corp (3034)?
The return on equity (ROE) of Novatek Microelectronics Corp is 27.1% (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 Novatek Microelectronics Corp (3034)?
On an EBIT basis the return on assets of Novatek Microelectronics Corp is 28.0% (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 Novatek Microelectronics Corp (3034)?
The operating margin of Novatek Microelectronics Corp is 22.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Novatek Microelectronics Corp (3034)?
Revenue at Novatek Microelectronics Corp is growing +9.6% versus a year earlier (3y avg −2.9%). 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 Novatek Microelectronics Corp (3034)?
Earnings per share at Novatek Microelectronics Corp are growing +69.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Novatek Microelectronics Corp (3034) hold?
Novatek Microelectronics Corp holds more cash than debt, 41.9B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026