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Data-driven stock valuation

Ibase Gaming (6441) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Ibase Gaming stock TWD 19.99, price TWD 21.05, that is 5.0% below the price, quality 28 out of 100. Rating: fairly valued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Technology TW · ISIN TW0006441009

IG Ibase Gaming logo Thin data Nov 9, 2026

Ibase Gaming

6441 · TWO
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Fair value 19.99 TWD · Fairly valued
Revenue last quarter 60% below a year ago.
Quality 28/100
Weak Growth (revenue 5y −28.4 %/yr in TWD)
Loss-making · -194.7% net margin (TTM)
Negative free cash flow
Trails peers (3/9)
Narrow moat 12/100
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

84.36 TWD 17.35 TWD Fair Value 19.99 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range 17.35 TWD – 84.36 TWD · fair‑value band 13.11 TWD – 24.90 TWD · the 21.05 TWD price screens above the 19.99 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

iBase Solution CO., LTD engages in the research, design, manufacturing, and sales of industrial computer-related application products and energy storage equipment in Taiwan.

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The company offers box PC platforms and self service betting terminal; energy storage system, EV AC and EV DC charging station, electric scooter charging station, and iUPS+100K; and AIoT products.

It also various solutions, such as sports betting kiosk and terminals, casino cabinets, lottery terminals, backplane PC and box PC, as well as ODM, OEM, AND JDM solutions; energy management, power smoothing, ancillary services, microgrid, and EPC projects; and AIoT automation solutions.

The company was formerly known as Ibase Gaming Inc. and changed its name to iBase Solution CO., LTD in May 2022. iBase Solution CO., LTD was founded in 2011 and is based in New Taipei City, Taiwan.

Stock analysis

Ibase Gaming (6441) currently trades at 21.05 TWD, while our model-based Fair Value estimate is 19.99 TWD, so the stock looks roughly fairly valued today (gap 5.3%).

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: 13.11 TWD (bear) to 24.90 TWD (bull), the price of 21.05 TWD 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 28/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Ibase Gaming reported revenue of 235M TWD in FY2025 versus 1.5B TWD in FY2021, a compound −37.3%/yr. Reported net income was −275M TWD in FY2025.

Key figures

Market cap 1.1B TWD (≈ $34.2M) Micro · P/S ratio 8.73 · EPS (TTM) −4.81 TWD · Net margin −117% · Return on equity −25.5% · Return on assets (EBIT) −4.4% (5-year average) · Operating margin −202% · Revenue (TTM) 132M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 34% below its 52-week high and 21% 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 −5%, 6441 screens cheaper than that median.

Fair Value models

Bear 13.11 TWD Fair Value 19.99 TWD Bull 24.90 TWD
Price 21.05 TWD · Downside -5.0%
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. 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
NCAV (Graham) 13.11 TWD 19.99 TWD 24.91 TWD 54
All 1 models by family
Asset-Based
NCAV (Graham) 13.11 TWD 19.99 TWD 24.91 TWD 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 28/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 0
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 52
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 49
How calm the share price moves, does not count
Price momentum 30
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 21
Distance to the 52-week high, does not count
New shares 43
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−56.5%
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.
−26.0%
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.
−28.4%
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.
−20.0%
Profit margin (trend) ⓘ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.
−3.3% (2020) → −91.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Semiconductors · 370 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 28 · Bottom 25%
Fair Value upside −5.0% · Above median
Profitability
Return on assets −16.6% · Bottom 25%
Net margin (12 months) −194.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −60.1% · Bottom 25%

Valuation Multiplesvs Semiconductors median · lower = cheaper

P/B 1.10× · Cheapest 25%
P/S (12 months) 8.53× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 0
FUTURE (revenue growth)0 · sector 100
PAST (return on equity)0 · sector 27
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 20

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
SK hynix Inc 000660 1,136,000 KRW 1,501,896 KRW +32% vs 6441
Taiwan Semiconductor Manufacturing Company TSM $375.44 $412.98 +10% vs 6441
NVIDIA Corporation NVDA $186.64 $198.56 +6% vs 6441
Broadcom Inc AVGO $293.69 $300.84 +2% vs 6441
Intel Corporation INTC $56.28 $52.14 −7% vs 6441
Micron Technology, Inc MU $690.00 $619.48 −10% vs 6441
Analog Devices, Inc ADI $363.56 $262.04 −28% vs 6441
Marvell Technology, Inc MRVL $141.20 $87.64 −38% vs 6441
Advanced Micro Devices, Inc AMD $449.04 $148.02 −67% vs 6441
Texas Instruments Incorporated TXN $277.36 $81.25 −71% vs 6441

