CMC Magnetics Corp (2323) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of CMC Magnetics Corp TWD 15.63, price TWD 10.80, upside +44.7%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 5.75 TWD – 13.77 TWD · fair‑value band 14.54 TWD – 17.56 TWD · the 10.80 TWD price screens below the 15.63 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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CMC Magnetics Corporation manufactures, sells, and distributes consumer electronic products in Taiwan, the Americas, Japan, Mainland China, the rest of Asia, Europe, and internationally. It operates through Storage Media, Other Optoelectronics, Investment, and Other segments.
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CMC Magnetics Corporation manufactures, sells, and distributes consumer electronic products in Taiwan, the Americas, Japan, Mainland China, the rest of Asia, Europe, and internationally. It operates through Storage Media, Other Optoelectronics, Investment, and Other segments. The company offers M-disc products; HP optical media disc products; data storage products comprising USB, micro-SD, solid state drive, and control cards; and CMC pro media products, including CD-R and DVD-R shiny silver lacquer, inkjet printable, watershield, and thermal products, as well as DVD-R HardCoat products. It also engages in film production and distribution; shopping mall; provision of electronic information and internet services; manufacture and sale of touch panels; general investment; and purchase and sale of optical discs. The company was founded in 1978 and is headquartered in Taipei, Taiwan.
Stock analysis
CMC Magnetics Corp (2323) currently trades at 10.80 TWD, while our model-based Fair Value estimate is 15.63 TWD, implying the stock looks roughly 30.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 33.13 TWD per share, and 8 of the 11 models we run sit above the 10.80 TWD price.
Bear case: the Dividend Discount group reads lowest at 5.70 TWD, and 3 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 14.54 TWD (bear) to 17.56 TWD (bull), the price of 10.80 TWD sits below 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 55/100 (solid quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
CMC Magnetics Corp reported revenue of 7.2B TWD in FY2025 versus 8.7B TWD in FY2021, a compound −4.7%/yr. Reported net income was 1.7B TWD in FY2025, compounding +80.7%/yr from FY2021.
Key figures
Market cap 11.8B TWD (≈ $369M) · P/E ratio 6.8 · P/S ratio 1.64 · EPS (TTM) 1.58 TWD · Dividend yield 1.9% · Net margin 23.9% · Return on equity 13.1% · Return on assets (EBIT) −1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at 45%, 2323 screens cheaper than that median.
Fair Value models
Bear 14.54 TWDFair Value 15.63 TWDBull 17.56 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 (1.01 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.24/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.4%
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.
−2.3%
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.
−5.2%
Start year 2020 (pandemic). Over 10 years: −5.6% a year
Revenue growth 25 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.
−4.1%
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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.
+62.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+60.6%
Dividend (yield on the price)1.9%
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.4% → −1%
⚠ Revenue per share shrinking 4.9%/yr over ~10Y (margin trend unclear) ⓘ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.
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.Computer Hardware · 220 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+45% · Top 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets0% · Below median
Net margin (TTM)32% · Top 25%
Operating margin (TTM)6% · Above median
Growth and dividend
Revenue growth16% · Above median
Dividend yield (TTM)1.9% · Below median
Balance sheet
Debt / equity0.19× · Above median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
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Is CMC Magnetics Corp (2323) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 15.63 TWD versus a price of 10.80 TWD, about +45% upside (undervalued).
What is the fair value of 2323?
Our model-based fair value for CMC Magnetics Corp is 15.63 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 10.80 TWD.
What is the quality score of 2323?
CMC Magnetics Corp has a Quality Score of 55/100. 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 CMC Magnetics Corp (2323)?
Our model-based price target is the fair value of 15.63 TWD (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 14.54 TWD, optimistic scenario 17.56 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the CMC Magnetics Corp stock forecast for 2026?
Our models put fair value at 15.63 TWD, about +45% upside versus a price of 10.80 TWD (undervalued). Cautious scenario 14.54 TWD, optimistic scenario 17.56 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of CMC Magnetics Corp (2323)?
