SDI Corp (2351) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of SDI Corp TWD 40.40, price TWD 220, upside -81.6%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value 40.40 TWD · Strongly overvalued (−82%)
!Quality 47/100
!Weak Growth(revenue 5y +3.9 %/yr)
!Thin margins · 3.9% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers(3/15)
!Narrow moat35/100
!Evidence only low, so the estimate is less certain
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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 23, 2026.
How to read this chart
60‑month range 61.70 TWD – 257.00 TWD · fair‑value band 30.83 TWD – 61.56 TWD · the 219.50 TWD price screens above the 40.40 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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SDI Corporation, together with its subsidiaries, manufactures and sells semiconductor lead frames, LED lead frames, stationery and office products, and high precision dies in Taiwan, China, Japan, Malaysia, and internationally.
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SDI Corporation, together with its subsidiaries, manufactures and sells semiconductor lead frames, LED lead frames, stationery and office products, and high precision dies in Taiwan, China, Japan, Malaysia, and internationally. The company engages in the smelting and rolling of metal strips; manufacturing and processing of electronic components and molds; and international trade business. SDI Corporation was founded in 1953 and is headquartered in Changhua, Taiwan.
Stock analysis
SDI Corp (2351) currently trades at 219.50 TWD, while our model-based Fair Value estimate is 40.40 TWD, implying the stock looks roughly 443.2% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 35.10 TWD per share, and 0 of the 24 models we run sit above the 219.50 TWD price.
Bear case: the Growth DCF group reads lowest at 14.15 TWD, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 30.83 TWD (bear) to 61.56 TWD (bull), the price of 219.50 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 47/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
SDI Corp reported revenue of 10.2B TWD in FY2025 versus 11.2B TWD in FY2021, a compound −2.1%/yr. Reported net income was 303M TWD in FY2025, compounding −22.8%/yr from FY2021.
Key figures
Market cap 42.0B TWD (≈ $1.3B) · P/E ratio 133.8 · P/S ratio 3.96 · EPS (TTM) 1.64 TWD · Dividend yield 1.6% · Net margin 3.0% · Return on equity 6.0% · Return on assets (EBIT) 7.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 200% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at −82%, 2351 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (4.35 TWD to 115.64 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 30.83 TWDFair Value 40.40 TWDBull 61.56 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 (1.20 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−5.2%
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.
−4.4%
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.
+3.9%
Start year 2020 (pandemic). Over 10 years: +1.5% a year
Revenue growth 23 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.
+7.0%
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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.
−8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.1%
Dividend (yield on the price)1.6%
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.−10% vs −9%, steady
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.7% → 5%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+65.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +62.7% a year for the price and +12.5% for the forecasts.
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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.Semiconductor Equipment & Materials · 218 stocks
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Cite: Fair Value Calculator (2026). "SDI Corp Fair Value". https://www.fairvalue-calculator.com/stock/2351
Frequently asked questions
Is SDI Corp (2351) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 40.40 TWD versus a price of 219.50 TWD, about −82% upside (overvalued).
What is the fair value of 2351?
Our model-based fair value for SDI Corp is 40.40 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 219.50 TWD.
What is the quality score of 2351?
SDI Corp has a Quality Score of 47/100. 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 SDI Corp (2351)?
Our model-based price target is the fair value of 40.40 TWD (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 30.83 TWD, optimistic scenario 61.56 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the SDI Corp stock forecast for 2026?
Our models put fair value at 40.40 TWD, about −82% upside versus a price of 219.50 TWD (overvalued). Cautious scenario 30.83 TWD, optimistic scenario 61.56 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of SDI Corp (2351)?
SDI Corp reported trailing-twelve-month revenue of about 10.5B TWD (latest available figure, as of Sep 23, 2026).
Does SDI Corp pay a dividend?
SDI Corp currently shows a dividend yield of about 1.60% relative to its recent price (as of Sep 23, 2026).
What growth is priced into SDI Corp (2351)?
