Evergreen Steel Corp (2211) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Evergreen Steel Corp TWD 60.45, price TWD 79.60, upside -24.1%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Evergreen Steel Corp., together with its subsidiaries, engages in the steel structure engineering and environmental protection businesses in Taiwan. The company offers construction and engineering services for factories, high-rise, bridges, and special buildings; manufacturing and assembly of steel structures; and maintenance and repair of containers.
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Evergreen Steel Corp., together with its subsidiaries, engages in the steel structure engineering and environmental protection businesses in Taiwan. The company offers construction and engineering services for factories, high-rise, bridges, and special buildings; manufacturing and assembly of steel structures; and maintenance and repair of containers. It is also involved in general and business waste treatment, disposal, and cogeneration; resource recycling; industrial water, wastewater, tap water, pure water, and sewage treatment; operation of multi-functional biomass energy center; and general investment activities. Evergreen Steel Corp. was formerly known as Evergreen Development Corp. and changed its name to Evergreen Steel Corp. in July 2011. The company was founded in 1962 and is headquartered in Taipei City, Taiwan.
Stock analysis
Evergreen Steel Corp (2211) currently trades at 79.60 TWD, while our model-based Fair Value estimate is 60.45 TWD, implying the stock looks roughly 31.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 147.31 TWD per share, and 18 of the 26 models we run sit above the 79.60 TWD price.
Bear case: the Asset-Based group reads lowest at 43.89 TWD, and 8 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 37.32 TWD (bear) to 85.89 TWD (bull), the price of 79.60 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 Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Evergreen Steel Corp reported revenue of 15.3B TWD in FY2025 versus 13.6B TWD in FY2021, a compound +3.0%/yr. Reported net income was 3.6B TWD in FY2025, compounding +29.4%/yr from FY2021.
Key figures
Market cap 37.7B TWD (≈ $1.2B) · P/E ratio 9.3 · P/S ratio 2.17 · EPS (TTM) 8.60 TWD · Dividend yield 5.3% · Net margin 23.4% · Return on equity 12.4% · Return on assets (EBIT) 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 34% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −45% fair-value upside, at −24%, 2211 screens cheaper than that median.
Fair Value models
Bear 37.32 TWDFair Value 60.45 TWDBull 85.89 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 (6.29 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.92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.6%
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.
+10.4%
Start year 2020 (pandemic)
Revenue growth 9 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.
+5.3%
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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.
+28.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.4%
Dividend (yield on the price)5.3%
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.23% vs 15%, picking up
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.16% → 23%
Start year 2020 (pandemic)
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).
+4.9%
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 +3.3% a year for the price.
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.Steel · 420 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−24% · Below median
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)23% · Top 25%
Operating margin (TTM)19% · Top 25%
Growth and dividend
Revenue growth−14% · Bottom 25%
Dividend yield (TTM)5.3% · Top 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Steel median · lower = cheaper
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Is Evergreen Steel Corp (2211) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 60.45 TWD versus a price of 79.60 TWD, about −24% upside (overvalued).
What is the fair value of 2211?
Our model-based fair value for Evergreen Steel Corp is 60.45 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 79.60 TWD.
What is the quality score of 2211?
Evergreen Steel Corp 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 Evergreen Steel Corp (2211)?
Our model-based price target is the fair value of 60.45 TWD (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 37.32 TWD, optimistic scenario 85.89 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Evergreen Steel Corp stock forecast for 2026?
Our models put fair value at 60.45 TWD, about −24% upside versus a price of 79.60 TWD (overvalued). Cautious scenario 37.32 TWD, optimistic scenario 85.89 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Evergreen Steel Corp (2211)?
Evergreen Steel Corp reported trailing-twelve-month revenue of about 14.8B TWD (latest available figure, as of Sep 23, 2026).
Does Evergreen Steel Corp pay a dividend?
Evergreen Steel Corp currently shows a dividend yield of about 5.31% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Evergreen Steel Corp (2211)?
For today's price to be fair in a discounted-cash-flow model, Evergreen Steel Corp would have to grow free cash flow by +4.9 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2211 use?
