TECO Image Systems Co Ltd (5438) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of TECO Image Systems Co Ltd stock TWD 6.14, price TWD 18.85, that is 67.4% below the price, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 20 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 9, 2026.
How to read this chart
60‑month range 12.23 TWD – 42.50 TWD · fair‑value band 5.69 TWD – 6.54 TWD · the 18.85 TWD price screens above the 6.14 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 9, 2026.
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Teco Image Systems Co., Ltd. provides OEM and ODM services to imaging and communication products industries in the People's Republic of China, Hong Kong, Japan, Taiwan, and internationally.
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The company involved in the design, development, and manufacture of multi-function printing devices, plain paper facsimiles, digital copiers, and color scanners.
It also provides mechanical subsystems comprising control panels and automatic document feeders; optical subsystems, such as scan units; and electronic sub-systems, including printer controller cards, printer network cards, internet fax cards, fax controllers, and copier controllers.
Teco Image Systems Co., Ltd. was founded in 1956 and is headquartered in Taipei, Taiwan.
Stock analysis
TECO Image Systems Co Ltd (5438) currently trades at 18.85 TWD, while our model-based Fair Value estimate is 6.14 TWD, 67% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 17.68 TWD per share, and 1 of the 20 models we run sit above the 18.85 TWD price.
Bear case: the Earnings-Based group reads lowest at 3.00 TWD, and 19 of the 20 models stay below the price. Data coverage for this calculation is low.
Scenario range: 5.69 TWD (bear) to 6.54 TWD (bull), the price of 18.85 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 41/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
TECO Image Systems Co Ltd reported revenue of 1.3B TWD in FY2025 versus 1.8B TWD in FY2021, a compound −7.5%/yr. Reported net income was 40.7M TWD in FY2025, compounding −5.9%/yr from FY2021.
Key figures
Market cap 2.1B TWD (≈ $64.6M) Micro · P/S ratio 2.00 · EPS (TTM) −0.1700 TWD · Dividend yield 4.0% · Net margin −1.4% · Return on equity −0.5% · Return on assets (EBIT) −1.4% (5-year average) · Operating margin −16.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at −67%, 5438 screens richer than that median.
Fair Value models
Bear5.69 TWDFair Value 6.14 TWDBull6.54 TWD
Price 18.85 TWD · Downside -67.4%
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.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.32/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−2.7%
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.
−9.0%
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.
+0.3%
Start year 2020 (pandemic)
Revenue growth 8 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.
−7.2%
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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.
+0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.9%
Dividend (yield on the price)4.0%
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.−6% → −3%
⚠ Revenue per share shrinking 8.2%/yr over ~6Y (margins eroding too) ⓘ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
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).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
Compare TECO Image Systems Co Ltd 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.Business Equipment & Supplies · 77 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−67.4% · Bottom 25%
Profitability
Return on assets1.0% · Below median
Net margin (12 months)−1.4% · Bottom 25%
Operating margin (12 months)−16.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−50.2% · Bottom 25%
Dividend yield (12 months)4.0% · Top 25%
Valuation Multiplesvs Business Equipment & Supplies median · lower = cheaper
P/B0.64× · Cheapest 25%
P/S (12 months)2.23× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 30
FUTURE (revenue growth)0· sector 30
PAST (return on equity)0· sector 29
HEALTH (low debt)0· sector 98
DIVIDEND (yield)80· sector 50
VALUE 0: the price sits above our fair-value range.
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). "TECO Image Systems Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/5438
Frequently asked questions
Is TECO Image Systems Co Ltd (5438) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 6.14 TWD versus a price of 18.85 TWD, about 67% lower (overvalued).
What is the fair value of 5438?
Our model-based fair value for TECO Image Systems Co Ltd is 6.14 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 18.85 TWD.
What is the quality score of 5438?
TECO Image Systems Co Ltd has a Quality Score of 41/100. 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 TECO Image Systems Co Ltd (5438)?
Our model-based price target is the fair value of 6.14 TWD (as of Nov 9, 2026) from 20 valuation models. Cautious scenario 5.69 TWD, optimistic scenario 6.54 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the TECO Image Systems Co Ltd stock forecast for 2026?
Our models put fair value at 6.14 TWD, about 67% lower versus a price of 18.85 TWD (overvalued). Cautious scenario 5.69 TWD, optimistic scenario 6.54 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TECO Image Systems Co Ltd (5438)?
TECO Image Systems Co Ltd reported trailing-twelve-month revenue of about 952M TWD (latest available figure, as of Nov 9, 2026).
Does TECO Image Systems Co Ltd pay a dividend?
TECO Image Systems Co Ltd currently shows a dividend yield of 3.98% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of TECO Image Systems Co Ltd (5438) and when is the ex-dividend date?
