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Cub Elecparts Inc (2231) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 13.7B TWD (≈ $434M) · ISIN TW0002231008

What is Cub Elecparts Inc really worth?

CE Cub Elecparts Inc 2231 · TW
Price90.60 TWD
Fair Value13.47 TWD
Upside−85.1%
Quality32/100

Below-average quality, and trading another 572% above our fair value of 13.47 TWD.

As of Aug 13, 2026, the fair value of Cub Elecparts Inc is 13.47 TWD per share against a price of 90.60 TWD, so the fair value sits 85% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y +1.8 %/yr)
!Loss-making · -7.6% net margin
!Moderate debt · negative free cash flow
!Trails peers (2/13)
!Narrow moat 17/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range 10.05 TWD – 20.10 TWD

Fair value as of: Aug 13, 2026

From 2 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from 16.60 TWD to 13.47 TWD (−18.9%) since Jul 23, 2026. Share price −2.9% 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 sits above even our optimistic bull case (20.10 TWD). The favourable scenario is already priced in.
  • Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (10.05 TWD to 20.10 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

219.53 TWD 66.78 TWD Fair Value 13.47 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 66.78 TWD – 219.53 TWD · fair‑value band 10.05 TWD – 20.10 TWD · the 90.60 TWD price screens above the 13.47 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cub Elecparts Inc (2231) currently trades at 90.60 TWD, while our model-based Fair Value estimate is 13.47 TWD, implying the stock looks roughly 572.5% overvalued today. The Quality Score stands at 32/100 (below-average quality), in the Consumer Cyclical sector. How firm this estimate is: it rests on 2 models at a data quality of 80/100, which puts the evidence level at low.

Over the trailing twelve months, Cub Elecparts Inc generated revenue of 3.5B TWD at a net margin of −7.6%. Revenue declined 13.8% year over year. It earns a return on equity of −9.6%. Net debt stands at 3.9B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 10.05 TWD (bear case) to 20.10 TWD (bull case); at 90.60 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 40% below its 52-week high and 37% 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 −85%, 2231 screens richer than that median.

Fair Value models

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.

Model 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
Highest evidence
EV/EBITDA best evidence 3.75 TWD 7.79 TWD 11.83 TWD 64
NCAV (Graham) 12.39 TWD 16.60 TWD 24.77 TWD 54
All 2 models by family
Multiples
EV/EBITDA best evidence 3.75 TWD 7.79 TWD 11.83 TWD 64
Asset-Based
NCAV (Graham) 12.39 TWD 16.60 TWD 24.77 TWD 54

Widest divergence: Asset-Based (16.60 TWD) versus Multiples (7.79 TWD). Highest evidence: EV/EBITDA (64).

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Key figures & financial health

P/S ratio 3.89 TTM
EPS (TTM) −1.93 TWD
Net margin −6.1% FY2025
Return on equity −9.6% TTM
Return on assets (EBIT) 3.5% avg 5y
Operating margin 3.0% TTM
More key figures
Growth
Revenue (TTM) 3.5B TWD TTM
Revenue growth (YoY) −13.8% 3y avg −2.6%
EPS growth (YoY) −42.7%
Balance sheet & cash flow
Free cash flow −863M TWD FY2025
Net debt 3.9B TWD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 32 · Market factors (momentum, volatility) 40

Profitability 10
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 92
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.

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

Cub Elecparts Inc. engages in manufacturing, processing, and sales of various automotive parts, automotive motor switches in Taiwan, the United States, China, Germany, and internationally. The company operates through Automotive Parts Division and Communication Equipment and Engineering Department segments.

Full company description

Cub Elecparts Inc. engages in manufacturing, processing, and sales of various automotive parts, automotive motor switches in Taiwan, the United States, China, Germany, and internationally. The company operates through Automotive Parts Division and Communication Equipment and Engineering Department segments. It offers communication electronic products, and computer peripherals, as well as project engineering services. The company also provides aftermarket service parts, including sensors and other parts, switches, such as ignition, turn signal, power window, and head light switch; OEM products; and tire pressure monitoring sensors, and CAN BUS applied products. In addition, it offers passenger and commercial cars, RVs, and motorbikes solutions. Cub Elecparts Inc. was founded in 1979 and is based in Changhua, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cub Elecparts Inc reported revenue of 3.7B TWD in FY2025 versus 4.1B TWD in FY2021, a compound −2.7%/yr. Reported net income was −224M TWD in FY2025.

Growth Quality 3/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.7B TWD
Latest YoY
−21.8%
Avg. revenue growth/yr (3Y) 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.
−2.6%
Avg. revenue growth/yr (5Y) 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.
+1.8%
Avg. revenue growth/yr (20Y) 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.
+8.8%
EBIT margin (trend) 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.
11.6% (2020) → −2.7% (2025)
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −2.7%/yr
FY21 4.1B TWD
FY22 4.0B TWD
FY23 4.4B TWD
FY24 4.7B TWD
FY25 3.7B TWD
Net income
FY21 516M TWD
FY22 630M TWD
FY23 444M TWD
FY24 475M TWD
FY25 −224M TWD
Character of growth · EPS growth decomposed (2014-2025) −9.3 % p.a.
Revenue per share +5.1 %

of which total revenue +5.8 % · buybacks/dilution −0.7 %

EBIT margin −17.1 %
Tax rate −1.5 %
Residual (interest, one-offs) +5.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

2231 screens 572% overvalued. Compare with O'Reilly Automotive, Inc →

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Cite: Fair Value Calculator (2026). "Cub Elecparts Inc Fair Value". https://www.fairvalue-calculator.com/stock/2231.TW

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.

Quality Score 32 · Bottom 25%
Fair Value upside −85% · Bottom 25%
Return on assets −1% · Bottom 25%
Net margin (TTM) −8% · Bottom 25%
Operating margin (TTM) 3% · Below median
Revenue growth −14% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.76× · Higher than 75% of peers

Valuation Multiples vs Auto Parts median · lower = cheaper

P/B 0.13× · Cheaper than 75% of peers
P/S (TTM) 0.12× · Cheaper than 75% of peers
EV/EBITDA 44.1× · Pricier than 75% of peers
PEG 1.47× · Pricier than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 14
FUTURE0 · sector 21
PAST0 · sector 28
HEALTH62 · sector 95
DIVIDEND0 · sector 32

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

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 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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Frequently asked questions

Is Cub Elecparts Inc (2231) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 13.47 TWD versus a price of 90.60 TWD, about −85% upside (overvalued).
What is the fair value of 2231?
Our model-based fair value for Cub Elecparts Inc is 13.47 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 90.60 TWD.
What is the quality score of 2231?
Cub Elecparts Inc has a Quality Score of 32/100. 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 Cub Elecparts Inc (2231)?
Our model-based price target is the fair value of 13.47 TWD (as of Aug 13, 2026) from 2 valuation models. Cautious scenario 10.05 TWD, optimistic scenario 20.10 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Cub Elecparts Inc stock forecast for 2026?
Our models put fair value at 13.47 TWD, about −85% upside versus a price of 90.60 TWD (overvalued). Cautious scenario 10.05 TWD, optimistic scenario 20.10 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Cub Elecparts Inc (2231)?
Cub Elecparts Inc reported trailing-twelve-month revenue of about 3.5B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2231?
The net profit margin of Cub Elecparts Inc is about −7.6%, meaning it is currently running at a net loss. Based on the latest reported figures.
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