Alliance Material Co., Ltd. (3595) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Alliance Material Co., Ltd. stock TWD 93.02, price TWD 619, that is 85.0% below the price, quality 72 out of 100. Rating: strongly overvalued. Calculated from audited financials with 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 7, 2026.
How to read this chart
60‑month range 10.56 TWD – 2,449 TWD · fair‑value band 65.11 TWD – 120.94 TWD · the 619.00 TWD price screens above the 93.02 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Alliance Material Co., Ltd. provides optical material cutting products in Taiwan.
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The company also engages in research, develops, manufactures, and sells precision industrial adhesive insulation products, cutting-edge optoelectronic materials, semiconductor process materials, and communication components.
In addition, the company offers cutting processing service, light- shielding and reflection tape, functional products, semiconductor products, protection film, foam tape, and optical glue. The company was founded in 1984 and is headquartered in Zhubei, Taiwan.
Stock analysis
Alliance Material Co., Ltd. (3595) currently trades at 619.00 TWD, while our model-based Fair Value estimate is 93.02 TWD, 85% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 60.44 TWD per share, and 0 of the 26 models we run sit above the 619.00 TWD price.
Bear case: the Economic Profit group reads lowest at 34.45 TWD, and 26 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 65.11 TWD (bear) to 120.94 TWD (bull), the price of 619.00 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 72/100 (solid 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.
Alliance Material Co., Ltd. reported revenue of 499M TWD in FY2025 versus 568M TWD in FY2021, a compound −3.2%/yr. Reported net income was 145M TWD in FY2025, compounding +28.7%/yr from FY2021.
Key figures
Market cap 26.0B TWD (≈ $795M) Small · P/E ratio 109.2 · P/S ratio 38.5 · EPS (TTM) 5.67 TWD · Dividend yield 0.1% · Net margin 36.7% · Return on equity 36.9% · Return on assets (EBIT) 6.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 91 out of 100 (medium confidence).
What moves the price
The share trades about 75% below its 52-week high and 153% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −85%, 3595 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (3.16 TWD to 99.29 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear65.11 TWDFair Value 93.02 TWDBull120.94 TWD
Price 619.00 TWD · Downside -85.0%
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 (4.13 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 DCF43.46 TWD64.40 TWD94.01 TWD78
Growth DCF43.09 TWD61.84 TWD86.84 TWD76
Owner Earnings34.35 TWD50.27 TWD72.77 TWD74
All 26 models by family
DCF Models
FCF DCF43.46 TWD64.40 TWD94.01 TWD78
Owner Earnings34.35 TWD50.27 TWD72.77 TWD74
5Y Revenue Exit28.06 TWD37.85 TWD49.98 TWD71
5Y EBITDA Exit40.02 TWD61.66 TWD87.71 TWD73
5Y P/E Exit45.15 TWD71.87 TWD101.32 TWD68
10Y Revenue Exit33.63 TWD44.06 TWD57.92 TWD66
10Y EBITDA Exit40.91 TWD59.22 TWD84.97 TWD66
10Y P/E Exit43.88 TWD65.72 TWD94.73 TWD62
Earnings-Based
Graham-Dodd24.21 TWD99.29 TWD135.23 TWD62
Lynch FV24.95 TWD35.64 TWD46.33 TWD59
PEG = 1.024.95 TWD35.64 TWD46.33 TWD55
EPV34.85 TWD38.62 TWD41.73 TWD74
Dividend Discount
Gordon GGM1.95 TWD3.40 TWD4.54 TWD66
DDM Multi-Stage1.95 TWD3.16 TWD3.64 TWD65
Multiples
P/E Multiple45.40 TWD60.53 TWD75.66 TWD63
P/S Multiple13.81 TWD18.41 TWD23.01 TWD58
P/B Multiple38.13 TWD50.85 TWD63.56 TWD55
EV/EBIT42.39 TWD57.44 TWD72.48 TWD66
EV/EBITDA33.16 TWD45.13 TWD57.10 TWD67
EV/Revenue10.12 TWD15.65 TWD21.17 TWD53
Asset-Based
NCAV (Graham)4.23 TWD6.41 TWD8.02 TWD54
Growth DCF
Growth DCF43.09 TWD61.84 TWD86.84 TWD76
Rev-Margin DCF28.06 TWD38.27 TWD51.11 TWD71
Economic Profit
Residual Income18.86 TWD24.64 TWD39.14 TWD72
ROIC Compounder37.26 TWD44.26 TWD51.97 TWD70
Growth Earnings
Growth-Adj P/E38.30 TWD54.72 TWD71.14 TWD65
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+199.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.5%
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.
