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Shuttle Inc (2405) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Shuttle Inc TWD 3.32, price TWD 15.05, upside -77.9%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Thin data
Sep 24, 2026
Shuttle Inc
2405 · TWStretched ValuationStrong overvaluation with only moderate quality.
!Fair value 3.32 TWD · Strongly overvalued (−78%)
!Quality 53/100
!Weak Growth (revenue 5y +0.0 %/yr)
!Loss-making · -4.2% net margin (TTM)
✓generates free cash flow
!Trails peers (4/12)
!Narrow moat 17/100
!Evidence only low, so the estimate is less certain
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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
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 10.02 TWD – 27.90 TWD · fair‑value band 3.12 TWD – 3.56 TWD · the 15.05 TWD price screens above the 3.32 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
Shuttle Inc., together with its subsidiaries, engages in the manufacturing and sales of barebones, mainboards, and other computer peripherals in Taiwan, the Americas, Asia, China, and Europe, and internationally. It operates through Computer Equipment and Medical Devices segments.
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Shuttle Inc., together with its subsidiaries, engages in the manufacturing and sales of barebones, mainboards, and other computer peripherals in Taiwan, the Americas, Asia, China, and Europe, and internationally. It operates through Computer Equipment and Medical Devices segments. The company offers Al computers; mini-PC and AIO; industrial computer, including embedded computer, edge computing computer, touch computer, and medical touch computer; smart integration solutions, such as digital kanban, medical technology, and NVR; and kiosk products. It also sells PCBs; medical products comprising air cushion bed and medical peripheral equipment; computer peripherals and components; and related technical services. Shuttle Inc. was founded in 1983 and is headquartered in Taipei, Taiwan.
Stock analysis
Shuttle Inc (2405) currently trades at 15.05 TWD, while our model-based Fair Value estimate is 3.32 TWD, implying the stock looks roughly 353.3% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 6.80 TWD per share, and 0 of the 8 models we run sit above the 15.05 TWD price.
Bear case: the DCF Models group reads lowest at 3.26 TWD, and 8 of the 8 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.12 TWD (bear) to 3.56 TWD (bull), the price of 15.05 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 53/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Shuttle Inc reported revenue of 1.7B TWD in FY2025 versus 1.8B TWD in FY2021, a compound −1.4%/yr. Reported net income was −68.9M TWD in FY2025.
Key figures
Market cap 5.7B TWD (≈ $180M) · P/S ratio 3.31 · EPS (TTM) −0.2000 TWD · Net margin −4.0% · Return on equity −2.3% · Return on assets (EBIT) 0.8% · Operating margin −0.4% · Revenue (TTM) 1.7B TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at −78%, 2405 screens richer than that median.
Fair Value models
Bear 3.12 TWD
Fair Value 3.32 TWD
Bull 3.56 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.
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.
Highest evidence
FCF DCF
3.13 TWD
3.29 TWD
3.54 TWD
80
Growth DCF
3.15 TWD
3.30 TWD
3.51 TWD
77
Owner Earnings
2.79 TWD
2.86 TWD
2.97 TWD
75
All 8 models by family
DCF Models
FCF DCF
3.13 TWD
3.29 TWD
3.54 TWD
80
Owner Earnings
2.79 TWD
2.86 TWD
2.97 TWD
75
5Y Revenue Exit
3.11 TWD
3.34 TWD
3.67 TWD
71
10Y Revenue Exit
3.11 TWD
3.26 TWD
3.42 TWD
66
Multiples
EV/Revenue
3.14 TWD
3.39 TWD
3.65 TWD
52
Asset-Based
NCAV (Graham)
5.07 TWD
6.80 TWD
10.14 TWD
51
Growth DCF
Growth DCF
3.15 TWD
3.30 TWD
3.51 TWD
77
Rev-Margin DCF
3.11 TWD
3.36 TWD
3.66 TWD
71
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Set up alert →Quality Score breakdown
Overall quality
53/100
Of which business quality 53 · Market factors (momentum, volatility) 33
Profitability
14
Margins and returns on capital today
Quality Growth
26
Are margins and returns improving?
Cashflow
28
Earnings quality: real cash, not paper profit
Fin. Strength
91
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
68
Calm price path (market factor)
Momentum
25
Price trend over the last 3–12 months (market factor)
52W Momentum
8
Distance to the 52-week high (market factor)
Net Issuance
80
Share count: buybacks or dilution?
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.
29/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+4.5%
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.
+0.1%
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.
+0.0%
Start year 2020 (pandemic). Over 10 years: −10.1% 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.
−4.8%
’14
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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.
3.7% (2020) → −5.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+63.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +61.3% a year for the price.
