Bonny Worldwide Ltd (8467) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Bonny Worldwide Ltd stock TWD 199, price TWD 93.30, upside +113.0%, quality 68 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 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 8, 2026.
How to read this chart
60‑month range 33.42 TWD – 345.50 TWD · fair‑value band 153.05 TWD – 244.35 TWD · the 93.30 TWD price screens below the 198.70 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Bonny Worldwide Limited, together with its subsidiaries, engages in the manufacture and sale of OEM and ODM carbon fiber rackets and related sporting goods in China. The company offers hockey sticks, tennis and badminton rackets, and carbon fiber rims.
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It also provides carbon fiber sports products, such as hockey sticks, helmets, and baseball bats. In addition, the company operates and manages a sports center. The company offers its products under the BONNY brand name.
Bonny Worldwide Limited was founded in 1982 and is headquartered in Grand Cayman, the Cayman Islands.
Stock analysis
Bonny Worldwide Ltd (8467) currently trades at 93.30 TWD, while our model-based Fair Value estimate is 198.70 TWD, implying the stock looks roughly 53% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 213.07 TWD per share, and 18 of the 25 models we run sit above the 93.30 TWD price.
Bear case: the Asset-Based group reads lowest at 23.42 TWD, and 7 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: 153.05 TWD (bear) to 244.35 TWD (bull), the price of 93.30 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 68/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bonny Worldwide Ltd reported revenue of 2.4B TWD in FY2025 versus 1.4B TWD in FY2021, a compound +14.6%/yr. Reported net income was 509M TWD in FY2025, compounding +51.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 4.5B TWD (≈ $137M) Micro · P/E ratio 14.9 · P/S ratio 1.99 · EPS (TTM) 6.28 TWD · Dividend yield 7.6% · Net margin 13.8% · Return on equity 12.0% · Return on assets (EBIT) 12.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 52% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 113%, 8467 screens cheaper than that median.
Fair Value models
Bear153.05 TWDFair Value 198.70 TWDBull244.35 TWD
Price 93.30 TWD · Upside +113.0%
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.
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.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.5%
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.
+7.5%
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.
+18.6%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 13 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.
+2.3%
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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.
+48.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+40.7%
Dividend (yield on the price)7.6%
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.40.7% vs 9.5%, 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.4% → 25%
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).
−12.5%
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 −13.9% a year for the price.
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.Leisure · 169 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+113.0% · Top 25%
Profitability
Return on equity (12 months)12.0% · Above median
Return on assets10.9% · Top 25%
Net margin (12 months)13.8% · Top 25%
Operating margin (12 months)16.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−19.1% · Bottom 25%
Dividend yield (12 months)7.6% · Top 25%
Balance sheet
Debt / equity0.19× · Above median
Valuation Multiplesvs Leisure median · lower = cheaper
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Is Bonny Worldwide Ltd (8467) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 198.70 TWD versus a price of 93.30 TWD, about +113% upside (undervalued).
What is the fair value of 8467?
Our model-based fair value for Bonny Worldwide Ltd is 198.70 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 93.30 TWD.
What is the quality score of 8467?
Bonny Worldwide Ltd has a Quality Score of 68/100. 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 Bonny Worldwide Ltd (8467)?
Our model-based price target is the fair value of 198.70 TWD (as of Nov 8, 2026) from 25 valuation models. Cautious scenario 153.05 TWD, optimistic scenario 244.35 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Bonny Worldwide Ltd stock forecast for 2026?
Our models put fair value at 198.70 TWD, about +113% upside versus a price of 93.30 TWD (undervalued). Cautious scenario 153.05 TWD, optimistic scenario 244.35 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Bonny Worldwide Ltd (8467)?
Bonny Worldwide Ltd reported trailing-twelve-month revenue of about 2.3B TWD (latest available figure, as of Nov 8, 2026).
Does Bonny Worldwide Ltd pay a dividend?
Bonny Worldwide Ltd currently shows a dividend yield of 7.56% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Bonny Worldwide Ltd (8467) and when is the ex-dividend date?
Bonny Worldwide Ltd pays a dividend of 7.06 TWD per share a year, a dividend yield of 7.6%. The last ex-dividend date was Nov 4, 2026. The payout ratio is 112% of earnings. Free cash flow covers the dividend 2.20 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Bonny Worldwide Ltd (8467)?
For today's price to be fair in a discounted-cash-flow model, Bonny Worldwide Ltd would have to grow free cash flow by -12.5 % 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 +18.6 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 8467 use?
