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Fulltech Fiber Glass Corp (1815) Fair Value & Analysis

Technology · TW · Market cap 47.7B TWD

FF Fulltech Fiber Glass Corp 1815 · TWO
Price85.90 TWD
Fair Value21.14 TWD
Upside-75.4%
Quality36/100
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Expensive Growth
Solidly profitable · 17.7% net margin
Low debt · negative free cash flow
Mixed vs. peers (5/12)
Moderate moat 59/100
Evidence: High Range 15.85 TWD – 27.21 TWD Share as image

Fair value as of: Jul 17, 2026

From 16 valuation models · updated 23 days ago

Share price −11.1% over the past month.

Below-average quality, and screening another 75% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (27.21 TWD). The favourable scenario is already priced in.
  • Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

127.00 TWD 10.82 TWD Fair Value 21.14 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 10.82 TWD – 127.00 TWD · fair‑value band 15.85 TWD – 27.21 TWD · the 85.90 TWD price screens above the 21.14 TWD fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Fulltech Fiber Glass Corp (1815) currently trades at 85.90 TWD, while our model-based Fair Value estimate is 21.14 TWD, implying the stock looks roughly 75.4% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Fulltech Fiber Glass Corp generated revenue of 6.5B TWD at a net margin of 17.7%. Revenue grew 36.1% year over year. It earns a return on equity of 10.8%. Net debt stands at 2.2B TWD. Fundamentals as of Jul 17, 2026

Our scenario range runs from 15.85 TWD (bear case) to 27.21 TWD (bull case); at 85.90 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 154% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at -75%, 1815 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 17.25 TWD 17.99 TWD 19.06 TWD 76
ROIC Compounder 11.70 TWD 13.98 TWD 15.97 TWD 72
Gordon GGM 0.6900 TWD 1.44 TWD 2.28 TWD 70
All 16 models by family
Earnings-Based
Graham-Dodd 9.95 TWD 61.94 TWD 86.48 TWD 54
Lynch FV 17.82 TWD 25.46 TWD 33.09 TWD 50
PEG = 1.0 17.82 TWD 25.46 TWD 33.09 TWD 46
EPV 11.70 TWD 13.98 TWD 15.97 TWD 59
Dividend Discount
Gordon GGM 0.6900 TWD 1.44 TWD 2.28 TWD 70
DDM Multi-Stage 0.6900 TWD 1.21 TWD 1.51 TWD 61
Multiples
P/E Multiple 21.94 TWD 29.26 TWD 36.57 TWD 63
P/S Multiple 18.65 TWD 24.87 TWD 31.09 TWD 58
P/B Multiple 18.65 TWD 24.87 TWD 31.09 TWD 55
EV/EBIT 19.55 TWD 26.72 TWD 33.89 TWD 53
EV/EBITDA 29.03 TWD 39.35 TWD 49.68 TWD 54
EV/Revenue 12.54 TWD 18.75 TWD 24.97 TWD 43
Asset-Based
NCAV (Graham) 10.76 TWD 14.42 TWD 21.52 TWD 50
Economic Profit
Residual Income 17.25 TWD 17.99 TWD 19.06 TWD 76
ROIC Compounder 11.70 TWD 13.98 TWD 15.97 TWD 72
Growth Earnings
Growth-Adj P/E 24.94 TWD 35.63 TWD 46.32 TWD 68

Widest divergence: Growth Earnings (35.63 TWD) versus Dividend Discount (1.21 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 6.5B TWD
Revenue growth (YoY) +36.1%
Net margin 17.7%
Return on equity 10.8%
Free cash flow −1.7B TWD FY2025
P/E ratio 49.7
More key figures
Operating margin 21.4%
EPS (TTM) 1.64 TWD
EPS growth (YoY) +168%
Net debt 2.2B TWD FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 37 · Market factors (momentum, volatility) 55

Profitability 34
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 17
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 19
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Fulltech Fiber Glass Corp., together with its subsidiaries, produces and sells fiberglass yarns and fabrics in Taiwan and China. The company operates through Fiberglass Yarn and Fiberglass Fabric segments. It also undertakes the general investment activities; and offers glass and glass products.