TECO Image Systems Co Ltd pays a dividend of 0.75 TWD per share a year, a dividend yield of 4.0%. The last ex-dividend date was Jun 29, 2026. A dividend has been paid every year since at least 2008. Free cash flow covers the dividend 0.03 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into TECO Image Systems Co Ltd (5438)?
For today's price to be fair in a discounted-cash-flow model, TECO Image Systems Co Ltd would have to grow free cash flow by more than 80 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 5438 use?
Our models discount TECO Image Systems Co Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.43, 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 TECO Image Systems Co Ltd that is more than 80 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has TECO Image Systems Co Ltd (5438) delivered so far?
Over the past 5 years revenue at TECO Image Systems Co Ltd grew +0.3 % a year. The price currently implies free-cash-flow growth of more than 80 % 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 TECO Image Systems Co Ltd (5438) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into TECO Image Systems Co Ltd (more than 80 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TECO Image Systems Co Ltd (5438)?
The free-cash-flow yield on the price is 0.13 %: that much free cash flow TECO Image Systems Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TECO Image Systems Co Ltd (5438)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TECO Image Systems Co Ltd it is 6.14 TWD per share (as of Nov 9, 2026), against a price of 18.85 TWD. It is the blended result of 20 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is TECO Image Systems Co Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 5438 trades above its calculated fair value: price 18.85 TWD, fair value 6.14 TWD, a gap of about −67% (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 5438?
No. The price is what the market pays today (18.85 TWD); the fair value is what the company's own numbers justify (6.14 TWD). For TECO Image Systems Co Ltd the two are 12.71 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TECO Image Systems Co Ltd worth?
The market values TECO Image Systems Co Ltd at about 2.1B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 18.85 TWD; our models calculate a fair value of 6.14 TWD per share.
What do the bullish and bearish scenarios say about 5438?
Our models span a range for TECO Image Systems Co Ltd: cautious scenario 5.69 TWD, base 6.14 TWD, optimistic 6.54 TWD per share (as of Nov 9, 2026, price 18.85 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TECO Image Systems Co Ltd (5438)?
Balance-sheet figures for TECO Image Systems Co Ltd (as of Nov 9, 2026): return on equity −0.5%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 5438 from its 52-week high?
TECO Image Systems Co Ltd trades at 18.85 TWD, about 20% below its 52-week high of 23.55 TWD and 21% above the low of 15.60 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 6.14 TWD is for.
Which stocks are comparable to TECO Image Systems Co Ltd?
From the same area (Industrials) we also value GRG Banking Equipment Co, Crane NXT, Co, Shanghai M&G Stationery Inc, XGD 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 TECO Image Systems Co Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 18.85 TWD, calculated fair value 6.14 TWD (−67%), Quality Score 41/100, from 20 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 5438 calculated?
We run TECO Image Systems Co Ltd through 20 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 6.14 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. TECO Image Systems 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 TECO Image Systems Co Ltd (5438)?
The closing price on Nov 6, 2026 was 18.85 TWD. Our model-based fair value is 6.14 TWD, about 67% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TECO Image Systems Co Ltd right now?
The price sits above even our optimistic bull case (6.54 TWD). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. The models converge in a tight band (5.69 TWD to 6.54 TWD), unusually little disagreement for a valuation.
Key figures of TECO Image Systems Co Ltd
How large is the market capitalisation of TECO Image Systems Co Ltd (5438)?
The market capitalisation of TECO Image Systems Co Ltd is 2.1B TWD (≈ $64.6M). 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 TECO Image Systems Co Ltd (5438)?
The price-to-sales ratio of TECO Image Systems Co Ltd is 2.00 (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 TECO Image Systems Co Ltd (5438)?
Earnings per share at TECO Image Systems Co Ltd are −0.1700 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TECO Image Systems Co Ltd (5438)?
The dividend yield of TECO Image Systems Co Ltd is 4.0%. 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 TECO Image Systems Co Ltd (5438)?
The net margin of TECO Image Systems Co Ltd is −1.4% (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 TECO Image Systems Co Ltd (5438)?
The return on equity (ROE) of TECO Image Systems Co Ltd is −0.5% (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 TECO Image Systems Co Ltd (5438)?
On an EBIT basis the return on assets of TECO Image Systems Co Ltd is −1.4% (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 TECO Image Systems Co Ltd (5438)?
The operating margin of TECO Image Systems Co Ltd is −16.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TECO Image Systems Co Ltd (5438)?
Revenue at TECO Image Systems Co Ltd is growing −50.2% versus a year earlier (3y avg −9.0%). 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 TECO Image Systems Co Ltd (5438)?
Earnings per share at TECO Image Systems Co Ltd are growing −54.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TECO Image Systems Co Ltd (5438) carry?
The net debt of TECO Image Systems Co Ltd is 25.9M TWD (fiscal year 2021, ≈ 9.2 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 9, 2026