Micro-Star International Co Ltd (2377) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Micro-Star International Co Ltd TWD 133, price TWD 152, upside -12.1%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Micro-Star International Co., Ltd. engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally.
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Micro-Star International Co., Ltd. engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally. Its products portfolio includes laptops, handhelds, monitors and desktop computers, graphics cards, routers, motherboards and PC peripherals, gaming peripherals, network equipment, servers, automotive and autonomous mobile robots, and industrial PC and tablets. The company is also involved in the manufacture, sale, support, after-sales service, and logistics of computers and electronic components. In addition, it provides AIoT solutions. Micro-Star International Co., Ltd. was incorporated in 1986 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Micro-Star International Co Ltd (2377) currently trades at 151.50 TWD, while our model-based Fair Value estimate is 133.24 TWD, implying the stock looks roughly 13.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 170.73 TWD per share, and 7 of the 25 models we run sit above the 151.50 TWD price.
Bear case: the Growth DCF group reads lowest at 41.29 TWD, and 18 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: 80.77 TWD (bear) to 208.62 TWD (bull), the price of 151.50 TWD sits inside 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 56/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Micro-Star International Co Ltd reported revenue of 230B TWD in FY2025 versus 202B TWD in FY2021, a compound +3.3%/yr. Reported net income was 5.7B TWD in FY2025, compounding −23.7%/yr from FY2021.
Key figures
Market cap 129B TWD (≈ $4.0B) · P/E ratio 22.4 · P/S ratio 0.56 · EPS (TTM) 6.76 TWD · Dividend yield 2.8% · Net margin 2.5% · Return on equity 15.4% · Return on assets (EBIT) 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 78% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −30% fair-value upside, at −12%, 2377 screens cheaper than that median.
Fair Value models
Bear 80.77 TWDFair Value 133.24 TWDBull 208.62 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 (1.87 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+16.3%
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.
+8.5%
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.
+9.5%
Start year 2020 (pandemic). Over 10 years: +10.4% 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.
+9.3%
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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.
−3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.3%
Dividend (yield on the price)2.8%
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.−6% vs 5%, slowing
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% → 3%
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).
+57.9%
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.
+4.8%
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 +55.4% a year for the price and +3.2% for the forecasts.
Compare Micro-Star International Co Ltd with another stock
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 · 219 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−12% · Above median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets5% · Above median
Net margin (TTM)3% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)2.8% · Above median
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Micro-Star International Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2377
Frequently asked questions
Is Micro-Star International Co Ltd (2377) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 133.24 TWD versus a price of 151.50 TWD, about −12% upside (overvalued).
What is the fair value of 2377?
Our model-based fair value for Micro-Star International Co Ltd is 133.24 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 151.50 TWD.
What is the quality score of 2377?
Micro-Star International Co Ltd has a Quality Score of 56/100. 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 Micro-Star International Co Ltd (2377)?
Our model-based price target is the fair value of 133.24 TWD (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 80.77 TWD, optimistic scenario 208.62 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Micro-Star International Co Ltd stock forecast for 2026?
Our models put fair value at 133.24 TWD, about −12% upside versus a price of 151.50 TWD (overvalued). Cautious scenario 80.77 TWD, optimistic scenario 208.62 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Micro-Star International Co Ltd (2377)?
Micro-Star International Co Ltd reported trailing-twelve-month revenue of about 233B TWD (latest available figure, as of Sep 24, 2026).
Does Micro-Star International Co Ltd pay a dividend?
Micro-Star International Co Ltd currently shows a dividend yield of about 2.77% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Micro-Star International Co Ltd (2377)?
For today's price to be fair in a discounted-cash-flow model, Micro-Star International Co Ltd would have to grow free cash flow by +57.9 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2377 use?
Our models discount Micro-Star International Co Ltd at 9.1 %: a base by market capitalisation (large), damped by beta 0.71, 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 Micro-Star International Co Ltd that is +57.9 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Micro-Star International Co Ltd (2377) delivered so far?
Over the past 5 years revenue at Micro-Star International Co Ltd grew +9.5 % a year. The price currently implies +57.9 % 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 Micro-Star International Co Ltd (2377) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Micro-Star International Co Ltd (+57.9 % 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 Micro-Star International Co Ltd (2377)?
