Forward Graphic Enterprise Co Ltd (8906) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Forward Graphic Enterprise Co Ltd stock TWD 7.49, price TWD 24.45, that is 69.4% below the price, quality 16 out of 100. Rating: strongly overvalued. Calculated from audited financials with one 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 4, 2026.
How to read this chart
60‑month range 13.43 TWD – 62.10 TWD · fair‑value band 5.59 TWD – 11.18 TWD · the 24.45 TWD price screens above the 7.49 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Forward Graphic Enterprise Co., Ltd. engages in the manufacture and sale of printed matter, plastic products, handicrafts, and cardboard and paper products in Taiwan.
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The company also provides box, gift box, chocolate box, and bag products; book; notebook; catalogue/flyer; calendar; and special, DIY, and eco friendly products. In addition, it offers product design, prepress, printing equipment, and post press services.
The company was incorporated in 1968 and is based in New Taipei City, Taiwan.
Stock analysis
Forward Graphic Enterprise Co Ltd (8906) currently trades at 24.45 TWD, while our model-based Fair Value estimate is 7.49 TWD, 69% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.
Scenario range: 5.59 TWD (bear) to 11.18 TWD (bull), the price of 24.45 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 16/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Forward Graphic Enterprise Co Ltd reported revenue of 202M TWD in FY2025 versus 219M TWD in FY2021, a compound −2.0%/yr. Reported net income was −32.8M TWD in FY2025.
Key figures
Market cap 1.0B TWD (≈ $31.4M) Micro · P/S ratio 5.50 · EPS (TTM) −0.8700 TWD · Net margin −18.1% · Return on equity −7.8% · Return on assets (EBIT) −0.7% (5-year average) · Operating margin −15.9% · Revenue (TTM) 201M TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at −69%, 8906 screens richer than that median.
Fair Value models
Bear5.59 TWDFair Value 7.49 TWDBull11.18 TWD
Price 24.45 TWD · Downside -69.4%
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.3/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−13.4%
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.
−4.1%
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.
+1.6%
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.
+0.5%
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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.
−2.7% (2020) → −11.4% (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
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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.Specialty Business Services · 230 stocks
Beats the industry median on 0/10 measures
Overall it trails its industry peers.
Valuation
Quality Score16 · Bottom 25%
Fair Value upside−69.4% · Bottom 25%
Profitability
Return on assets−1.1% · Bottom 25%
Net margin (12 months)−18.1% · Bottom 25%
Operating margin (12 months)−15.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−18.9% · Bottom 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.58× · Highest 25%
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
P/B2.19× · Pricier than median
P/S (12 months)5.12× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 45
FUTURE (revenue growth)0· sector 34
PAST (return on equity)0· sector 38
HEALTH (low debt)71· sector 94
DIVIDEND (yield)0· sector 57
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). "Forward Graphic Enterprise Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8906
Frequently asked questions
Is Forward Graphic Enterprise Co Ltd (8906) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 7.49 TWD versus a price of 24.45 TWD, about 69% lower (overvalued).
What is the fair value of 8906?
Our model-based fair value for Forward Graphic Enterprise Co Ltd is 7.49 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 24.45 TWD.
What is the quality score of 8906?
Forward Graphic Enterprise Co Ltd has a Quality Score of 16/100. 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 Forward Graphic Enterprise Co Ltd (8906)?
Our model-based price target is the fair value of 7.49 TWD (as of Nov 4, 2026) from 1 valuation models. Cautious scenario 5.59 TWD, optimistic scenario 11.18 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Forward Graphic Enterprise Co Ltd stock forecast for 2026?
Our models put fair value at 7.49 TWD, about 69% lower versus a price of 24.45 TWD (overvalued). Cautious scenario 5.59 TWD, optimistic scenario 11.18 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Forward Graphic Enterprise Co Ltd (8906)?
Forward Graphic Enterprise Co Ltd reported trailing-twelve-month revenue of about 201M TWD (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Forward Graphic Enterprise Co Ltd (8906)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forward Graphic Enterprise Co Ltd it is 7.49 TWD per share (as of Nov 4, 2026), against a price of 24.45 TWD. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Forward Graphic Enterprise Co Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 8906 trades above its calculated fair value: price 24.45 TWD, fair value 7.49 TWD, a gap of about −69% (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 8906?