−2.5%
Start year 2020 (pandemic)
Revenue growth 9 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.
−1.5%
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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.
−2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.5%
Dividend (yield on the price)0.1%
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.21.7% vs 22.3%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 35%
2025 sits 606% 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)
⚠ Revenue per share shrinking 13.0%/yr over ~7Y (margin trend unclear) ⓘ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).
+53.3%
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 +50.9% a year for the price.
Compare Alliance Material 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.Electronic Components · 651 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside−85.0% · Bottom 25%
Profitability
Return on equity (12 months)36.9% · Top 25%
Return on assets17.9% · Top 25%
Net margin (12 months)36.7% · Top 25%
Operating margin (12 months)48.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)120.3% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Valuation Multiplesvs Electronic Components 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). "Alliance Material Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/3595
Frequently asked questions
Is Alliance Material Co., Ltd. (3595) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 93.02 TWD versus a price of 619.00 TWD, about 85% lower (overvalued).
What is the fair value of 3595?
Our model-based fair value for Alliance Material Co., Ltd. is 93.02 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 619.00 TWD.
What is the quality score of 3595?
Alliance Material Co., Ltd. has a Quality Score of 72/100. 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 Alliance Material Co., Ltd. (3595)?
Our model-based price target is the fair value of 93.02 TWD (as of Nov 7, 2026) from 26 valuation models. Cautious scenario 65.11 TWD, optimistic scenario 120.94 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Alliance Material Co., Ltd. stock forecast for 2026?
Our models put fair value at 93.02 TWD, about 85% lower versus a price of 619.00 TWD (overvalued). Cautious scenario 65.11 TWD, optimistic scenario 120.94 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Alliance Material Co., Ltd. (3595)?
Alliance Material Co., Ltd. reported trailing-twelve-month revenue of about 676M TWD (latest available figure, as of Nov 7, 2026).
Does Alliance Material Co., Ltd. pay a dividend?
Alliance Material Co., Ltd. currently shows a dividend yield of 0.13% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Alliance Material Co., Ltd. (3595) and when is the ex-dividend date?
Alliance Material Co., Ltd. pays a dividend of 0.833 TWD per share a year, a dividend yield of 0.1%. The last ex-dividend date was Jul 23, 2026. The payout ratio is 14.7% of earnings. Free cash flow covers the dividend 4.73 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 Alliance Material Co., Ltd. (3595)?
For today's price to be fair in a discounted-cash-flow model, Alliance Material Co., Ltd. would have to grow free cash flow by +53.3 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.5 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 3595 use?
Our models discount Alliance Material Co., Ltd. at 11.7 %: a base by market capitalisation (small), damped by beta 0.97, 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 Alliance Material Co., Ltd. that is +53.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has Alliance Material Co., Ltd. (3595) delivered so far?
Over the past 5 years revenue at Alliance Material Co., Ltd. grew -2.5 % a year. The price currently implies free-cash-flow growth of +53.3 % 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 Alliance Material Co., Ltd. (3595) growing?
The median revenue growth in the sector is +15.9 % a year. That is the yardstick for the growth priced into Alliance Material Co., Ltd. (+53.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Alliance Material Co., Ltd. (3595)?
