RAC Electric Vehicles Inc (2237) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 4.9B TWD
Fair value as of: Jul 21, 2026
From 15 valuation models · updated 20 days ago
Share price −22.1% over the past month.
Below-average quality, and screening another 28% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (29.74 TWD). The favourable scenario is already priced in.
- Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (8 months)
White line = price, green steps = our fair value per fiscal year. As of Jul 21, 2026.
How to read this chart
8‑month range 28.20 TWD – 41.90 TWD · fair‑value band 16.80 TWD – 29.74 TWD · the 31.15 TWD price screens above the 22.54 TWD fair value. As of Jul 21, 2026.
Analysis
RAC Electric Vehicles Inc (2237) currently trades at 31.15 TWD, while our model-based Fair Value estimate is 22.54 TWD, implying the stock looks roughly 27.6% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Consumer Cyclical 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, RAC Electric Vehicles Inc generated revenue of 2.7B TWD at a net margin of 11.4%. Revenue grew 191.0% year over year. It earns a return on equity of 24.9%. Net debt stands at 1.0B TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 16.80 TWD (bear case) to 29.74 TWD (bull case); at 31.15 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 27% below its 52-week high and 12% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 25% fair-value upside, at -28%, 2237 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.
All 15 models by family
Widest divergence: DCF Models (60.89 TWD) versus Asset-Based (6.73 TWD). Highest evidence: ROIC Compounder (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 36 · Market factors (momentum, volatility) 49
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
RAC Electric Vehicles Inc., together with its subsidiaries, develops, manufactures, and sells electric commercial vehicles in Taiwan. The company offers electric buses.
Full company description
RAC Electric Vehicles Inc., together with its subsidiaries, develops, manufactures, and sells electric commercial vehicles in Taiwan. The company offers electric buses. It also engages in battery manufacturing; battery wholesale; automobile and parts manufacturing; retail of automobile and motorcycle parts and accessories; and manufacturing and sales of public transportation systems, such as domestic bus dynamic information management systems and freight fleet management systems. The company was formerly known as formerly known as Rock Kinetic Development Co., Ltd. and changed its name to RAC Electric Vehicles Inc. in August 2009. RAC Electric Vehicles Inc. was founded in 2005 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
RAC Electric Vehicles Inc reported revenue of 2.1B TWD in FY2025 versus 321M TWD in FY2021, a compound +59.9%/yr. Reported net income was 160M TWD in FY2025.
2237 screens 28% overvalued. Compare with Toyota Motor Corporation →
Peer Group
Auto Manufacturers · 119 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 Manufacturers median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Auto Manufacturers stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Toyota Motor Corporation TM | $179.76 | $224.63 | +25% |
| BYD Company 81211 | HK$80.55 | HK$50.85 | -37% |
| Hyundai Motor Company 005380 | 425,000 KRW | 616,918 KRW | +45% |
| General Motors Company GM | $77.72 | $56.93 | -27% |
| Bayerische Motoren Werke Aktiengesellschaft BMWM5N | 1,909 MXN | 2,944 MXN | +54% |
| Ferrari N.V RACE | $376.64 | $228.05 | -39% |
| Ford Motor Company F | C$11.86 | C$4.00 | -66% |
| Mercedes-Benz Group BENZ | C$20.44 | C$35.15 | +72% |
| Volkswagen AG VOW | 2,149 CZK | 7,191 CZK | +235% |
| Maruti Suzuki India Limited MARUTI | ₹13,803 | ₹8,236 | -40% |
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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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