Merry Electronics Co Ltd (2439) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Merry Electronics Co Ltd stock TWD 50.66, price TWD 66.30, that is 23.6% below the price, quality 32 out of 100. Rating: overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 65.24 TWD – 145.00 TWD · fair‑value band 47.97 TWD – 65.58 TWD · the 66.30 TWD price screens above the 50.66 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Merry Electronics Co., Ltd. engages in the manufacture, processing, repair, and sale of electric appliances and audiovisual electric products in the United States, Taiwan, Singapore, Europe, the Mainland China, and internationally.
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It provides telecommunication equipment and apparatus, computers and computing peripheral equipment, restrained telecom radio frequency equipment, medical appliances, and electronic parts and components.
The company offers microphones, receivers, earphones, speakers and speaker monomers, and sound equipment; power amplifiers, charging boxes, power storage systems, battery pack for LEV and medical industry, and mobile power supply products; hearing aids and devices and acoustics equipment; medical devices; cables, connectors, and electronic components; security systems; induction cookers; plastic hardware products; and barometric pressure sensors.
It is involved in the research, development, and sale of software for hearing aid usage; international and transit trade; trading consulting; engages in investment business; and cable processing activities.
The company's products are used in mobile communication, multimedia and entertainment, and medical and healthcare applications, as well as smart homes and accessories. Merry Electronics Co., Ltd. was incorporated in 1975 and is based in Taichung, Taiwan.
Stock analysis
Merry Electronics Co Ltd (2439) currently trades at 66.30 TWD, while our model-based Fair Value estimate is 50.66 TWD, 24% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 118.51 TWD per share, and 9 of the 17 models we run sit above the 66.30 TWD price.
Bear case: the Asset-Based group reads lowest at 31.34 TWD, and 8 of the 17 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 47.97 TWD (bear) to 65.58 TWD (bull), the price of 66.30 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 32/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Merry Electronics Co Ltd reported revenue of 46.5B TWD in FY2025 versus 36.2B TWD in FY2021, a compound +6.5%/yr. Reported net income was 1.3B TWD in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap 32.9B TWD (≈ $1.0B) Small · P/E ratio 12.9 · P/S ratio 0.34 · EPS (TTM) 5.12 TWD · Dividend yield 6.0% · Net margin 1.8% · Return on equity 7.7% · Return on assets (EBIT) 4.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).
What moves the price
The share trades about 41% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 5% fair-value upside, at −24%, 2439 screens richer than that median.
Fair Value models
Bear47.97 TWDFair Value 50.66 TWDBull65.58 TWD
Price 66.30 TWD · Downside -23.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.9574 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
Owner Earnings30.83 TWD37.79 TWD48.55 TWD77
Residual Income56.44 TWD59.60 TWD65.08 TWD76
EPV48.83 TWD52.93 TWD56.40 TWD73
All 17 models by family
DCF Models
Owner Earnings30.83 TWD37.79 TWD48.55 TWD77
Earnings-Based
Graham-Dodd36.56 TWD160.74 TWD220.00 TWD64
Lynch FV41.54 TWD59.35 TWD77.15 TWD61
PEG = 1.041.54 TWD59.35 TWD77.15 TWD57
EPV48.83 TWD52.93 TWD56.40 TWD73
Dividend Discount
Gordon GGM44.66 TWD83.44 TWD118.62 TWD67
DDM Multi-Stage44.66 TWD74.74 TWD88.77 TWD67
Multiples
P/E Multiple112.89 TWD150.52 TWD188.15 TWD63
P/S Multiple68.54 TWD91.39 TWD114.23 TWD57
P/B Multiple121.22 TWD161.63 TWD202.04 TWD55
EV/EBIT84.96 TWD110.89 TWD136.81 TWD65
EV/EBITDA96.38 TWD126.12 TWD155.85 TWD67
EV/Revenue46.50 TWD63.36 TWD80.21 TWD53
Asset-Based
NCAV (Graham)20.68 TWD31.34 TWD39.17 TWD54
Economic Profit
Residual Income56.44 TWD59.60 TWD65.08 TWD76
ROIC Compounder48.83 TWD52.93 TWD56.40 TWD71
Growth Earnings
Growth-Adj P/E81.36 TWD116.23 TWD151.10 TWD67
The fair value above starts from this blend and is adjusted for dilution from new shares.
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
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+6.0%
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.
+9.5%
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.
+6.2%
Start year 2020 (pandemic). Over 10 years: +14.3% a year
Revenue growth 12 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.
+12.5%
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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.
−1.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.6%
Dividend (yield on the price)6.0%
Per share before 2013divided by the spin-off factor 1.06
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.−7.6% vs −5.1%, 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.5% → 3%
Compare Merry Electronics 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.Consumer Electronics · 114 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−23.6% · Below median
Profitability
Return on equity (12 months)7.7% · Above median
Return on assets4.1% · Above median
Net margin (12 months)2.5% · Above median
Operating margin (12 months)1.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−1.2% · Below median
Dividend yield (12 months)6.0% · Top 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Consumer Electronics median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Merry Electronics Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2439
Frequently asked questions
Is Merry Electronics Co Ltd (2439) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 50.66 TWD versus a price of 66.30 TWD, about 24% lower (overvalued).
What is the fair value of 2439?
Our model-based fair value for Merry Electronics Co Ltd is 50.66 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 66.30 TWD.
