Everbright Securities Co Ltd (601788) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Everbright Securities Co Ltd stock ¥14.64, price ¥13.90, upside +5.3%, quality 65 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ¥10.06 – ¥20.83 · fair‑value band ¥13.02 – ¥18.08 · the ¥13.90 price screens below the ¥14.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Everbright Securities Company Limited, together with its subsidiaries, operates as a securities company in Mainland China and internationally. It operates through Wealth Management; Corporate Financing; Institutional Customer; Investment Trading; Asset Management; Equity Investment; and Others.
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The company offers securities and futures brokerage, securities investment consulting, securities trading, financial advisory; NEEQ and structural financing; and margin trading and stock pledge, as well as investment banking and financial leasing, margin financing and securities lending, institutional trading, prime brokerage, online securities trading, equity and debt financing, bullion trading, and overseas brokerage and wealth management business.
It provides stock and bond financing, merger and acquisition financing, insurance agency, collateralized stock repurchase transactions, and trades stocks, bonds, and derivatives, as well as asset securitization and financial advisory services.
In addition, it engages in securities and fund asset management, retail, securities trading and investment, proprietary fixed income and equity investment, factoring, investment research, prime brokerage and custody, customized financial products and package solutions; bond distribution, OTC derivatives, market making, and investment consulting services, etc.
Further, the company engages in private securities and equity investment, nominee, business marketing and promotion, as well as operates alternative investment and PPP business, holds motor vehicle and licenses, IT support management, commodities broking and leveraged foreign exchange, etc.
The company was incorporated in 1996 and is headquartered in Shanghai, China.
Stock analysis
Everbright Securities Co Ltd (601788) currently trades at ¥13.90, while our model-based Fair Value estimate is ¥14.64, so the stock looks roughly fairly valued today (gap 5.1%).
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Valuation
Bull case: the Economic Profit group reads highest at a median of ¥14.64 per share, and 2 of the 6 models we run sit above the ¥13.90 price.
Bear case: the Dividend Discount group reads lowest at ¥8.56, and 4 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥13.02 (bear) to ¥18.08 (bull), the price of ¥13.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Everbright Securities Co Ltd reported revenue of 10.9B CNY in FY2025 versus 20.4B CNY in FY2021, a compound −14.6%/yr. Reported net income was 3.8B CNY in FY2025, compounding +1.9%/yr from FY2021.
Key figures
Market cap 64.1B CNY (≈ $9.6B) Mid · P/E ratio 16.0 · P/S ratio 5.53 · EPS (TTM) ¥0.8400 · Dividend yield 2.5% · Net margin 36.9% · Return on equity 5.9% · Return on assets (EBIT) 1.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at 5%, 601788 screens cheaper than that median.
Fair Value models
Bear¥13.02Fair Value ¥14.64Bull¥18.08
Price ¥13.90 · Upside +5.3%
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 (¥0.4213 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−15.8%
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.
−3.2%
Revenue growth 18 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.
+10.5%
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What shareholders gained per year (last 5 years) ⓘ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.
+12.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.0%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.0% vs 1.0%, picking up
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.21% → 43%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
−10.9%
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 (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −12.3% a year for the price.
AI conclusion: Steady fees from brokerage and advisory form the main strength, yet low return on equity signals competitive pressures alongside risks from repeated leadership shifts.
Main risk: Repeated leadership shifts risk disrupting client relationships and strategy execution in this capital markets firm.
Everbright Securities approved an interim dividend following stronger first-half results while its chairman steps into president duties after a recent resignation and a new non-executive director joins the board. Capital markets firms like this generate steady fees from brokerage and advisory yet face repeated leadership shifts that can disrupt client relationships and strategy execution. Will these changes strengthen governance or add to execution risks in a competitive regulatory environment?
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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.Capital Markets · 384 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+5.3% · Below median
Profitability
Return on equity (12 months)5.9% · Below median
Return on assets1.2% · Below median
Net margin (12 months)36.9% · Above median
Operating margin (12 months)44.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)15.0% · Above median
Dividend yield (12 months)2.5% · Above median
Balance sheet
Debt / equity0.42× · Above median
Valuation Multiplesvs Capital Markets 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). "Everbright Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601788
Frequently asked questions
Is Everbright Securities Co Ltd (601788) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥14.64 versus a price of ¥13.90, about +5% upside (fairly valued).
What is the fair value of 601788?
Our model-based fair value for Everbright Securities Co Ltd is ¥14.64 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥13.90.
What is the quality score of 601788?
Everbright Securities Co Ltd has a Quality Score of 65/100. 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 Everbright Securities Co Ltd (601788)?
Our model-based price target is the fair value of ¥14.64 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario ¥13.02, optimistic scenario ¥18.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Everbright Securities Co Ltd stock forecast for 2026?
Our models put fair value at ¥14.64, about +5% upside versus a price of ¥13.90 (fairly valued). Cautious scenario ¥13.02, optimistic scenario ¥18.08. The calculation is refreshed regularly with new filings.