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Ibase Gaming: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Ibase Gaming Fair Value". https://www.fairvalue-calculator.com/stock/6441

Frequently asked questions

Is Ibase Gaming (6441) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 19.99 TWD versus a price of 21.05 TWD, about 5% lower (fairly valued).
What is the fair value of 6441?
Our model-based fair value for Ibase Gaming is 19.99 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 21.05 TWD.
What is the quality score of 6441?
Ibase Gaming has a Quality Score of 28/100. 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 Ibase Gaming (6441)?
Our model-based price target is the fair value of 19.99 TWD (as of Nov 9, 2026) from 1 valuation models. Cautious scenario 13.11 TWD, optimistic scenario 24.90 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Ibase Gaming stock forecast for 2026?
Our models put fair value at 19.99 TWD, about 5% lower versus a price of 21.05 TWD (fairly valued). Cautious scenario 13.11 TWD, optimistic scenario 24.90 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Ibase Gaming (6441)?
Ibase Gaming reported trailing-twelve-month revenue of about 132M TWD (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Ibase Gaming (6441)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ibase Gaming it is 19.99 TWD per share (as of Nov 9, 2026), against a price of 21.05 TWD. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Ibase Gaming stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 6441 trades above its calculated fair value: price 21.05 TWD, fair value 19.99 TWD, 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 6441?
No. The price is what the market pays today (21.05 TWD); the fair value is what the company's own numbers justify (19.99 TWD). For Ibase Gaming the two are 1.06 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Ibase Gaming worth?
The market values Ibase Gaming at about 1.1B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 21.05 TWD; our models calculate a fair value of 19.99 TWD per share.
What do the bullish and bearish scenarios say about 6441?
Our models span a range for Ibase Gaming: cautious scenario 13.11 TWD, base 19.99 TWD, optimistic 24.90 TWD per share (as of Nov 9, 2026, price 21.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ibase Gaming (6441)?
Balance-sheet figures for Ibase Gaming (as of Nov 9, 2026): return on equity −25.5%. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is 6441 from its 52-week high?
Ibase Gaming trades at 21.05 TWD, about 34% below its 52-week high of 32.10 TWD and 21% above the low of 17.35 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 19.99 TWD is for.
Which stocks are comparable to Ibase Gaming?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, 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 Ibase Gaming stock attractive at the current price?
The data as of Nov 9, 2026: price 21.05 TWD, calculated fair value 19.99 TWD (−5%), Quality Score 28/100, from 1 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 6441 calculated?
We run Ibase Gaming through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 19.99 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. Ibase Gaming 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 Ibase Gaming (6441)?
The closing price on Nov 9, 2026 was 21.05 TWD. Our model-based fair value is 19.99 TWD, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ibase Gaming right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (13.11 TWD to 24.90 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Ibase Gaming

How large is the market capitalisation of Ibase Gaming (6441)?
The market capitalisation of Ibase Gaming is 1.1B TWD (≈ $34.2M). 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 Ibase Gaming (6441)?
The price-to-sales ratio of Ibase Gaming is 8.73 (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 Ibase Gaming (6441)?
Earnings per share at Ibase Gaming are −4.81 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ibase Gaming (6441)?
The net margin of Ibase Gaming is −117% (fiscal year 2025). 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 Ibase Gaming (6441)?
The return on equity (ROE) of Ibase Gaming is −25.5% (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 Ibase Gaming (6441)?
On an EBIT basis the return on assets of Ibase Gaming is −4.4% (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 Ibase Gaming (6441)?
The operating margin of Ibase Gaming is −202% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ibase Gaming (6441)?
Revenue at Ibase Gaming is growing −60.1% versus a year earlier (3y avg −26.0%). 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 Ibase Gaming (6441)?
Earnings per share at Ibase Gaming are growing −86.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ibase Gaming (6441) generate?
The free cash flow of Ibase Gaming is −82.9M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ibase Gaming (6441) carry?
The net debt of Ibase Gaming is 311M TWD (fiscal year 2025). 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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