AzureWave Technologies Inc (3694) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of AzureWave Technologies Inc stock TWD 76.97, price TWD 39.10, upside +96.9%, quality 67 out of 100. Rating: strongly undervalued. 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 6, 2026.
How to read this chart
60‑month range 15.85 TWD – 104.00 TWD · fair‑value band 54.63 TWD – 105.79 TWD · the 39.10 TWD price screens below the 76.97 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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AzureWave Technologies, Inc. engages in the manufacture and sale of wireless connectivity and image processing solutions worldwide. The company offers wireless modules, including M.2 socket type, M.2 solder-own, solder-down stamp, wireless IOT module, and system-in-package products.
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It also provides infineon, NXP, nvidia certified module, dialog, morse micro, newracom, and atmosic solutions.
In addition, the company offers camera modules, such as USB interface, MIPI interface, ultra slim and narrow NB, ultra slim and narrow MIPI, and biological identification/depth detection camera modules.
Its products are used in various applications, such as personal and industrial computers, mobile and internet devices, consumer electronics, home appliances, automotive components, manufacturing facilities, and others.
AzureWave Technologies, Inc. was founded in 2005 and is headquartered in New Taipei City, Taiwan.
Stock analysis
AzureWave Technologies Inc (3694) currently trades at 39.10 TWD, while our model-based Fair Value estimate is 76.97 TWD, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 92.47 TWD per share, and 20 of the 26 models we run sit above the 39.10 TWD price.
Bear case: the Dividend Discount group reads lowest at 15.72 TWD, and 6 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 54.63 TWD (bear) to 105.79 TWD (bull), the price of 39.10 TWD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
AzureWave Technologies Inc reported revenue of 11.4B TWD in FY2025 versus 11.4B TWD in FY2021, a compound −0.1%/yr. Reported net income was 615M TWD in FY2025, compounding +18.8%/yr from FY2021.
Key figures
Market cap 6.1B TWD (≈ $184M) Micro · P/E ratio 9.9 · P/S ratio 0.51 · EPS (TTM) 3.94 TWD · Dividend yield 5.9% · Net margin 5.2% · Return on equity 18.1% · Return on assets (EBIT) 5.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at 97%, 3694 screens cheaper than that median.
Fair Value models
Bear54.63 TWDFair Value 76.97 TWDBull105.79 TWD
Price 39.10 TWD · Upside +96.9%
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 (1.40 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.65/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+23.4%
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.
+4.3%
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.
+3.5%
Start year 2020 (pandemic). Over 10 years: +5.6% a year
Revenue growth 16 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.
+5.8%
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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.
+19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.1%
Dividend (yield on the price)5.9%
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.14.6% vs 24.5%, 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.4% → 5%
2025 sits 85% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.7%
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 −4.2% a year for the price.
Compare AzureWave Technologies Inc with another stock
Price, fair value, quality and upside side by side.
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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.Communication Equipment · 303 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+96.9% · Top 25%
Profitability
Return on equity (12 months)18.1% · Top 25%
Return on assets8.6% · Top 25%
Net margin (12 months)5.2% · Above median
Operating margin (12 months)3.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−6.2% · Below median
Dividend yield (12 months)5.9% · Top 25%
Balance sheet
Debt / equity0.04× · Above median
Valuation Multiplesvs Communication Equipment median · lower = cheaper
P/E (12 months)9.9× · Cheapest 25%
P/B1.65× · Cheaper than median
P/S (12 months)0.51× · Cheapest 25%
Price / free cash flow (fiscal year)11.4× · Cheaper than median
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Is AzureWave Technologies Inc (3694) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 76.97 TWD versus a price of 39.10 TWD, about +97% upside (undervalued).
What is the fair value of 3694?
Our model-based fair value for AzureWave Technologies Inc is 76.97 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 39.10 TWD.
What is the quality score of 3694?
AzureWave Technologies Inc has a Quality Score of 67/100. 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 AzureWave Technologies Inc (3694)?
Our model-based price target is the fair value of 76.97 TWD (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 54.63 TWD, optimistic scenario 105.79 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the AzureWave Technologies Inc stock forecast for 2026?
Our models put fair value at 76.97 TWD, about +97% upside versus a price of 39.10 TWD (undervalued). Cautious scenario 54.63 TWD, optimistic scenario 105.79 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of AzureWave Technologies Inc (3694)?
AzureWave Technologies Inc reported trailing-twelve-month revenue of about 11.9B TWD (latest available figure, as of Nov 6, 2026).
Does AzureWave Technologies Inc pay a dividend?
AzureWave Technologies Inc currently shows a dividend yield of 5.88% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of AzureWave Technologies Inc (3694) and when is the ex-dividend date?
AzureWave Technologies Inc pays a dividend of 2.30 TWD per share a year, a dividend yield of 5.9%. The last ex-dividend date was Jul 24, 2026. The payout ratio is 58.4% of earnings. Free cash flow covers the dividend 1.49 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 AzureWave Technologies Inc (3694)?