CMC Magnetics Corp reported trailing-twelve-month revenue of about 7.5B TWD (latest available figure, as of Sep 24, 2026).
Does CMC Magnetics Corp pay a dividend?
CMC Magnetics Corp currently shows a dividend yield of about 1.85% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of CMC Magnetics Corp (2323)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CMC Magnetics Corp it is 15.63 TWD per share (as of Sep 24, 2026), against a price of 10.80 TWD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is CMC Magnetics Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2323 trades below its calculated fair value: price 10.80 TWD, fair value 15.63 TWD, a gap of about +45% (undervalued). 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 2323?
No. The price is what the market pays today (10.80 TWD); the fair value is what the company's own numbers justify (15.63 TWD). For CMC Magnetics Corp the two are 4.83 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is CMC Magnetics Corp worth?
The market values CMC Magnetics Corp at about 11.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 10.80 TWD; our models calculate a fair value of 15.63 TWD per share.
What do the bullish and bearish scenarios say about 2323?
Our models span a range for CMC Magnetics Corp: cautious scenario 14.54 TWD, base 15.63 TWD, optimistic 17.56 TWD per share (as of Sep 24, 2026, price 10.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2323?
CMC Magnetics Corp trades at a price-to-earnings ratio of 6.8 (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 15.63 TWD is built from several models across several years. Other multiples: P/B 0.6, P/S 1.6, EV/EBITDA 36.8.
How solid is the balance sheet of CMC Magnetics Corp (2323)?
Balance-sheet figures for CMC Magnetics Corp (as of Sep 24, 2026): return on equity 13.1%, debt of 0.19 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 2323 from its 52-week high?
CMC Magnetics Corp trades at 10.80 TWD, about 18% below its 52-week high of 13.10 TWD and 21% above the low of 8.91 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 15.63 TWD is for.
Which stocks are comparable to CMC Magnetics Corp?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Western Digital Corporation, Wiwynn Corporation, 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 CMC Magnetics Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 10.80 TWD, calculated fair value 15.63 TWD (+45%), Quality Score 55/100, from 11 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 2323 calculated?
We run CMC Magnetics Corp through 11 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 15.63 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 13.0 % above its aggregate fair value. CMC Magnetics Corp currently trades 45 % below its own fair value, and the market average says nothing about that. 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 CMC Magnetics Corp (2323)?
The closing price on Sep 24, 2026 was 10.80 TWD. Our model-based fair value is 15.63 TWD, about +45% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CMC Magnetics Corp right now?
The price is below even our cautious bear case (14.54 TWD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of CMC Magnetics Corp
How large is the market capitalisation of CMC Magnetics Corp (2323)?
The market capitalisation of CMC Magnetics Corp is 11.8B TWD (≈ $369M). 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 CMC Magnetics Corp (2323)?
The price-to-sales ratio of CMC Magnetics Corp is 1.64 (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 CMC Magnetics Corp (2323)?
Earnings per share at CMC Magnetics Corp are 1.58 TWD (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CMC Magnetics Corp (2323)?
The dividend yield of CMC Magnetics Corp is 1.9% (payout 12.7%). 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 CMC Magnetics Corp (2323)?
The net margin of CMC Magnetics Corp is 23.9% (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 CMC Magnetics Corp (2323)?
The return on equity (ROE) of CMC Magnetics Corp is 13.1% (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 CMC Magnetics Corp (2323)?
On an EBIT basis the return on assets of CMC Magnetics Corp is −1.1% (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 CMC Magnetics Corp (2323)?
The operating margin of CMC Magnetics Corp is 6.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CMC Magnetics Corp (2323)?
Revenue at CMC Magnetics Corp is growing +15.9% versus a year earlier (3y avg −2.3%). 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 CMC Magnetics Corp (2323)?
Earnings per share at CMC Magnetics Corp are growing −57.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CMC Magnetics Corp (2323) generate?
The free cash flow of CMC Magnetics Corp is −1.5B 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 CMC Magnetics Corp (2323) carry?
The net debt of CMC Magnetics Corp is 4.1B 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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