Our models discount Bonny Worldwide Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.40, 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 Bonny Worldwide Ltd that is -12.5 % 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 Bonny Worldwide Ltd (8467) delivered so far?
Over the past 5 years revenue at Bonny Worldwide Ltd grew +18.6 % a year. The price currently implies free-cash-flow growth of -12.5 % 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 Bonny Worldwide Ltd (8467) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Bonny Worldwide Ltd (-12.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bonny Worldwide Ltd (8467)?
The free-cash-flow yield on the price is 16.75 %: that much free cash flow Bonny Worldwide 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 Bonny Worldwide Ltd (8467)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bonny Worldwide Ltd it is 198.70 TWD per share (as of Nov 8, 2026), against a price of 93.30 TWD. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Bonny Worldwide Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 8467 trades below its calculated fair value: price 93.30 TWD, fair value 198.70 TWD, a gap of about +113% (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 8467?
No. The price is what the market pays today (93.30 TWD); the fair value is what the company's own numbers justify (198.70 TWD). For Bonny Worldwide Ltd the two are 105.40 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Bonny Worldwide Ltd worth?
The market values Bonny Worldwide Ltd at about 4.5B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 93.30 TWD; our models calculate a fair value of 198.70 TWD per share.
What do the bullish and bearish scenarios say about 8467?
Our models span a range for Bonny Worldwide Ltd: cautious scenario 153.05 TWD, base 198.70 TWD, optimistic 244.35 TWD per share (as of Nov 8, 2026, price 93.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8467?
Bonny Worldwide Ltd trades at a price-to-earnings ratio of 14.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 198.70 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 20.1. Other multiples: P/B 1.6, P/S 2.0, EV/EBITDA 4.9.
How solid is the balance sheet of Bonny Worldwide Ltd (8467)?
Balance-sheet figures for Bonny Worldwide Ltd (as of Nov 8, 2026): return on equity 12.0%, debt of 0.19 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 8467 from its 52-week high?
Bonny Worldwide Ltd trades at 93.30 TWD, about 52% below its 52-week high of 194.00 TWD and 12% above the low of 83.20 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 198.70 TWD is for.
Which stocks are comparable to Bonny Worldwide Ltd?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time 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 Bonny Worldwide Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 93.30 TWD, calculated fair value 198.70 TWD (+113%), Quality Score 68/100, from 25 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 8467 calculated?
We run Bonny Worldwide Ltd through 25 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 198.70 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. Bonny Worldwide Ltd currently trades 53% 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 Bonny Worldwide Ltd (8467)?
The closing price on Nov 9, 2026 was 93.30 TWD. Our model-based fair value is 198.70 TWD, about +113% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bonny Worldwide Ltd right now?
The price is below even our cautious bear case (153.05 TWD). The market is more pessimistic than our downside scenario. Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Bonny Worldwide Ltd (8467) come from?
Earnings per share at Bonny Worldwide Ltd grew +10.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.1 %, EBIT margin +9.9 %, tax rate +0.8 %, residual (interest, one-offs) −1.4 %. 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 Bonny Worldwide Ltd
How large is the market capitalisation of Bonny Worldwide Ltd (8467)?
The market capitalisation of Bonny Worldwide Ltd is 4.5B TWD (≈ $137M). 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 Bonny Worldwide Ltd (8467)?
The price-to-sales ratio of Bonny Worldwide Ltd is 1.99 (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 Bonny Worldwide Ltd (8467)?
Earnings per share at Bonny Worldwide Ltd are 6.28 TWD (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bonny Worldwide Ltd (8467)?
The dividend yield of Bonny Worldwide Ltd is 7.6% (payout 112%). 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 Bonny Worldwide Ltd (8467)?
The net margin of Bonny Worldwide Ltd is 13.8% (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 Bonny Worldwide Ltd (8467)?
The return on equity (ROE) of Bonny Worldwide Ltd is 12.0% (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 Bonny Worldwide Ltd (8467)?
On an EBIT basis the return on assets of Bonny Worldwide Ltd is 12.1% (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 Bonny Worldwide Ltd (8467)?
The operating margin of Bonny Worldwide Ltd is 16.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bonny Worldwide Ltd (8467)?
Revenue at Bonny Worldwide Ltd is growing −19.1% versus a year earlier (3y avg +7.5%). 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 Bonny Worldwide Ltd (8467)?
Earnings per share at Bonny Worldwide Ltd are growing −52.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bonny Worldwide Ltd (8467) hold?
Bonny Worldwide Ltd holds more cash than debt, 779M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026