Zhejiang MustangBattery Co.Ltd (605378) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Zhejiang MustangBattery Co.Ltd stock ¥5.16, price ¥13.88, that is 62.9% below the price, quality 47 out of 100. Rating: strongly overvalued. Calculated from audited financials with 22 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 7, 2026.
How to read this chart
60‑month range ¥9.53 – ¥30.51 · fair‑value band ¥3.79 – ¥5.57 · the ¥13.88 price screens above the ¥5.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Zhejiang Mustang Battery Co.,Ltd engages in the research and development, production, and sale of zinc-manganese batteries in China.
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The company offers alkaline batteries, zinc-carbon products, Ni-mh products, special products, and package products, as well as alkaline-manganese batteries under the Mustang, MUSTANG, and RAYMAX brands. It sells its products in the European Union, North America, Southeast Asia, and internationally.
The company was founded in 1996 and is headquartered in Ningbo, China.
Stock analysis
Zhejiang MustangBattery Co.Ltd (605378) currently trades at ¥13.88, while our model-based Fair Value estimate is ¥5.16, 63% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥4.49 per share, and 1 of the 22 models we run sit above the ¥13.88 price.
Bear case: the Growth DCF group reads lowest at ¥0.9700, and 21 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥3.79 (bear) to ¥5.57 (bull), the price of ¥13.88 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 47/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Zhejiang MustangBattery Co.Ltd reported revenue of 1.2B CNY in FY2025 versus 1.2B CNY in FY2021, a compound +1.1%/yr. Reported net income was 58.2M CNY in FY2025, compounding −6.4%/yr from FY2021.
Key figures
Market cap 3.6B CNY (≈ $544M) Small · P/E ratio 231.3 · P/S ratio 3.00 · EPS (TTM) ¥0.0600 · Dividend yield 1.1% · Net margin 1.4% · Return on equity 1.4% · Return on assets (EBIT) 7.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 26 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −63%, 605378 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥0.9700 to ¥20.28). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear¥3.79Fair Value ¥5.16Bull¥5.57
Price ¥13.88 · Downside -62.9%
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.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 DCF¥0.9600¥0.9700¥0.980080
Growth DCF¥0.9700¥0.9700¥0.980077
Residual Income¥3.48¥3.48¥3.6076
All 22 models by family
DCF Models
FCF DCF¥0.9600¥0.9700¥0.980080
5Y Revenue Exit¥1.94¥2.63¥3.6471
5Y EBITDA Exit¥2.70¥3.92¥5.5472
5Y P/E Exit¥2.69¥3.90¥5.3568
10Y Revenue Exit¥1.47¥1.97¥2.5765
10Y EBITDA Exit¥1.94¥2.75¥3.7166
10Y P/E Exit¥1.94¥2.75¥3.6062
Earnings-Based
Graham-Dodd¥1.52¥2.56¥3.1267
EPV¥1.88¥2.01¥2.1270
Dividend Discount
Gordon GGM¥2.79¥3.37¥3.9269
DDM Multi-Stage¥2.79¥3.56¥4.4167
Multiples
P/E Multiple¥3.51¥4.68¥5.8563
P/S Multiple¥2.84¥3.79¥4.7458
P/B Multiple¥15.21¥20.28¥25.3455
EV/EBIT¥3.42¥4.29¥5.1663
EV/EBITDA¥4.34¥5.51¥6.6964
EV/Revenue¥2.67¥3.47¥4.2752
Asset-Based
NCAV (Graham)¥1.61¥2.45¥3.0652
Growth DCF
Growth DCF¥0.9700¥0.9700¥0.980077
Economic Profit
Residual Income¥3.48¥3.48¥3.6076
ROIC Compounder¥1.88¥2.01¥2.1270
Growth Earnings
Growth-Adj P/E¥2.48¥3.54¥4.6067
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.37/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.5%
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.
+6.7%
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.
+2.4%
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.
+3.6%
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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.
−16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.0%
Dividend (yield on the price)1.1%
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.−18.0% vs −10.6%, 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.12% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.8%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare Zhejiang MustangBattery 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.Electrical Equipment & Parts · 564 stocks
Beats the industry median on 1/12 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−62.9% · Below median
Profitability
Return on equity (12 months)1.4% · Below median
Return on assets3.9% · Above median
Net margin (12 months)1.4% · Below median
Operating margin (12 months)−0.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−15.1% · Bottom 25%
Dividend yield (12 months)1.1% · Below median
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
P/E (12 months)231.3× · Priciest 25%
P/B2.90× · Pricier than median
P/S (12 months)3.00× · Pricier than median
EV/EBITDA54.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 66
PAST (return on equity)6· sector 25
HEALTH (low debt)0· sector 97
DIVIDEND (yield)22· sector 23
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.
Is Zhejiang MustangBattery Co.Ltd (605378) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ¥5.16 versus a price of ¥13.88, about 63% lower (overvalued).
What is the fair value of 605378?
Our model-based fair value for Zhejiang MustangBattery Co.Ltd is ¥5.16 (as of Nov 7, 2026), built from audited fundamentals. The current price: ¥13.88.
What is the quality score of 605378?
Zhejiang MustangBattery Co.Ltd has a Quality Score of 47/100. 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 Zhejiang MustangBattery Co.Ltd (605378)?
Our model-based price target is the fair value of ¥5.16 (as of Nov 7, 2026) from 22 valuation models. Cautious scenario ¥3.79, optimistic scenario ¥5.57. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhejiang MustangBattery Co.Ltd stock forecast for 2026?