For today's price to be fair in a discounted-cash-flow model, SDI Corp would have to grow free cash flow by +65.3 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2351 use?
Our models discount SDI Corp at 12.7 %: a base by market capitalisation (small), damped by beta 1.32, 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 SDI Corp that is +65.3 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has SDI Corp (2351) delivered so far?
Over the past 5 years revenue at SDI Corp grew +3.9 % a year. The price currently implies +65.3 % 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 SDI Corp (2351) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into SDI Corp (+65.3 % 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 SDI Corp (2351)?
The free-cash-flow yield on the price is 0.55 %: that much free cash flow SDI Corp produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SDI Corp (2351)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SDI Corp it is 40.40 TWD per share (as of Sep 23, 2026), against a price of 219.50 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is SDI Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2351 trades above its calculated fair value: price 219.50 TWD, fair value 40.40 TWD, a gap of about −82% (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 2351?
No. The price is what the market pays today (219.50 TWD); the fair value is what the company's own numbers justify (40.40 TWD). For SDI Corp the two are 179.10 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is SDI Corp worth?
The market values SDI Corp at about 42.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 219.50 TWD; our models calculate a fair value of 40.40 TWD per share.
What do the bullish and bearish scenarios say about 2351?
Our models span a range for SDI Corp: cautious scenario 30.83 TWD, base 40.40 TWD, optimistic 61.56 TWD per share (as of Sep 23, 2026, price 219.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2351?
SDI Corp trades at a price-to-earnings ratio of 133.8 (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 40.40 TWD is built from several models across several years. Other multiples: PEG 0.8, P/B 6.0, P/S 4.0, EV/EBITDA 32.8.
What is the PEG ratio of 2351?
The PEG ratio of SDI Corp is 0.82 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of SDI Corp (2351)?
Balance-sheet figures for SDI Corp (as of Sep 23, 2026): return on equity 6.0%, debt of 0.23 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 2351 from its 52-week high?
SDI Corp trades at 219.50 TWD, about 15% below its 52-week high of 257.00 TWD and 200% above the low of 73.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 40.40 TWD is for.
Which stocks are comparable to SDI Corp?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA 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 SDI Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 219.50 TWD, calculated fair value 40.40 TWD (−82%), Quality Score 47/100, from 24 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 2351 calculated?
We run SDI Corp through 24 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 40.40 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. SDI 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 SDI Corp (2351)?
The closing price on Sep 24, 2026 was 219.50 TWD. Our model-based fair value is 40.40 TWD, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SDI Corp right now?
The price sits above even our optimistic bull case (61.56 TWD). The favourable scenario is already priced in. 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 but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (30.83 TWD to 61.56 TWD) leaves room in how you read the outcome.
Where does the earnings growth of SDI Corp (2351) come from?
Earnings per share at SDI Corp grew −1.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.5 %, EBIT margin −3.6 %, tax rate +0.0 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of SDI Corp
How large is the market capitalisation of SDI Corp (2351)?
The market capitalisation of SDI Corp is 42.0B TWD (≈ $1.3B). 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 SDI Corp (2351)?
The price-to-sales ratio of SDI Corp is 3.96 (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 SDI Corp (2351)?
Earnings per share at SDI Corp are 1.64 TWD (price ÷ EPS = P/E 133.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SDI Corp (2351)?
The dividend yield of SDI Corp is 1.6%. 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 SDI Corp (2351)?
The net margin of SDI Corp is 3.0% (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 SDI Corp (2351)?
The return on equity (ROE) of SDI Corp is 6.0% (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 SDI Corp (2351)?
On an EBIT basis the return on assets of SDI Corp is 7.7% (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 SDI Corp (2351)?
The operating margin of SDI Corp is 9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SDI Corp (2351)?
Revenue at SDI Corp is growing +11.0% versus a year earlier (3y avg −4.4%). 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 SDI Corp (2351)?
Earnings per share at SDI Corp are growing +82.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SDI Corp (2351) carry?
The net debt of SDI Corp is 2.0B TWD (fiscal year 2025, ≈ 8.7 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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