What is the revenue of Everbright Securities Co Ltd (601788)?
Everbright Securities Co Ltd reported trailing-twelve-month revenue of about 11.6B CNY (latest available figure, as of Nov 5, 2026).
Does Everbright Securities Co Ltd pay a dividend?
Everbright Securities Co Ltd currently shows a dividend yield of 2.47% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Everbright Securities Co Ltd (601788)?
For today's price to be fair in a discounted-cash-flow model, Everbright Securities Co Ltd would have to grow free cash flow by -10.9 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -11.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 601788 use?
Our models discount Everbright Securities Co Ltd at 9.1 %: a base by market capitalisation (mid), damped by beta 0.41, country premium for China. 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 Everbright Securities Co Ltd that is -10.9 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Everbright Securities Co Ltd (601788) delivered so far?
Over the past 5 years revenue at Everbright Securities Co Ltd grew -11.1 % a year. The price currently implies -10.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Everbright Securities Co Ltd (601788) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Everbright Securities Co Ltd (-10.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Everbright Securities Co Ltd (601788)?
The free-cash-flow yield on the price is 23.71 %: that much free cash flow Everbright Securities Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Everbright Securities Co Ltd (601788)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Everbright Securities Co Ltd it is ¥14.64 per share (as of Nov 5, 2026), against a price of ¥13.90. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Everbright Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 601788 trades below its calculated fair value: price ¥13.90, fair value ¥14.64, a gap of about +5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 601788?
No. The price is what the market pays today (¥13.90); the fair value is what the company's own numbers justify (¥14.64). For Everbright Securities Co Ltd the two are ¥0.7400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Everbright Securities Co Ltd worth?
The market values Everbright Securities Co Ltd at about 64.1B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥13.90; our models calculate a fair value of ¥14.64 per share.
What do the bullish and bearish scenarios say about 601788?
Our models span a range for Everbright Securities Co Ltd: cautious scenario ¥13.02, base ¥14.64, optimistic ¥18.08 per share (as of Nov 5, 2026, price ¥13.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601788?
Everbright Securities Co Ltd trades at a price-to-earnings ratio of 16.0 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥14.64 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 21.6. Other multiples: P/B 0.9, P/S 5.5, EV/EBITDA 17.6.
How solid is the balance sheet of Everbright Securities Co Ltd (601788)?
Balance-sheet figures for Everbright Securities Co Ltd (as of Nov 5, 2026): return on equity 5.9%, debt of 0.42 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 601788 from its 52-week high?
Everbright Securities Co Ltd trades at ¥13.90, about 25% below its 52-week high of ¥18.48 and 6% above the low of ¥13.08 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥14.64 is for.
Which stocks are comparable to Everbright Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Everbright Securities Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ¥13.90, calculated fair value ¥14.64 (+5%), Quality Score 65/100, from 6 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 601788 calculated?
We run Everbright Securities Co Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥14.64, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Everbright Securities Co Ltd currently trades 5% 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 Everbright Securities Co Ltd (601788)?
The closing price on Nov 5, 2026 was ¥13.90. Our model-based fair value is ¥14.64, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Everbright Securities Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Everbright Securities Co Ltd (601788) come from?
Earnings per share at Everbright Securities Co Ltd grew −3.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.1 %, EBIT margin −4.0 %, tax rate +1.1 %, 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 Everbright Securities Co Ltd
How large is the market capitalisation of Everbright Securities Co Ltd (601788)?
The market capitalisation of Everbright Securities Co Ltd is 64.1B CNY (≈ $9.6B). 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 Everbright Securities Co Ltd (601788)?
The price-to-sales ratio of Everbright Securities Co Ltd is 5.53 (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 Everbright Securities Co Ltd (601788)?
Earnings per share at Everbright Securities Co Ltd are ¥0.8400 (price ÷ EPS = P/E 16.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Everbright Securities Co Ltd (601788)?
The dividend yield of Everbright Securities Co Ltd is 2.5% (payout 41.0%). 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 Everbright Securities Co Ltd (601788)?
The net margin of Everbright Securities Co Ltd is 36.9% (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 Everbright Securities Co Ltd (601788)?
The return on equity (ROE) of Everbright Securities Co Ltd is 5.9% (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 Everbright Securities Co Ltd (601788)?
On an EBIT basis the return on assets of Everbright Securities Co Ltd is 1.6% (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 Everbright Securities Co Ltd (601788)?
The operating margin of Everbright Securities Co Ltd is 44.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Everbright Securities Co Ltd (601788)?
Revenue at Everbright Securities Co Ltd is growing +15.0% versus a year earlier (3y avg −7.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Everbright Securities Co Ltd (601788)?
Earnings per share at Everbright Securities Co Ltd are growing +31.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Everbright Securities Co Ltd (601788) carry?
The net debt of Everbright Securities Co Ltd is 112B CNY (fiscal year 2025, ≈ 7.4 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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Some data
Nov 5, 2026