Eclat Forever Machinery Co., Ltd. (3485) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Eclat Forever Machinery Co., Ltd. stock TWD 62.06, price TWD 164, that is 62.2% below the price, quality 73 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 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 21.61 TWD – 386.50 TWD · fair‑value band 49.07 TWD – 77.36 TWD · the 164.00 TWD price screens above the 62.06 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Eclat Forever Machinery Co., Ltd. engages in the manufacture and sale of printed circuit board process machinery and equipment, liquid crystal displays, IC flip chip substrate FCBGA peripheral equipment and automation machinery, and equipment in Taiwan and internationally.
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The company offers wet process production equipment, such as display manufacturing wet process equipment, horizontal wet process for high-end carriers, and vertical wet process equipment for high-end carrier plates; and design concept, film peeling and bonding solutions, glass and film roll-to-roll lamination solutions, MLO mechanical stripping and removal solution, and high-viscosity PI FILM peeling equipment.
It also provides automated production equipment design concept, automated equipment for substrates, and automated coating solutions; and exposure machine design concept and high-precision UV LED exposure machine.
In addition, it offers design, maintenance and related technical services for various products comprising precision circuit board manufacturing machinery and equipment, liquid crystal display manufacturing machinery and equipment, and semiconductor related manufacturing machinery and equipment.
The company was founded in 1994 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
Eclat Forever Machinery Co., Ltd. (3485) currently trades at 164.00 TWD, while our model-based Fair Value estimate is 62.06 TWD, 62% 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 109.81 TWD per share, and 0 of the 24 models we run sit above the 164.00 TWD price.
Bear case: the Asset-Based group reads lowest at 26.03 TWD, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 49.07 TWD (bear) to 77.36 TWD (bull), the price of 164.00 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 73/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Eclat Forever Machinery Co., Ltd. reported revenue of 549M TWD in FY2025 versus 578M TWD in FY2021, a compound −1.3%/yr. Reported net income was 202M TWD in FY2025, compounding +14.1%/yr from FY2021.
Key figures
Market cap 6.6B TWD (≈ $201M) Micro · P/E ratio 25.2 · P/S ratio 11.8 · EPS (TTM) 6.52 TWD · Dividend yield 3.1% · Net margin 40.7% · Return on equity 12.7% · Return on assets (EBIT) 12.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (medium confidence).
What moves the price
The share trades about 58% below its 52-week high and 105% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −62%, 3485 screens richer than that median.
Fair Value models
Bear49.07 TWDFair Value 62.06 TWDBull77.36 TWD
Price 164.00 TWD · Downside -62.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.25 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+1.8%
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.
+17.7%
Revenue growth 15 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.
+13.0%
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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.
+29.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.4%
Dividend (yield on the price)3.1%
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: 26.4% / 21.8%
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.20% → 41%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+40.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +38.6% a year for the price.
Compare Eclat Forever Machinery 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.Specialty Industrial Machinery · 813 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−62.2% · Below median
Profitability
Return on equity (12 months)12.7% · Above median
Return on assets13.4% · Top 25%
Net margin (12 months)40.7% · Top 25%
Operating margin (12 months)30.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)15.9% · Above median
Dividend yield (12 months)3.1% · Top 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
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Is Eclat Forever Machinery Co., Ltd. (3485) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 62.06 TWD versus a price of 164.00 TWD, about 62% lower (overvalued).
What is the fair value of 3485?
Our model-based fair value for Eclat Forever Machinery Co., Ltd. is 62.06 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 164.00 TWD.
What is the quality score of 3485?
Eclat Forever Machinery Co., Ltd. has a Quality Score of 73/100. 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 Eclat Forever Machinery Co., Ltd. (3485)?
Our model-based price target is the fair value of 62.06 TWD (as of Nov 6, 2026) from 24 valuation models. Cautious scenario 49.07 TWD, optimistic scenario 77.36 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Eclat Forever Machinery Co., Ltd. stock forecast for 2026?
Our models put fair value at 62.06 TWD, about 62% lower versus a price of 164.00 TWD (overvalued). Cautious scenario 49.07 TWD, optimistic scenario 77.36 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Eclat Forever Machinery Co., Ltd. (3485)?
Eclat Forever Machinery Co., Ltd. reported trailing-twelve-month revenue of about 561M TWD (latest available figure, as of Nov 6, 2026).
Does Eclat Forever Machinery Co., Ltd. pay a dividend?
Eclat Forever Machinery Co., Ltd. currently shows a dividend yield of 3.09% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Eclat Forever Machinery Co., Ltd. (3485) and when is the ex-dividend date?
Eclat Forever Machinery Co., Ltd. pays a dividend of 5.07 TWD per share a year, a dividend yield of 3.1%. The last ex-dividend date was Jul 30, 2026. A dividend has been paid every year since at least 2013. The payout ratio is 77.7% of earnings. Free cash flow covers the dividend 0.38 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Eclat Forever Machinery Co., Ltd. (3485)?
For today's price to be fair in a discounted-cash-flow model, Eclat Forever Machinery Co., Ltd. would have to grow free cash flow by +40.8 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.3 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 3485 use?
