Formosan Rubber Group Inc (2107) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Formosan Rubber Group Inc TWD 20.95, price TWD 26.95, upside -22.3%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Formosan Rubber Group Inc., together with its subsidiaries, manufactures and sells rubber and plastic sheets, plastic foam, resin sheets, and related materials.
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Formosan Rubber Group Inc., together with its subsidiaries, manufactures and sells rubber and plastic sheets, plastic foam, resin sheets, and related materials. The company offers manufacturing and selling products including plastic raincoat material, clip fabric, air beds, polyvinyl chloride rubber, automotive parts, rubber boat material, rubber tape, rubber foam bag fabric, rubber air beds, rubber space bags, polyurethane inflatable beds, and inflatable boat fabric; environmental protection equipment; electronic (IC) products; silicone rubber, resin, oil, sealant, and resin materials; as well as laminated, PU lamination, PU coating, green plastic, and PVC products. It is also involved in the development of residential and commercial buildings for renting and selling; real estate investment and rental, as well as the sale of premises; and warehouse, logistics, and rental and leasing businesses. In addition, the company is involved in operations of cinemas, department stores, and supermarkets. The company products are used in various applications, including functional garments and fabrics, healthcare, industrial and safety products, inflatable products, and optical electronic materials, as well as for use in shoes, and bags and luggage products. It has operations in Taiwan, Europe, Asia, North America, and internationally. The company was founded in 1952 and is headquartered in Taipei, Taiwan.
Stock analysis
Formosan Rubber Group Inc (2107) currently trades at 26.95 TWD, while our model-based Fair Value estimate is 20.95 TWD, implying the stock looks roughly 28.6% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 29.76 TWD per share, and 5 of the 22 models we run sit above the 26.95 TWD price.
Bear case: the Earnings-Based group reads lowest at 9.46 TWD, and 17 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 18.35 TWD (bear) to 25.35 TWD (bull), the price of 26.95 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 70/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Formosan Rubber Group Inc reported revenue of 1.4B TWD in FY2025 versus 2.8B TWD in FY2021, a compound −15.2%/yr. Reported net income was 508M TWD in FY2025, compounding −10.1%/yr from FY2021.
Key figures
Market cap 8.2B TWD (≈ $258M) · P/E ratio 16.1 · P/S ratio 5.68 · EPS (TTM) 1.67 TWD · Dividend yield 5.2% · Net margin 35.2% · Return on equity 3.4% · Return on assets (EBIT) 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at −22%, 2107 screens cheaper than that median.
Fair Value models
Bear 18.35 TWDFair Value 20.95 TWDBull 25.35 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1982 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.Evidence ⓘEvidence = 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
−2.5%
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.
−9.3%
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.
−15.1%
Start year 2020 (pandemic). Over 10 years: −4.5% a year
Revenue growth 23 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%
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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.
−2.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.9%
Dividend (yield on the price)5.2%
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.−8% vs 1%, 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.29% → 20%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 6.4%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
−19.1%
Yearly growth needed for the next five years to justify today's price.
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 −20.3% a year for the price.
Compare Formosan Rubber Group Inc with another stock
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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 Chemicals · 712 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−22% · Above median
Profitability
Return on equity (TTM)3% · Below median
Return on assets1% · Below median
Net margin (TTM)32% · Top 25%
Operating margin (TTM)19% · Top 25%
Growth and dividend
Revenue growth−17% · Bottom 25%
Dividend yield (TTM)5.2% · Top 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Formosan Rubber Group Inc Fair Value". https://www.fairvalue-calculator.com/stock/2107
Frequently asked questions
Is Formosan Rubber Group Inc (2107) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 20.95 TWD versus a price of 26.95 TWD, about −22% upside (overvalued).
What is the fair value of 2107?
Our model-based fair value for Formosan Rubber Group Inc is 20.95 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 26.95 TWD.
What is the quality score of 2107?
Formosan Rubber Group Inc has a Quality Score of 70/100. 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 Formosan Rubber Group Inc (2107)?
Our model-based price target is the fair value of 20.95 TWD (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 18.35 TWD, optimistic scenario 25.35 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Formosan Rubber Group Inc stock forecast for 2026?
Our models put fair value at 20.95 TWD, about −22% upside versus a price of 26.95 TWD (overvalued). Cautious scenario 18.35 TWD, optimistic scenario 25.35 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Formosan Rubber Group Inc (2107)?
Formosan Rubber Group Inc reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Sep 24, 2026).
Does Formosan Rubber Group Inc pay a dividend?
Formosan Rubber Group Inc currently shows a dividend yield of about 5.19% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Formosan Rubber Group Inc (2107)?
For today's price to be fair in a discounted-cash-flow model, Formosan Rubber Group Inc would have to grow free cash flow by -19.1 % 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 -15.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2107 use?
