Merida Industry Co Ltd (9914) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Merida Industry Co Ltd stock TWD 88.12, price TWD 63.40, upside +39.0%, quality 59 out of 100. Rating: undervalued. Calculated from audited financials with 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 5, 2026.
How to read this chart
60‑month range 55.70 TWD – 319.90 TWD · fair‑value band 63.08 TWD – 110.39 TWD · the 63.40 TWD price screens below the 88.12 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Merida Industry Co., Ltd., together with its subsidiaries, manufactures and sells bicycles and components in Taiwan, China, Hong Kong, Japan, and Europe. The company offers mountain bikes, road bikes, fitness bikes, gravel bikes, trekking bikes, and e-bikes, as well as bikes for youth and kids.
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It also provides handlebars, stems, grips and bartapes, seatposts and clamps, saddles, pedals, protection and EQ parts, and spare parts; backpacks, bags, brackets, lights, bells, pumps, bottles and cages, tools, and locks; and apparel comprising jerseys, shorts, jackets and vests, helmets, shoes, gloves, socks and shoe covers, and sunglasses.
In addition, the company offers women apparel. The company was founded in 1961 and is headquartered in Changhua, Taiwan.
Stock analysis
Merida Industry Co Ltd (9914) currently trades at 63.40 TWD, while our model-based Fair Value estimate is 88.12 TWD, implying the stock looks roughly 28% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 112.74 TWD per share, and 17 of the 26 models we run sit above the 63.40 TWD price.
Bear case: the Earnings-Based group reads lowest at 37.84 TWD, and 9 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 63.08 TWD (bear) to 110.39 TWD (bull), the price of 63.40 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 59/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Merida Industry Co Ltd reported revenue of 26.8B TWD in FY2025 versus 29.4B TWD in FY2021, a compound −2.3%/yr. Reported net income was 1.2B TWD in FY2025, compounding −28.7%/yr from FY2021.
Key figures
Market cap 20.2B TWD (≈ $615M) Small · P/E ratio 18.5 · P/S ratio 0.83 · EPS (TTM) 3.43 TWD · Dividend yield 4.4% · Net margin 4.2% · Return on equity 5.1% · Return on assets (EBIT) 10.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (medium confidence).
What moves the price
The share trades about 37% below its 52-week high and 14% 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 39%, 9914 screens cheaper than that median.
Fair Value models
Bear63.08 TWDFair Value 88.12 TWDBull110.39 TWD
Price 63.40 TWD · Upside +39.0%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5385 TWD 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−9.7%
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.
−10.2%
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.
−0.2%
Start year 2020 (pandemic). Over 10 years: −0.5% a year
Revenue growth 25 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.
+6.9%
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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.
−17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.5%
Dividend (yield on the price)4.4%
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.−21.5% vs −8.9%, 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.20% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
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).
−1.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −3.2% a year for the price and +0.6% for the forecasts.
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 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+39.0% · Above median
Profitability
Return on equity (12 months)5.1% · Below median
Return on assets3.4% · Above median
Net margin (12 months)4.2% · Below median
Operating margin (12 months)11.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)−0.9% · Below median
Dividend yield (12 months)4.4% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Leisure median · lower = cheaper
P/E (12 months)18.5× · Cheaper than median
P/B1.04× · Cheaper than median
P/S (12 months)0.83× · Cheaper than median
Price / free cash flow (fiscal year)8.6× · Cheaper than median
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). "Merida Industry Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/9914
Frequently asked questions
Is Merida Industry Co Ltd (9914) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 88.12 TWD versus a price of 63.40 TWD, about +39% upside (undervalued).
What is the fair value of 9914?
Our model-based fair value for Merida Industry Co Ltd is 88.12 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 63.40 TWD.
What is the quality score of 9914?
Merida Industry Co Ltd has a Quality Score of 59/100. 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 Merida Industry Co Ltd (9914)?
Our model-based price target is the fair value of 88.12 TWD (as of Nov 5, 2026) from 26 valuation models. Cautious scenario 63.08 TWD, optimistic scenario 110.39 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Merida Industry Co Ltd stock forecast for 2026?
Our models put fair value at 88.12 TWD, about +39% upside versus a price of 63.40 TWD (undervalued). Cautious scenario 63.08 TWD, optimistic scenario 110.39 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Merida Industry Co Ltd (9914)?
Merida Industry Co Ltd reported trailing-twelve-month revenue of about 24.4B TWD (latest available figure, as of Nov 5, 2026).
Does Merida Industry Co Ltd pay a dividend?
Merida Industry Co Ltd currently shows a dividend yield of 4.42% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Merida Industry Co Ltd (9914) and when is the ex-dividend date?
Merida Industry Co Ltd pays a dividend of 2.80 TWD per share a year, a dividend yield of 4.4%. The last ex-dividend date was Aug 6, 2026. The payout ratio is 81.6% of earnings. Free cash flow covers the dividend 2.80 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Merida Industry Co Ltd (9914)?