Our models discount Eclat Forever Machinery Co., Ltd. at 13.1 %: a base by market capitalisation (micro), damped by beta 0.94, 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 Eclat Forever Machinery Co., Ltd. that is +40.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Eclat Forever Machinery Co., Ltd. (3485) delivered so far?
Over the past 5 years revenue at Eclat Forever Machinery Co., Ltd. grew +9.3 % a year. The price currently implies free-cash-flow growth of +40.8 % 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 Eclat Forever Machinery Co., Ltd. (3485) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Eclat Forever Machinery Co., Ltd. (+40.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Eclat Forever Machinery Co., Ltd. (3485)?
The free-cash-flow yield on the price is 1.31 %: that much free cash flow Eclat Forever Machinery Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Eclat Forever Machinery Co., Ltd. (3485)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eclat Forever Machinery Co., Ltd. it is 62.06 TWD per share (as of Nov 6, 2026), against a price of 164.00 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Eclat Forever Machinery Co., Ltd. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 3485 trades above its calculated fair value: price 164.00 TWD, fair value 62.06 TWD, a gap of about −62% (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 3485?
No. The price is what the market pays today (164.00 TWD); the fair value is what the company's own numbers justify (62.06 TWD). For Eclat Forever Machinery Co., Ltd. the two are 101.94 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Eclat Forever Machinery Co., Ltd. worth?
The market values Eclat Forever Machinery Co., Ltd. at about 6.6B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 164.00 TWD; our models calculate a fair value of 62.06 TWD per share.
What do the bullish and bearish scenarios say about 3485?
Our models span a range for Eclat Forever Machinery Co., Ltd.: cautious scenario 49.07 TWD, base 62.06 TWD, optimistic 77.36 TWD per share (as of Nov 6, 2026, price 164.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3485?
Eclat Forever Machinery Co., Ltd. trades at a price-to-earnings ratio of 25.2 (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 62.06 TWD is built from several models across several years. Other multiples: P/B 5.0, P/S 11.8, EV/EBITDA 26.1.
How solid is the balance sheet of Eclat Forever Machinery Co., Ltd. (3485)?
Balance-sheet figures for Eclat Forever Machinery Co., Ltd. (as of Nov 6, 2026): return on equity 12.7%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 3485 from its 52-week high?
Eclat Forever Machinery Co., Ltd. trades at 164.00 TWD, about 58% below its 52-week high of 386.50 TWD and 105% above the low of 79.90 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 62.06 TWD is for.
Which stocks are comparable to Eclat Forever Machinery Co., Ltd.?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin 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 Eclat Forever Machinery Co., Ltd. stock attractive at the current price?
The data as of Nov 6, 2026: price 164.00 TWD, calculated fair value 62.06 TWD (−62%), Quality Score 73/100, from 24 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 3485 calculated?
We run Eclat Forever Machinery Co., Ltd. through 24 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 62.06 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. Eclat Forever Machinery 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 Eclat Forever Machinery Co., Ltd. (3485)?
The closing price on Nov 6, 2026 was 164.00 TWD. Our model-based fair value is 62.06 TWD, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eclat Forever Machinery Co., Ltd. right now?
The price sits above even our optimistic bull case (77.36 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Eclat Forever Machinery Co., Ltd. (3485) come from?
Earnings per share at Eclat Forever Machinery Co., Ltd. grew +10.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share −0.5 %, EBIT margin +12.2 %, tax rate −0.6 %, residual (interest, one-offs) −0.1 %. 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 Eclat Forever Machinery Co., Ltd.
How large is the market capitalisation of Eclat Forever Machinery Co., Ltd. (3485)?
The market capitalisation of Eclat Forever Machinery Co., Ltd. is 6.6B TWD (≈ $201M). 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 Eclat Forever Machinery Co., Ltd. (3485)?
The price-to-sales ratio of Eclat Forever Machinery Co., Ltd. is 11.8 (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 Eclat Forever Machinery Co., Ltd. (3485)?
Earnings per share at Eclat Forever Machinery Co., Ltd. are 6.52 TWD (price ÷ EPS = P/E 25.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Eclat Forever Machinery Co., Ltd. (3485)?
The dividend yield of Eclat Forever Machinery Co., Ltd. is 3.1% (payout 77.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Eclat Forever Machinery Co., Ltd. (3485)?
The net margin of Eclat Forever Machinery Co., Ltd. is 40.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Eclat Forever Machinery Co., Ltd. (3485)?
The return on equity (ROE) of Eclat Forever Machinery Co., Ltd. is 12.7% (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 Eclat Forever Machinery Co., Ltd. (3485)?
On an EBIT basis the return on assets of Eclat Forever Machinery Co., Ltd. is 12.6% (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 Eclat Forever Machinery Co., Ltd. (3485)?
The operating margin of Eclat Forever Machinery Co., Ltd. is 30.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eclat Forever Machinery Co., Ltd. (3485)?
Revenue at Eclat Forever Machinery Co., Ltd. is growing +15.9% versus a year earlier (3y avg −10.4%). 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 Eclat Forever Machinery Co., Ltd. (3485)?
Earnings per share at Eclat Forever Machinery Co., Ltd. are growing −29.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Eclat Forever Machinery Co., Ltd. (3485) hold?
Eclat Forever Machinery Co., Ltd. holds more cash than debt, 1.1B TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026