Full company description

Fulltech Fiber Glass Corp., together with its subsidiaries, produces and sells fiberglass yarns and fabrics in Taiwan and China. The company operates through Fiberglass Yarn and Fiberglass Fabric segments. It also undertakes the general investment activities; and offers glass and glass products. The company's products are used in desktop and laptop computers, cellular phones, fiber glass fabrics, printed circuit boards, PDA, sailplane, projection cloth, and insulation tube applications. Fulltech Fiber Glass Corp. was founded in 1999 and is headquartered in Douliu City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fulltech Fiber Glass Corp reported revenue of 6.0B TWD in FY2025 versus 5.3B TWD in FY2021, a compound +3.3%/yr. Reported net income was 857M TWD in FY2025, compounding +9.2%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.0B TWD
Latest YoY
+40.7%
Avg. growth/yr (3Y)
+8.7%
Avg. growth/yr (5Y)
+11.8%
Avg. growth/yr (8Y)
+2.7%
Revenue +3.3%/yr
FY21 5.3B TWD
FY22 4.7B TWD
FY23 3.2B TWD
FY24 4.2B TWD
FY25 6.0B TWD
Net income +9.2%/yr
FY21 601M TWD
FY22 31.5M TWD
FY23 −651M TWD
FY24 62.9M TWD
FY25 857M TWD

1815 screens 75% overvalued. Compare with Delta Electronics, Inc →

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Cite: Fair Value Calculator (2026). "Fulltech Fiber Glass Corp Fair Value". https://www.fairvalue-calculator.com/stock/1815

Peer Group

Electronic Components · 626 stocks

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.

Quality Score 36 · Bottom 25%
Fair Value upside −75% · Bottom 25%
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 36% · Top 25%
Debt / equity 0.24× · Higher than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 49.7× · Pricier than median
P/B 3.79× · Pricier than median
P/S (TTM) 7.37× · Pricier than 75% of peers
EV/EBITDA 24.1× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 32
PAST 43 · sector 24
HEALTH 88 · sector 95
DIVIDEND 0 · sector 25

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,880 TWD 515.23 TWD -73%
Hon Hai Precision Industry Co 2317 242.50 TWD 270.47 TWD +12%
Luxshare Precision Industry Co 002475 ¥62.14 ¥38.44 -38%
Samsung Electro-Mechanics Co 009150 1,260,000 KRW 166,421 KRW -87%
Elite Material Co 2383 4,990 TWD 714.36 TWD -86%
Yageo Corporation 2327 699.00 TWD 216.55 TWD -69%
Shengyi Technology Co 600183 ¥132.29 ¥27.45 -79%
Shennan Circuits Co 002916 ¥364.00 ¥93.50 -74%
Victory Giant Technology (HuiZhou) Co 2476 HK$297.00 HK$103.98 -65%
Wus Printed Circuit (Kunshan) Co 002463 ¥127.80 ¥31.95 -75%

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Frequently asked questions

Is Fulltech Fiber Glass Corp (1815) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 21.14 TWD versus a price of 85.90 TWD, about −75% (overvalued).
What is the fair value of 1815?
Our model-based fair value for Fulltech Fiber Glass Corp is 21.14 TWD (as of Jul 17, 2026), built from audited fundamentals. The current price is 85.90 TWD.
What is the quality score of 1815?
Fulltech Fiber Glass Corp has a Quality Score of 36/100. 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 revenue of Fulltech Fiber Glass Corp (1815)?
Fulltech Fiber Glass Corp reported trailing-twelve-month revenue of about 6.5B TWD (latest available figure, as of Jul 17, 2026).
What is the net profit margin of 1815?
The net profit margin of Fulltech Fiber Glass Corp is about 17.7%, meaning it keeps roughly 17.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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