No. The price is what the market pays today (24.45 TWD); the fair value is what the company's own numbers justify (7.49 TWD). For Forward Graphic Enterprise Co Ltd the two are 16.96 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Forward Graphic Enterprise Co Ltd worth?
The market values Forward Graphic Enterprise Co Ltd at about 1.0B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 24.45 TWD; our models calculate a fair value of 7.49 TWD per share.
What do the bullish and bearish scenarios say about 8906?
Our models span a range for Forward Graphic Enterprise Co Ltd: cautious scenario 5.59 TWD, base 7.49 TWD, optimistic 11.18 TWD per share (as of Nov 4, 2026, price 24.45 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Forward Graphic Enterprise Co Ltd (8906)?
Balance-sheet figures for Forward Graphic Enterprise Co Ltd (as of Nov 4, 2026): return on equity −7.8%, debt of 0.58 per unit of equity. They feed the Quality Score of 16/100, which measures business quality independently of the share price.
How far is 8906 from its 52-week high?
Forward Graphic Enterprise Co Ltd trades at 24.45 TWD, about 39% below its 52-week high of 39.90 TWD and 4% above the low of 23.50 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 7.49 TWD is for.
Which stocks are comparable to Forward Graphic Enterprise Co Ltd?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments 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 Forward Graphic Enterprise Co Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price 24.45 TWD, calculated fair value 7.49 TWD (−69%), Quality Score 16/100, 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 8906 calculated?
We run Forward Graphic Enterprise Co Ltd through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 7.49 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 13.7% above its aggregate fair value. Forward Graphic Enterprise 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 Forward Graphic Enterprise Co Ltd (8906)?
The closing price on Nov 9, 2026 was 24.45 TWD. Our model-based fair value is 7.49 TWD, about 69% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forward Graphic Enterprise Co Ltd right now?
The price sits above even our optimistic bull case (11.18 TWD). The favourable scenario is already priced in. Weak quality (16/100) 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. A fairly wide model range (5.59 TWD to 11.18 TWD) leaves room in how you read the outcome.
Key figures of Forward Graphic Enterprise Co Ltd
How large is the market capitalisation of Forward Graphic Enterprise Co Ltd (8906)?
The market capitalisation of Forward Graphic Enterprise Co Ltd is 1.0B TWD (≈ $31.4M). 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 Forward Graphic Enterprise Co Ltd (8906)?
The price-to-sales ratio of Forward Graphic Enterprise Co Ltd is 5.50 (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 Forward Graphic Enterprise Co Ltd (8906)?
Earnings per share at Forward Graphic Enterprise Co Ltd are −0.8700 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Forward Graphic Enterprise Co Ltd (8906)?
The net margin of Forward Graphic Enterprise Co Ltd is −18.1% (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 Forward Graphic Enterprise Co Ltd (8906)?
The return on equity (ROE) of Forward Graphic Enterprise Co Ltd is −7.8% (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 Forward Graphic Enterprise Co Ltd (8906)?
On an EBIT basis the return on assets of Forward Graphic Enterprise Co Ltd is −0.7% (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 Forward Graphic Enterprise Co Ltd (8906)?
The operating margin of Forward Graphic Enterprise Co Ltd is −15.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Forward Graphic Enterprise Co Ltd (8906)?
Revenue at Forward Graphic Enterprise Co Ltd is growing −18.9% versus a year earlier (3y avg −4.1%). 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 Forward Graphic Enterprise Co Ltd (8906)?
Earnings per share at Forward Graphic Enterprise Co Ltd are growing −84.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Forward Graphic Enterprise Co Ltd (8906) generate?
The free cash flow of Forward Graphic Enterprise Co Ltd is −879M 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 Forward Graphic Enterprise Co Ltd (8906) carry?
The net debt of Forward Graphic Enterprise Co Ltd is 2.3B 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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Thin data
Nov 4, 2026