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RAC Electric Vehicles Inc. (2237) fair value: what the stock is really worth

As of Sep 8, 2026: fair value of RAC Electric Vehicles Inc. TWD 21.42, price TWD 27.75, upside -22.8%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Basic Materials · TW · ISIN TW0002237005

RE Thin data Oct 2, 2026

RAC Electric Vehicles Inc.

2237 · TWO

Weak valuationQuality is weak on top of the rich price.

Solidly profitable · 11.8% net margin (TTM)
Low debt
Ranks above peers (10/12)
Quality 40/100
Expensive Growth (revenue 5y +43.8 %/yr in TWD)
Moderate moat 60/100
Fair value 21.42 TWD · Overvalued (−22.8%)
Negative free cash flow
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

41.90 TWD 26.90 TWD Fair Value 21.42 TWD Dec 2025 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 2, 2026.

How to read this chart

9‑month range 26.90 TWD – 41.90 TWD · fair‑value band 12.53 TWD – 26.77 TWD · the 27.75 TWD price screens above the 21.42 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 2, 2026.

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Company profile

RAC Electric Vehicles Inc., together with its subsidiaries, develops, manufactures, and sells electric commercial vehicles in Taiwan. The company offers electric buses.

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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.

Stock analysis

RAC Electric Vehicles Inc. (2237) currently trades at 27.75 TWD, while our model-based Fair Value estimate is 21.42 TWD, 22.8% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 15 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: 12.53 TWD (bear) to 26.77 TWD (bull), the price of 27.75 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 40/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

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.

Key figures

Market cap 4.4B TWD (≈ $137M) · P/E ratio 11.1 · P/S ratio 0.85 · EPS (TTM) 2.51 TWD · Net margin 7.7% · Return on equity 29.1% · Return on assets (EBIT) −5.2% · Operating margin 13.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −23%, 2237 screens richer than that median.

Quality Score breakdown

Overall quality 40/100

Of which business quality 36 · Market factors (momentum, volatility) 40

Profitability 38
Margins and returns on capital today
Quality Growth 99
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 23
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+62.8%
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.
+32.1%
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.
+43.8%
Start year 2020 (pandemic)
Profit 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.
−48.9% (2020) → 7.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

2237 screens overvalued: fair value 23% below the price. Compare with Saudi Arabian Mining Company →

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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.Other Industrial Metals & Mining · 369 stocks

Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 40 · Above median
Fair Value upside −22.8% · Above median
Profitability
Return on equity (TTM) 29.1% · Top 25%
Return on assets 6.4% · Top 25%
Net margin (TTM) 11.8% · Above median
Operating margin (TTM) 13.2% · Above median
Growth and dividend
Revenue growth 110.8% · Top 25%
Balance sheet
Debt / equity 0.08× · Below median

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 11.1× · Cheaper than median
P/B 3.58× · Priciest 25%
P/S (TTM) 1.38× · Cheaper than median
EV/EBITDA 10.4× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)3 · sector 0
FUTURE (revenue growth)100 · sector 74
PAST (return on equity)100 · sector 0
HEALTH (low debt)96 · sector 95
DIVIDEND (yield)0 · sector 29

Context: sector, industry, market

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 Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Fortescue Ltd FMG A$16.19 A$52.38 +224% vs 2237
CMOC Group 603993 ¥17.08 ¥19.15 +12% vs 2237
Saudi Arabian Mining Company 1211 61.10 SAR 67.21 SAR +10% vs 2237
Hindustan Zinc Limited HINDZINC ₹588.95 ₹647.85 +10% vs 2237
Western Mining Co 601168 ¥35.19 ¥38.71 +10% vs 2237
Boliden AB BOL kr 521.00 kr 464.45 −11% vs 2237
Korea Zinc Company 010130 1,116,000 KRW 646,063 KRW −42% vs 2237
China Tungsten And Hightech Materials Co 000657 ¥57.18 ¥29.56 −48% vs 2237
Xiamen Tungsten Co 600549 ¥46.90 ¥23.62 −50% vs 2237
Ivanhoe Mines Ltd IVN C$12.06 C$4.46 −63% vs 2237

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RAC Electric Vehicles Inc. · Fair Value
21.42 TWD −23%Fair Value
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Cite: Fair Value Calculator (2026). "RAC Electric Vehicles Inc. Fair Value". https://www.fairvalue-calculator.com/stock/2237.TWO