2405 screens 353% overvalued. Compare with Dell Technologies Inc →
Compare Shuttle Inc 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 · 220 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation Multiplesvs Computer Hardware median · lower = cheaper
Context: sector, industry, market
- Is the Information Technology sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Taiwanese Stocks
- Valuation of the Taiwan 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 Computer Hardware stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Dell Technologies Inc DELL | $548.92 | $195.72 | −64% |
| Arista Networks, Inc ANET | $205.19 | $161.72 | −21% |
| Western Digital Corporation WDC | $464.60 | $53.53 | −88% |
| Wiwynn Corporation 6669 | 2,115 TWD | 1,065 TWD | −50% |
| Hangzhou Hikvision Digital Technology Co 002415 | ¥33.18 | ¥46.76 | +41% |
| Quanta Computer Inc 2382 | 338.50 TWD | 228.14 TWD | −33% |
| Lenovo Group 0992 | HK$36.92 | HK$33.70 | −9% |
| Dawning Information Industry Co 603019 | ¥84.67 | ¥35.54 | −58% |
| Everpure, Inc P | $110.89 | $51.46 | −54% |
| HP Inc HPQ | $32.04 | $51.90 | +62% |
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Frequently asked questions
Is Shuttle Inc (2405) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.32 TWD versus a price of 15.05 TWD, about −78% upside (overvalued).
What is the fair value of 2405?
Our model-based fair value for Shuttle Inc is 3.32 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 15.05 TWD.
What is the quality score of 2405?
Shuttle Inc has a Quality Score of 53/100. 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 Shuttle Inc (2405)?
Our model-based price target is the fair value of 3.32 TWD (as of Sep 24, 2026) from 8 valuation models. Cautious scenario 3.12 TWD, optimistic scenario 3.56 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Shuttle Inc stock forecast for 2026?
Our models put fair value at 3.32 TWD, about −78% upside versus a price of 15.05 TWD (overvalued). Cautious scenario 3.12 TWD, optimistic scenario 3.56 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Shuttle Inc (2405)?
Shuttle Inc reported trailing-twelve-month revenue of about 1.7B TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Shuttle Inc (2405)?
For today's price to be fair in a discounted-cash-flow model, Shuttle Inc would have to grow free cash flow by +63.8 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew 0.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2405 use?
Our models discount Shuttle Inc at 12.1 %: a base by market capitalisation (micro), damped by beta 0.65, 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 Shuttle Inc that is +63.8 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Shuttle Inc (2405) delivered so far?
Over the past 5 years revenue at Shuttle Inc grew 0.0 % a year. The price currently implies +63.8 % 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 Shuttle Inc (2405) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Shuttle Inc (+63.8 % 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 Shuttle Inc (2405)?
The free-cash-flow yield on the price is 0.44 %: that much free cash flow Shuttle Inc produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Shuttle Inc (2405)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shuttle Inc it is 3.32 TWD per share (as of Sep 24, 2026), against a price of 15.05 TWD. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Shuttle Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2405 trades above its calculated fair value: price 15.05 TWD, fair value 3.32 TWD, a gap of about −78% (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 2405?
No. The price is what the market pays today (15.05 TWD); the fair value is what the company's own numbers justify (3.32 TWD). For Shuttle Inc the two are 11.73 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Shuttle Inc worth?
The market values Shuttle Inc at about 5.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 15.05 TWD; our models calculate a fair value of 3.32 TWD per share.
What do the bullish and bearish scenarios say about 2405?
Our models span a range for Shuttle Inc: cautious scenario 3.12 TWD, base 3.32 TWD, optimistic 3.56 TWD per share (as of Sep 24, 2026, price 15.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 2405?
The PEG ratio of Shuttle Inc is 0.49 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Shuttle Inc (2405)?
Balance-sheet figures for Shuttle Inc (as of Sep 24, 2026): return on equity −2.3%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 2405 from its 52-week high?
Shuttle Inc trades at 15.05 TWD, about 31% below its 52-week high of 21.70 TWD and 3% above the low of 14.60 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3.32 TWD is for.
Which stocks are comparable to Shuttle Inc?
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 Shuttle Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 15.05 TWD, calculated fair value 3.32 TWD (−78%), Quality Score 53/100, from 8 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 2405 calculated?
We run Shuttle Inc through 8 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 3.32 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 13.2 % above its aggregate fair value. Shuttle 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 Shuttle Inc (2405)?
The closing price on Sep 24, 2026 was 15.05 TWD. Our model-based fair value is 3.32 TWD, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shuttle Inc right now?
The price sits above even our optimistic bull case (3.56 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 (53/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (3.12 TWD to 3.56 TWD), unusually little disagreement for a valuation.
Key figures of Shuttle Inc
How large is the market capitalisation of Shuttle Inc (2405)?
The market capitalisation of Shuttle Inc is 5.7B TWD (≈ $180M). 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 Shuttle Inc (2405)?
The price-to-sales ratio of Shuttle Inc is 3.31 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shuttle Inc (2405)?
Earnings per share at Shuttle Inc are −0.2000 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Shuttle Inc (2405)?
The net margin of Shuttle Inc is −4.0% (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 Shuttle Inc (2405)?
The return on equity (ROE) of Shuttle Inc is −2.3% (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 Shuttle Inc (2405)?
On an EBIT basis the return on assets of Shuttle Inc is 0.8% (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 Shuttle Inc (2405)?
The operating margin of Shuttle Inc is −0.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shuttle Inc (2405)?
Revenue at Shuttle Inc is growing −2.8% versus a year earlier (3y avg +0.1%). 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 Shuttle Inc (2405)?
Earnings per share at Shuttle Inc are growing −69.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Shuttle Inc (2405) hold?
Shuttle Inc holds more cash than debt, 546M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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