Our models put fair value at ¥5.16, about 63% lower versus a price of ¥13.88 (overvalued). Cautious scenario ¥3.79, optimistic scenario ¥5.57. The calculation is refreshed regularly with new filings.
What is the revenue of Zhejiang MustangBattery Co.Ltd (605378)?
Zhejiang MustangBattery Co.Ltd reported trailing-twelve-month revenue of about 1.2B CNY (latest available figure, as of Nov 7, 2026).
Does Zhejiang MustangBattery Co.Ltd pay a dividend?
Zhejiang MustangBattery Co.Ltd currently shows a dividend yield of 1.08% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Zhejiang MustangBattery Co.Ltd (605378) and when is the ex-dividend date?
Zhejiang MustangBattery Co.Ltd pays a dividend of ¥0.15 per share a year, a dividend yield of 1.1%. The last ex-dividend date was Jun 16, 2026. A dividend has been paid every year since at least 2021. Free cash flow covers the dividend 0.02 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 is the intrinsic value of Zhejiang MustangBattery Co.Ltd (605378)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhejiang MustangBattery Co.Ltd it is ¥5.16 per share (as of Nov 7, 2026), against a price of ¥13.88. It is the blended result of 22 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Zhejiang MustangBattery Co.Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 605378 trades above its calculated fair value: price ¥13.88, fair value ¥5.16, a gap of about −63% (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 605378?
No. The price is what the market pays today (¥13.88); the fair value is what the company's own numbers justify (¥5.16). For Zhejiang MustangBattery Co.Ltd the two are ¥8.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhejiang MustangBattery Co.Ltd worth?
The market values Zhejiang MustangBattery Co.Ltd at about 3.6B CNY (market capitalisation, as of Nov 7, 2026). Per share that is ¥13.88; our models calculate a fair value of ¥5.16 per share.
What do the bullish and bearish scenarios say about 605378?
Our models span a range for Zhejiang MustangBattery Co.Ltd: cautious scenario ¥3.79, base ¥5.16, optimistic ¥5.57 per share (as of Nov 7, 2026, price ¥13.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 605378?
Zhejiang MustangBattery Co.Ltd trades at a price-to-earnings ratio of 231.3 (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 ¥5.16 is built from several models across several years. Other multiples: P/B 2.9, P/S 3.0, EV/EBITDA 54.3.
How solid is the balance sheet of Zhejiang MustangBattery Co.Ltd (605378)?
Balance-sheet figures for Zhejiang MustangBattery Co.Ltd (as of Nov 7, 2026): return on equity 1.4%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 605378 from its 52-week high?
Zhejiang MustangBattery Co.Ltd trades at ¥13.88, about 49% below its 52-week high of ¥27.25 and 14% above the low of ¥12.22 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥5.16 is for.
Which stocks are comparable to Zhejiang MustangBattery Co.Ltd?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, 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 Zhejiang MustangBattery Co.Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price ¥13.88, calculated fair value ¥5.16 (−63%), Quality Score 47/100, from 22 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 605378 calculated?
We run Zhejiang MustangBattery Co.Ltd through 22 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 ¥5.16 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. Zhejiang MustangBattery 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 Zhejiang MustangBattery Co.Ltd (605378)?
The closing price on Nov 6, 2026 was ¥13.88. Our model-based fair value is ¥5.16, about 63% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhejiang MustangBattery Co.Ltd right now?
The price sits above even our optimistic bull case (¥5.57). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Zhejiang MustangBattery Co.Ltd
How large is the market capitalisation of Zhejiang MustangBattery Co.Ltd (605378)?
The market capitalisation of Zhejiang MustangBattery Co.Ltd is 3.6B CNY (≈ $544M). 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 Zhejiang MustangBattery Co.Ltd (605378)?
The price-to-sales ratio of Zhejiang MustangBattery Co.Ltd is 3.00 (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 Zhejiang MustangBattery Co.Ltd (605378)?
Earnings per share at Zhejiang MustangBattery Co.Ltd are ¥0.0600 (price ÷ EPS = P/E 231.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhejiang MustangBattery Co.Ltd (605378)?
The dividend yield of Zhejiang MustangBattery Co.Ltd is 1.1%. 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 Zhejiang MustangBattery Co.Ltd (605378)?
The net margin of Zhejiang MustangBattery 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 Zhejiang MustangBattery Co.Ltd (605378)?
The return on equity (ROE) of Zhejiang MustangBattery Co.Ltd is 1.4% (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 Zhejiang MustangBattery Co.Ltd (605378)?
On an EBIT basis the return on assets of Zhejiang MustangBattery Co.Ltd is 7.0% (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 Zhejiang MustangBattery Co.Ltd (605378)?
The operating margin of Zhejiang MustangBattery Co.Ltd is −0.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhejiang MustangBattery Co.Ltd (605378)?
Revenue at Zhejiang MustangBattery Co.Ltd is growing −15.1% versus a year earlier (3y avg +6.7%). 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 Zhejiang MustangBattery Co.Ltd (605378)?
Earnings per share at Zhejiang MustangBattery Co.Ltd are growing −50.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zhejiang MustangBattery Co.Ltd (605378) generate?
The free cash flow of Zhejiang MustangBattery Co.Ltd is 716K CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Zhejiang MustangBattery Co.Ltd (605378) hold?
Zhejiang MustangBattery Co.Ltd holds more cash than debt, 212M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Some data
Nov 7, 2026