For today's price to be fair in a discounted-cash-flow model, Merida Industry Co Ltd would have to grow free cash flow by -1.7 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.2 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 9914 use?
Our models discount Merida Industry Co Ltd at 10.5 %: a base by market capitalisation (small), damped by beta 0.57, 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 Merida Industry Co Ltd that is -1.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Merida Industry Co Ltd (9914) delivered so far?
Over the past 5 years revenue at Merida Industry Co Ltd grew -0.2 % a year. The price currently implies free-cash-flow growth of -1.7 % 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 Merida Industry Co Ltd (9914) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Merida Industry Co Ltd (-1.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Merida Industry Co Ltd (9914)?
The free-cash-flow yield on the price is 11.63 %: that much free cash flow Merida Industry Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Merida Industry Co Ltd (9914)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Merida Industry Co Ltd it is 88.12 TWD per share (as of Nov 5, 2026), against a price of 63.40 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Merida Industry Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 9914 trades below its calculated fair value: price 63.40 TWD, fair value 88.12 TWD, a gap of about +39% (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 9914?
No. The price is what the market pays today (63.40 TWD); the fair value is what the company's own numbers justify (88.12 TWD). For Merida Industry Co Ltd the two are 24.72 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Merida Industry Co Ltd worth?
The market values Merida Industry Co Ltd at about 20.2B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 63.40 TWD; our models calculate a fair value of 88.12 TWD per share.
What do the bullish and bearish scenarios say about 9914?
Our models span a range for Merida Industry Co Ltd: cautious scenario 63.08 TWD, base 88.12 TWD, optimistic 110.39 TWD per share (as of Nov 5, 2026, price 63.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9914?
Merida Industry Co Ltd trades at a price-to-earnings ratio of 18.5 (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 88.12 TWD is built from several models across several years. Other multiples: PEG 5.4, P/B 1.0, P/S 0.8, EV/EBITDA 10.5.
What is the PEG ratio of 9914?
The PEG ratio of Merida Industry Co Ltd is 5.39 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Merida Industry Co Ltd (9914)?
Balance-sheet figures for Merida Industry Co Ltd (as of Nov 5, 2026): return on equity 5.1%, debt of 0.02 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 9914 from its 52-week high?
Merida Industry Co Ltd trades at 63.40 TWD, about 37% below its 52-week high of 100.50 TWD and 14% above the low of 55.70 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 88.12 TWD is for.
Which stocks are comparable to Merida Industry Co 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 Merida Industry Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price 63.40 TWD, calculated fair value 88.12 TWD (+39%), Quality Score 59/100, from 26 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 9914 calculated?
We run Merida Industry Co Ltd through 26 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 88.12 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 13.0% above its aggregate fair value. Merida Industry Co Ltd currently trades 28% 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 Merida Industry Co Ltd (9914)?
The closing price on Nov 6, 2026 was 63.40 TWD. Our model-based fair value is 88.12 TWD, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Merida Industry Co Ltd right now?
Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Merida Industry Co Ltd (9914) come from?
Earnings per share at Merida Industry Co Ltd grew −7.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.4 %, EBIT margin +0.4 %, tax rate −1.5 %, residual (interest, one-offs) −6.3 %. 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 Merida Industry Co Ltd
How large is the market capitalisation of Merida Industry Co Ltd (9914)?
The market capitalisation of Merida Industry Co Ltd is 20.2B TWD (≈ $615M). 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 Merida Industry Co Ltd (9914)?
The price-to-sales ratio of Merida Industry Co Ltd is 0.83 (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 Merida Industry Co Ltd (9914)?
Earnings per share at Merida Industry Co Ltd are 3.43 TWD (price ÷ EPS = P/E 18.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Merida Industry Co Ltd (9914)?
The dividend yield of Merida Industry Co Ltd is 4.4% (payout 81.6%). 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 Merida Industry Co Ltd (9914)?
The net margin of Merida Industry Co Ltd is 4.2% (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 Merida Industry Co Ltd (9914)?
The return on equity (ROE) of Merida Industry Co Ltd is 5.1% (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 Merida Industry Co Ltd (9914)?
On an EBIT basis the return on assets of Merida Industry Co Ltd is 10.0% (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 Merida Industry Co Ltd (9914)?
The operating margin of Merida Industry Co Ltd is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Merida Industry Co Ltd (9914)?
Revenue at Merida Industry Co Ltd is growing −0.9% versus a year earlier (3y avg −10.2%). 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 Merida Industry Co Ltd (9914)?
Earnings per share at Merida Industry Co Ltd are growing −19.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Merida Industry Co Ltd (9914) carry?
The net debt of Merida Industry Co Ltd is 3.6B TWD (fiscal year 2025, ≈ 1.5 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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Broad data
Nov 5, 2026