Federal Corp (2102) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 8.8B TWD (≈ $277M) · ISIN TW0002102001
What is Federal Corp really worth?
A solid business, trading 78% below our fair value of 83.96 TWD.
As of Sep 3, 2026, the fair value of Federal Corp is 83.96 TWD per share against a price of 18.25 TWD, so the fair value sits 360% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
Fair value as of: Sep 3, 2026
From 10 valuation models · updated 3 days ago
Share price −3.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (62.97 TWD). The market is more pessimistic than our downside scenario.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range 15.20 TWD – 32.58 TWD · fair‑value band 62.97 TWD – 104.95 TWD · the 18.25 TWD price screens below the 83.96 TWD fair value. Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Federal Corp (2102) currently trades at 18.25 TWD, while our model-based Fair Value estimate is 83.96 TWD, implying the stock looks roughly 78.3% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of 104.29 TWD per share, and 6 of the 10 models we run sit above the 18.25 TWD price. Bear case: the Asset-Based group reads lowest at 14.06 TWD, and 4 of the 10 models stay below the price. Evidence for this calculation is low.
Trailing-twelve-month revenue stands at 231M TWD. Revenue declined 45.8% year over year. It earns a return on equity of 36.3%. The balance sheet holds a net cash position of 2.8B TWD. Fundamentals as of Sep 3, 2026
Our scenario range runs from 62.97 TWD (bear case) to 104.95 TWD (bull case); at 18.25 TWD, the current price sits below 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 18% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at 360%, 2102 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 4.28 TWD per share, which is 7.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 10 models by family
Widest divergence: Growth Earnings (104.29 TWD) versus Dividend Discount (0.2000 TWD). Highest evidence: Owner Earnings (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 46
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Federal Corporation produces and sells tires in Taiwan and internationally. It offers tires for the UHP, SUV, LTR, and PCR lines. The company was founded in 1954 and is based in Taoyuan City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Federal Corp reported revenue of 266M TWD in FY2025 versus 1.6B TWD in FY2021, a compound −35.8%/yr. Reported net income was 2.9B TWD in FY2025.
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Peer Group
Auto Parts · 641 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.
Valuation Multiples vs Auto Parts median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| O'Reilly Automotive, Inc ORLY | $88.50 | $47.50 | −46% |
| AutoZone, Inc AZO | $2,983 | $2,287 | −23% |
| Hyundai Mobis Co 012330 | 450,500 KRW | 643,909 KRW | +43% |
| Fuyao Glass Industry Group 600660 | ¥57.67 | ¥84.47 | +46% |
| Samvardhana Motherson International Limited MOTHERSON | ₹165.30 | ₹80.63 | −51% |
| Magna International Inc MGA | $65.57 | $68.17 | +4% |
| Genuine Parts Company GPC | $137.51 | $58.07 | −58% |
| Bosch Limited BOSCHLTD | ₹48,700 | ₹11,534 | −76% |
| Ningbo Tuopu Group 601689 | ¥45.82 | ¥28.28 | −38% |
| Bharat Forge Limited BHARATFORG | ₹2,063 | ₹393.20 | −81% |
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