Our models discount Evergreen Steel Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.41, 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 Evergreen Steel Corp that is +4.9 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Evergreen Steel Corp (2211) delivered so far?
Over the past 5 years revenue at Evergreen Steel Corp grew +10.4 % a year. The price currently implies +4.9 % 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 Evergreen Steel Corp (2211) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Evergreen Steel Corp (+4.9 % 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 Evergreen Steel Corp (2211)?
The free-cash-flow yield on the price is 6.60 %: that much free cash flow Evergreen Steel Corp produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Evergreen Steel Corp (2211)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Evergreen Steel Corp it is 60.45 TWD per share (as of Sep 23, 2026), against a price of 79.60 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Evergreen Steel Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2211 trades above its calculated fair value: price 79.60 TWD, fair value 60.45 TWD, a gap of about −24% (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 2211?
No. The price is what the market pays today (79.60 TWD); the fair value is what the company's own numbers justify (60.45 TWD). For Evergreen Steel Corp the two are 19.15 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Evergreen Steel Corp worth?
The market values Evergreen Steel Corp at about 37.7B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 79.60 TWD; our models calculate a fair value of 60.45 TWD per share.
What do the bullish and bearish scenarios say about 2211?
Our models span a range for Evergreen Steel Corp: cautious scenario 37.32 TWD, base 60.45 TWD, optimistic 85.89 TWD per share (as of Sep 23, 2026, price 79.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2211?
Evergreen Steel Corp trades at a price-to-earnings ratio of 9.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 60.45 TWD is built from several models across several years. Other multiples: P/B 1.4, P/S 2.6, EV/EBITDA 9.4.
How solid is the balance sheet of Evergreen Steel Corp (2211)?
Balance-sheet figures for Evergreen Steel Corp (as of Sep 23, 2026): return on equity 12.4%, debt of 0.08 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 2211 from its 52-week high?
Evergreen Steel Corp trades at 79.60 TWD, about 34% below its 52-week high of 121.00 TWD and at the low of 79.60 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 60.45 TWD is for.
Which stocks are comparable to Evergreen Steel Corp?
From the same area (Basic Materials) we also value Nucor Corporation, Steel Dynamics, Inc, JSW Steel Limited, Tata Steel Limited, 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 Evergreen Steel Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 79.60 TWD, calculated fair value 60.45 TWD (−24%), 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 2211 calculated?
We run Evergreen Steel Corp through 26 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 60.45 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 14.1 % above its aggregate fair value. Evergreen Steel Corp 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 Evergreen Steel Corp (2211)?
The closing price on Sep 24, 2026 was 79.60 TWD. Our model-based fair value is 60.45 TWD, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Evergreen Steel Corp right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (37.32 TWD to 85.89 TWD) leaves room in how you read the outcome.
Key figures of Evergreen Steel Corp
How large is the market capitalisation of Evergreen Steel Corp (2211)?
The market capitalisation of Evergreen Steel Corp is 37.7B TWD (≈ $1.2B). 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 Evergreen Steel Corp (2211)?
The price-to-sales ratio of Evergreen Steel Corp is 2.17 (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 Evergreen Steel Corp (2211)?
Earnings per share at Evergreen Steel Corp are 8.60 TWD (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Evergreen Steel Corp (2211)?
The dividend yield of Evergreen Steel Corp is 5.3% (payout 49.1%). 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 Evergreen Steel Corp (2211)?
The net margin of Evergreen Steel Corp is 23.4% (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 Evergreen Steel Corp (2211)?
The return on equity (ROE) of Evergreen Steel Corp is 12.4% (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 Evergreen Steel Corp (2211)?
On an EBIT basis the return on assets of Evergreen Steel Corp is 7.6% (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 Evergreen Steel Corp (2211)?
The operating margin of Evergreen Steel Corp is 18.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Evergreen Steel Corp (2211)?
Revenue at Evergreen Steel Corp is growing −14.2% 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 Evergreen Steel Corp (2211)?
Earnings per share at Evergreen Steel Corp are growing −28.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Evergreen Steel Corp (2211) carry?
The net debt of Evergreen Steel Corp is 795M TWD (fiscal year 2025, ≈ 0.3 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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