The free-cash-flow yield on the price is 0.76 %: that much free cash flow Alliance Material Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Alliance Material Co., Ltd. (3595)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alliance Material Co., Ltd. it is 93.02 TWD per share (as of Nov 7, 2026), against a price of 619.00 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Alliance Material Co., Ltd. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 3595 trades above its calculated fair value: price 619.00 TWD, fair value 93.02 TWD, a gap of about −85% (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 3595?
No. The price is what the market pays today (619.00 TWD); the fair value is what the company's own numbers justify (93.02 TWD). For Alliance Material Co., Ltd. the two are 525.98 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Alliance Material Co., Ltd. worth?
The market values Alliance Material Co., Ltd. at about 26.0B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 619.00 TWD; our models calculate a fair value of 93.02 TWD per share.
What do the bullish and bearish scenarios say about 3595?
Our models span a range for Alliance Material Co., Ltd.: cautious scenario 65.11 TWD, base 93.02 TWD, optimistic 120.94 TWD per share (as of Nov 7, 2026, price 619.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3595?
Alliance Material Co., Ltd. trades at a price-to-earnings ratio of 109.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 93.02 TWD is built from several models across several years. Other multiples: P/B 37.6, P/S 38.5, EV/EBITDA 80.6.
How solid is the balance sheet of Alliance Material Co., Ltd. (3595)?
Balance-sheet figures for Alliance Material Co., Ltd. (as of Nov 7, 2026): return on equity 36.9%. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 3595 from its 52-week high?
Alliance Material Co., Ltd. trades at 619.00 TWD, about 75% below its 52-week high of 2,449 TWD and 153% above the low of 244.46 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 93.02 TWD is for.
Which stocks are comparable to Alliance Material Co., Ltd.?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, 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 Alliance Material Co., Ltd. stock attractive at the current price?
The data as of Nov 7, 2026: price 619.00 TWD, calculated fair value 93.02 TWD (−85%), Quality Score 72/100, 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 3595 calculated?
We run Alliance Material Co., Ltd. through 26 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 93.02 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 13.0% above its aggregate fair value. Alliance Material 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 Alliance Material Co., Ltd. (3595)?
The closing price on Nov 6, 2026 was 619.00 TWD. Our model-based fair value is 93.02 TWD, about 85% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alliance Material Co., Ltd. right now?
The price sits above even our optimistic bull case (120.94 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (72/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (65.11 TWD to 120.94 TWD) leaves room in how you read the outcome.
Key figures of Alliance Material Co., Ltd.
How large is the market capitalisation of Alliance Material Co., Ltd. (3595)?
The market capitalisation of Alliance Material Co., Ltd. is 26.0B TWD (≈ $795M). 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 Alliance Material Co., Ltd. (3595)?
The price-to-sales ratio of Alliance Material Co., Ltd. is 38.5 (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 Alliance Material Co., Ltd. (3595)?
Earnings per share at Alliance Material Co., Ltd. are 5.67 TWD (price ÷ EPS = P/E 109.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Alliance Material Co., Ltd. (3595)?
The dividend yield of Alliance Material Co., Ltd. is 0.1% (payout 14.7%). 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 Alliance Material Co., Ltd. (3595)?
The net margin of Alliance Material Co., Ltd. is 36.7% (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 Alliance Material Co., Ltd. (3595)?
The return on equity (ROE) of Alliance Material Co., Ltd. is 36.9% (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 Alliance Material Co., Ltd. (3595)?
On an EBIT basis the return on assets of Alliance Material Co., Ltd. is 6.0% (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 Alliance Material Co., Ltd. (3595)?
The operating margin of Alliance Material Co., Ltd. is 48.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alliance Material Co., Ltd. (3595)?
Revenue at Alliance Material Co., Ltd. is growing +120% versus a year earlier (3y avg +9.5%). 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 Alliance Material Co., Ltd. (3595)?
Earnings per share at Alliance Material Co., Ltd. are growing +317% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Alliance Material Co., Ltd. (3595) carry?
The net debt of Alliance Material Co., Ltd. is 112M TWD (fiscal year 2024, ≈ 0.7 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 7, 2026