Frequently asked questions

Is RAC Electric Vehicles Inc. (2237) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 21.42 TWD versus the last price from Sep 8, 2026 of 27.75 TWD, about −23% upside (overvalued).
What is the fair value of 2237?
Our model-based fair value for RAC Electric Vehicles Inc. is 21.42 TWD (as of Oct 2, 2026), built from audited fundamentals. Last price (from Sep 8, 2026): 27.75 TWD.
What is the quality score of 2237?
RAC Electric Vehicles Inc. has a Quality Score of 40/100. 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 RAC Electric Vehicles Inc. (2237)?
Our model-based price target is the fair value of 21.42 TWD (as of Oct 2, 2026) from 15 valuation models. Cautious scenario 12.53 TWD, optimistic scenario 26.77 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the RAC Electric Vehicles Inc. stock forecast for 2026?
Our models put fair value at 21.42 TWD, about −23% upside versus the last price from Sep 8, 2026 of 27.75 TWD (overvalued). Cautious scenario 12.53 TWD, optimistic scenario 26.77 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of RAC Electric Vehicles Inc. (2237)?
RAC Electric Vehicles Inc. reported trailing-twelve-month revenue of about 3.2B TWD (latest available figure, as of Oct 2, 2026).
What is the intrinsic value of RAC Electric Vehicles Inc. (2237)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RAC Electric Vehicles Inc. it is 21.42 TWD per share (as of Oct 2, 2026), against a price of 27.75 TWD. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is RAC Electric Vehicles Inc. stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 2237 trades above its calculated fair value: price 27.75 TWD, fair value 21.42 TWD, a gap of about −23% (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 2237?
No. The price is what the market pays today (27.75 TWD); the fair value is what the company's own numbers justify (21.42 TWD). For RAC Electric Vehicles Inc. the two are 6.33 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is RAC Electric Vehicles Inc. worth?
The market values RAC Electric Vehicles Inc. at about 4.4B TWD (market capitalisation, as of Oct 2, 2026). Per share that is 27.75 TWD; our models calculate a fair value of 21.42 TWD per share.
What do the bullish and bearish scenarios say about 2237?
Our models span a range for RAC Electric Vehicles Inc.: cautious scenario 12.53 TWD, base 21.42 TWD, optimistic 26.77 TWD per share (as of Oct 2, 2026, price 27.75 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2237?
RAC Electric Vehicles Inc. trades at a price-to-earnings ratio of 11.1 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 21.42 TWD is built from several models across several years. Other multiples: P/B 3.6, P/S 1.4, EV/EBITDA 10.4.
How solid is the balance sheet of RAC Electric Vehicles Inc. (2237)?
Balance-sheet figures for RAC Electric Vehicles Inc. (as of Oct 2, 2026): return on equity 29.1%, debt of 0.08 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
Which stocks are comparable to RAC Electric Vehicles Inc.?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Fortescue Ltd, Hindustan Zinc 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 RAC Electric Vehicles Inc. stock attractive at the current price?
The data as of Oct 2, 2026: price 27.75 TWD, calculated fair value 21.42 TWD (−23%), Quality Score 40/100, from 15 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 2237 calculated?
We run RAC Electric Vehicles Inc. through 15 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 21.42 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 15.3 % above its aggregate fair value. RAC Electric Vehicles 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 RAC Electric Vehicles Inc. (2237)?
The latest price we hold is from Sep 8, 2026 and stands at 27.75 TWD. Our model-based fair value is 21.42 TWD, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RAC Electric Vehicles Inc. right now?
The price sits above even our optimistic bull case (26.77 TWD). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (12.53 TWD to 26.77 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of RAC Electric Vehicles Inc.

How large is the market capitalisation of RAC Electric Vehicles Inc. (2237)?
The market capitalisation of RAC Electric Vehicles Inc. is 4.4B TWD (≈ $137M). 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 RAC Electric Vehicles Inc. (2237)?
The price-to-sales ratio of RAC Electric Vehicles Inc. is 0.85 (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 RAC Electric Vehicles Inc. (2237)?
Earnings per share at RAC Electric Vehicles Inc. are 2.51 TWD (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of RAC Electric Vehicles Inc. (2237)?
The net margin of RAC Electric Vehicles Inc. is 7.7% (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 RAC Electric Vehicles Inc. (2237)?
The return on equity (ROE) of RAC Electric Vehicles Inc. is 29.1% (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 RAC Electric Vehicles Inc. (2237)?
On an EBIT basis the return on assets of RAC Electric Vehicles Inc. is −5.2% (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 RAC Electric Vehicles Inc. (2237)?
The operating margin of RAC Electric Vehicles Inc. is 13.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RAC Electric Vehicles Inc. (2237)?
Revenue at RAC Electric Vehicles Inc. is growing +111% versus a year earlier (3y avg +32.1%). 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 RAC Electric Vehicles Inc. (2237)?
Earnings per share at RAC Electric Vehicles Inc. are growing +147% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does RAC Electric Vehicles Inc. (2237) generate?
The free cash flow of RAC Electric Vehicles Inc. is −265M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does RAC Electric Vehicles Inc. (2237) carry?
The net debt of RAC Electric Vehicles Inc. is 1.0B TWD (fiscal year 2025). 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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