The free-cash-flow yield on the price is 0.35 %: that much free cash flow Micro-Star International Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Micro-Star International Co Ltd (2377)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Micro-Star International Co Ltd it is 133.24 TWD per share (as of Sep 24, 2026), against a price of 151.50 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Micro-Star International Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2377 trades above its calculated fair value: price 151.50 TWD, fair value 133.24 TWD, a gap of about −12% (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 2377?
No. The price is what the market pays today (151.50 TWD); the fair value is what the company's own numbers justify (133.24 TWD). For Micro-Star International Co Ltd the two are 18.26 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Micro-Star International Co Ltd worth?
The market values Micro-Star International Co Ltd at about 129B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 151.50 TWD; our models calculate a fair value of 133.24 TWD per share.
What do the bullish and bearish scenarios say about 2377?
Our models span a range for Micro-Star International Co Ltd: cautious scenario 80.77 TWD, base 133.24 TWD, optimistic 208.62 TWD per share (as of Sep 24, 2026, price 151.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2377?
Micro-Star International Co Ltd trades at a price-to-earnings ratio of 22.4 (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 133.24 TWD is built from several models across several years. Other multiples: PEG 2.4, P/B 2.4, P/S 0.6, EV/EBITDA 10.2.
What is the PEG ratio of 2377?
The PEG ratio of Micro-Star International Co Ltd is 2.36 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Micro-Star International Co Ltd (2377)?
Balance-sheet figures for Micro-Star International Co Ltd (as of Sep 24, 2026): return on equity 15.4%, debt of 0.12 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 2377 from its 52-week high?
Micro-Star International Co Ltd trades at 151.50 TWD, about 10% below its 52-week high of 169.00 TWD and 78% above the low of 85.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 133.24 TWD is for.
Which stocks are comparable to Micro-Star International Co Ltd?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Western Digital Corporation, Hangzhou Hikvision Digital Technology Co, 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 Micro-Star International Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 151.50 TWD, calculated fair value 133.24 TWD (−12%), Quality Score 56/100, from 25 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 2377 calculated?
We run Micro-Star International Co Ltd through 25 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 133.24 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. Micro-Star International Co Ltd 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 Micro-Star International Co Ltd (2377)?
The closing price on Sep 24, 2026 was 151.50 TWD. Our model-based fair value is 133.24 TWD, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Micro-Star International Co Ltd right now?
Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (80.77 TWD to 208.62 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Micro-Star International Co Ltd (2377) come from?
Earnings per share at Micro-Star International Co Ltd grew +6.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.5 %, EBIT margin −3.0 %, tax rate −0.5 %, residual (interest, one-offs) +0.7 %. 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 Micro-Star International Co Ltd
How large is the market capitalisation of Micro-Star International Co Ltd (2377)?
The market capitalisation of Micro-Star International Co Ltd is 129B TWD (≈ $4.0B). 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 Micro-Star International Co Ltd (2377)?
The price-to-sales ratio of Micro-Star International Co Ltd is 0.56 (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 Micro-Star International Co Ltd (2377)?
Earnings per share at Micro-Star International Co Ltd are 6.76 TWD (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Micro-Star International Co Ltd (2377)?
The dividend yield of Micro-Star International Co Ltd is 2.8% (payout 62.1%). 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 Micro-Star International Co Ltd (2377)?
The net margin of Micro-Star International Co Ltd is 2.5% (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 Micro-Star International Co Ltd (2377)?
The return on equity (ROE) of Micro-Star International Co Ltd is 15.4% (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 Micro-Star International Co Ltd (2377)?
On an EBIT basis the return on assets of Micro-Star International Co Ltd is 11.4% (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 Micro-Star International Co Ltd (2377)?
The operating margin of Micro-Star International Co Ltd is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Micro-Star International Co Ltd (2377)?
Revenue at Micro-Star International Co Ltd is growing +5.1% versus a year earlier (3y avg +8.5%). 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 Micro-Star International Co Ltd (2377)?
Earnings per share at Micro-Star International Co Ltd are growing +216% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Micro-Star International Co Ltd (2377) hold?
Micro-Star International Co Ltd holds more cash than debt, 19.4B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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