Our models discount Formosan Rubber Group Inc at 11.8 %: a base by market capitalisation (micro), damped by beta 0.24, 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 Formosan Rubber Group Inc that is -19.1 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Formosan Rubber Group Inc (2107) delivered so far?
Over the past 5 years revenue at Formosan Rubber Group Inc grew -15.2 % a year. The price currently implies -19.1 % per year free-cash-flow growth a 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 Formosan Rubber Group Inc (2107) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Formosan Rubber Group Inc (-19.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Formosan Rubber Group Inc (2107)?
The free-cash-flow yield on the price is 7.92 %: that much free cash flow Formosan Rubber Group Inc 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 Formosan Rubber Group Inc (2107)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Formosan Rubber Group Inc it is 20.95 TWD per share (as of Sep 24, 2026), against a price of 26.95 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Formosan Rubber Group Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2107 trades above its calculated fair value: price 26.95 TWD, fair value 20.95 TWD, a gap of about −22% (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 2107?
No. The price is what the market pays today (26.95 TWD); the fair value is what the company's own numbers justify (20.95 TWD). For Formosan Rubber Group Inc the two are 6.00 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Formosan Rubber Group Inc worth?
The market values Formosan Rubber Group Inc at about 8.2B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 26.95 TWD; our models calculate a fair value of 20.95 TWD per share.
What do the bullish and bearish scenarios say about 2107?
Our models span a range for Formosan Rubber Group Inc: cautious scenario 18.35 TWD, base 20.95 TWD, optimistic 25.35 TWD per share (as of Sep 24, 2026, price 26.95 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2107?
Formosan Rubber Group Inc trades at a price-to-earnings ratio of 16.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 20.95 TWD is built from several models across several years. Other multiples: P/B 0.6, P/S 5.9, EV/EBITDA 21.1.
How solid is the balance sheet of Formosan Rubber Group Inc (2107)?
Balance-sheet figures for Formosan Rubber Group Inc (as of Sep 24, 2026): return on equity 3.4%, debt of 0.02 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 2107 from its 52-week high?
Formosan Rubber Group Inc trades at 26.95 TWD, about 1% below its 52-week high of 27.30 TWD and 15% above the low of 23.35 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 20.95 TWD is for.
Which stocks are comparable to Formosan Rubber Group Inc?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, 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 Formosan Rubber Group Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 26.95 TWD, calculated fair value 20.95 TWD (−22%), Quality Score 70/100, from 22 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 2107 calculated?
We run Formosan Rubber Group Inc through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 20.95 TWD, 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 14.0 % above its aggregate fair value. Formosan Rubber Group Inc 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 Formosan Rubber Group Inc (2107)?
The closing price on Sep 24, 2026 was 26.95 TWD. Our model-based fair value is 20.95 TWD, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Formosan Rubber Group Inc right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (25.35 TWD). The favourable scenario is already priced in. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Formosan Rubber Group Inc (2107) come from?
Earnings per share at Formosan Rubber Group Inc grew −6.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −4.0 %, EBIT margin −10.6 %, tax rate −0.2 %, residual (interest, one-offs) +9.5 %. 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 Formosan Rubber Group Inc
How large is the market capitalisation of Formosan Rubber Group Inc (2107)?
The market capitalisation of Formosan Rubber Group Inc is 8.2B TWD (≈ $258M). 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 Formosan Rubber Group Inc (2107)?
The price-to-sales ratio of Formosan Rubber Group Inc is 5.68 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Formosan Rubber Group Inc (2107)?
Earnings per share at Formosan Rubber Group Inc are 1.67 TWD (price ÷ EPS = P/E 16.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Formosan Rubber Group Inc (2107)?
The dividend yield of Formosan Rubber Group Inc is 5.2% (payout 83.8%). 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 Formosan Rubber Group Inc (2107)?
The net margin of Formosan Rubber Group Inc is 35.2% (fiscal year 2025). 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 Formosan Rubber Group Inc (2107)?
The return on equity (ROE) of Formosan Rubber Group Inc is 3.4% (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 Formosan Rubber Group Inc (2107)?
On an EBIT basis the return on assets of Formosan Rubber Group Inc is 3.5% (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 Formosan Rubber Group Inc (2107)?
The operating margin of Formosan Rubber Group Inc is 18.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Formosan Rubber Group Inc (2107)?
Revenue at Formosan Rubber Group Inc is growing −16.6% versus a year earlier (3y avg −9.3%). 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 Formosan Rubber Group Inc (2107)?
Earnings per share at Formosan Rubber Group Inc are growing −50.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Formosan Rubber Group Inc (2107) hold?
Formosan Rubber Group Inc holds more cash than debt, 121M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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