For today's price to be fair in a discounted-cash-flow model, AzureWave Technologies Inc would have to grow free cash flow by -2.7 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.5 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 3694 use?
Our models discount AzureWave Technologies Inc at 12.7 %: a base by market capitalisation (micro), damped by beta 0.82, 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 AzureWave Technologies Inc that is -2.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has AzureWave Technologies Inc (3694) delivered so far?
Over the past 5 years revenue at AzureWave Technologies Inc grew +3.5 % a year. The price currently implies free-cash-flow growth of -2.7 % 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 AzureWave Technologies Inc (3694) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into AzureWave Technologies Inc (-2.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AzureWave Technologies Inc (3694)?
The free-cash-flow yield on the price is 8.69 %: that much free cash flow AzureWave Technologies Inc produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AzureWave Technologies Inc (3694)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AzureWave Technologies Inc it is 76.97 TWD per share (as of Nov 6, 2026), against a price of 39.10 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 AzureWave Technologies Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 3694 trades below its calculated fair value: price 39.10 TWD, fair value 76.97 TWD, a gap of about +97% (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 3694?
No. The price is what the market pays today (39.10 TWD); the fair value is what the company's own numbers justify (76.97 TWD). For AzureWave Technologies Inc the two are 37.87 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is AzureWave Technologies Inc worth?
The market values AzureWave Technologies Inc at about 6.1B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 39.10 TWD; our models calculate a fair value of 76.97 TWD per share.
What do the bullish and bearish scenarios say about 3694?
Our models span a range for AzureWave Technologies Inc: cautious scenario 54.63 TWD, base 76.97 TWD, optimistic 105.79 TWD per share (as of Nov 6, 2026, price 39.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3694?
AzureWave Technologies Inc trades at a price-to-earnings ratio of 9.9 (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 76.97 TWD is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 17.8. Other multiples: P/B 1.7, P/S 0.5, EV/EBITDA 4.6.
How solid is the balance sheet of AzureWave Technologies Inc (3694)?
Balance-sheet figures for AzureWave Technologies Inc (as of Nov 6, 2026): return on equity 18.1%, debt of 0.04 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 3694 from its 52-week high?
AzureWave Technologies Inc trades at 39.10 TWD, about 47% below its 52-week high of 73.90 TWD and at the low of 39.10 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 76.97 TWD is for.
Which stocks are comparable to AzureWave Technologies Inc?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Motorola Solutions, 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 AzureWave Technologies Inc stock attractive at the current price?
The data as of Nov 6, 2026: price 39.10 TWD, calculated fair value 76.97 TWD (+97%), Quality Score 67/100, 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 3694 calculated?
We run AzureWave Technologies Inc 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 76.97 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. AzureWave Technologies Inc currently trades 49% 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 AzureWave Technologies Inc (3694)?
The closing price on Nov 6, 2026 was 39.10 TWD. Our model-based fair value is 76.97 TWD, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AzureWave Technologies Inc right now?
The price is below even our cautious bear case (54.63 TWD). The market is more pessimistic than our downside scenario. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (54.63 TWD to 105.79 TWD) leaves room in how you read the outcome.
Where does the earnings growth of AzureWave Technologies Inc (3694) come from?
Earnings per share at AzureWave Technologies Inc grew +24.9 % a year from 2015 to 2025. Broken into its drivers: revenue per share +3.5 %, EBIT margin +12.0 %, tax rate +0.2 %, residual (interest, one-offs) +7.5 %. 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 AzureWave Technologies Inc
How large is the market capitalisation of AzureWave Technologies Inc (3694)?
The market capitalisation of AzureWave Technologies Inc is 6.1B TWD (≈ $184M). 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 AzureWave Technologies Inc (3694)?
The price-to-sales ratio of AzureWave Technologies Inc is 0.51 (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 AzureWave Technologies Inc (3694)?
Earnings per share at AzureWave Technologies Inc are 3.94 TWD (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AzureWave Technologies Inc (3694)?
The dividend yield of AzureWave Technologies Inc is 5.9% (payout 58.4%). 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 AzureWave Technologies Inc (3694)?
The net margin of AzureWave Technologies Inc is 5.2% (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 AzureWave Technologies Inc (3694)?
The return on equity (ROE) of AzureWave Technologies Inc is 18.1% (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 AzureWave Technologies Inc (3694)?
On an EBIT basis the return on assets of AzureWave Technologies Inc is 5.8% (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 AzureWave Technologies Inc (3694)?
The operating margin of AzureWave Technologies Inc is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AzureWave Technologies Inc (3694)?
Revenue at AzureWave Technologies Inc is growing −6.2% versus a year earlier (3y avg +4.3%). 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 AzureWave Technologies Inc (3694)?
Earnings per share at AzureWave Technologies Inc are growing −26.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does AzureWave Technologies Inc (3694) hold?
AzureWave Technologies Inc holds more cash than debt, 2.1B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026