What is the quality score of 2439?
Merry Electronics Co Ltd has a Quality Score of 32/100. 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 Merry Electronics Co Ltd (2439)?
Our model-based price target is the fair value of 50.66 TWD (as of Nov 3, 2026) from 17 valuation models. Cautious scenario 47.97 TWD, optimistic scenario 65.58 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Merry Electronics Co Ltd stock forecast for 2026?
Our models put fair value at 50.66 TWD, about 24% lower versus a price of 66.30 TWD (overvalued). Cautious scenario 47.97 TWD, optimistic scenario 65.58 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Merry Electronics Co Ltd (2439)?
Merry Electronics Co Ltd reported trailing-twelve-month revenue of about 48.6B TWD (latest available figure, as of Nov 3, 2026).
Does Merry Electronics Co Ltd pay a dividend?
Merry Electronics Co Ltd currently shows a dividend yield of 6.03% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Merry Electronics Co Ltd (2439) and when is the ex-dividend date?
Merry Electronics Co Ltd pays a dividend of 4.00 TWD per share a year, a dividend yield of 6.0%. The last ex-dividend date was Aug 27, 2026. The payout ratio is 78.1% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Merry Electronics Co Ltd (2439)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Merry Electronics Co Ltd it is 50.66 TWD per share (as of Nov 3, 2026), against a price of 66.30 TWD. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Merry Electronics Co Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 2439 trades above its calculated fair value: price 66.30 TWD, fair value 50.66 TWD, a gap of about −24% (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 2439?
No. The price is what the market pays today (66.30 TWD); the fair value is what the company's own numbers justify (50.66 TWD). For Merry Electronics Co Ltd the two are 15.64 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Merry Electronics Co Ltd worth?
The market values Merry Electronics Co Ltd at about 32.9B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 66.30 TWD; our models calculate a fair value of 50.66 TWD per share.
What do the bullish and bearish scenarios say about 2439?
Our models span a range for Merry Electronics Co Ltd: cautious scenario 47.97 TWD, base 50.66 TWD, optimistic 65.58 TWD per share (as of Nov 3, 2026, price 66.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2439?
Merry Electronics Co Ltd trades at a price-to-earnings ratio of 12.9 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 50.66 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 14.1. Other multiples: PEG 0.9, P/B 1.9, P/S 0.9, EV/EBITDA 20.5.
What is the PEG ratio of 2439?
The PEG ratio of Merry Electronics Co Ltd is 0.88 (P/E divided by earnings growth, as of Nov 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Merry Electronics Co Ltd (2439)?
Balance-sheet figures for Merry Electronics Co Ltd (as of Nov 3, 2026): return on equity 7.7%, debt of 0.17 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 2439 from its 52-week high?
Merry Electronics Co Ltd trades at 66.30 TWD, about 41% below its 52-week high of 113.00 TWD and at the low of 66.30 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 50.66 TWD is for.
Which stocks are comparable to Merry Electronics Co Ltd?
From the same area (Technology) we also value Samsung Electronics Co, Sony Group, Xiaomi Corporation, LG Electronics Inc, 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 Merry Electronics Co Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 66.30 TWD, calculated fair value 50.66 TWD (−24%), Quality Score 32/100, from 17 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 2439 calculated?
We run Merry Electronics Co Ltd through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 50.66 TWD builds on their evidence-weighted average, 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. Merry Electronics 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 Merry Electronics Co Ltd (2439)?
The closing price on Nov 6, 2026 was 66.30 TWD. Our model-based fair value is 50.66 TWD, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Merry Electronics Co Ltd right now?
Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. The price sits above our optimistic bull case: the favourable scenario is already priced in. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Merry Electronics Co Ltd (2439) come from?
Earnings per share at Merry Electronics Co Ltd grew −1.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.8 %, EBIT margin −10.5 %, tax rate −0.7 %, residual (interest, one-offs) +1.7 %. 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 Merry Electronics Co Ltd
How large is the market capitalisation of Merry Electronics Co Ltd (2439)?
The market capitalisation of Merry Electronics Co Ltd is 32.9B TWD (≈ $1.0B). 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 Merry Electronics Co Ltd (2439)?
The price-to-sales ratio of Merry Electronics Co Ltd is 0.34 (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 Merry Electronics Co Ltd (2439)?
Earnings per share at Merry Electronics Co Ltd are 5.12 TWD (price ÷ EPS = P/E 12.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Merry Electronics Co Ltd (2439)?
The dividend yield of Merry Electronics Co Ltd is 6.0% (payout 78.1%). 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 Merry Electronics Co Ltd (2439)?
The net margin of Merry Electronics Co Ltd is 1.8% (last twelve months). 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 Merry Electronics Co Ltd (2439)?
The return on equity (ROE) of Merry Electronics Co Ltd is 7.7% (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 Merry Electronics Co Ltd (2439)?
On an EBIT basis the return on assets of Merry Electronics Co Ltd is 4.6% (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 Merry Electronics Co Ltd (2439)?
The operating margin of Merry Electronics Co Ltd is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Merry Electronics Co Ltd (2439)?
Revenue at Merry Electronics Co Ltd is growing −1.2% versus a year earlier (3y avg +9.5%). 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 Merry Electronics Co Ltd (2439)?
Earnings per share at Merry Electronics Co Ltd are growing −78.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Merry Electronics Co Ltd (2439) generate?
The free cash flow of Merry Electronics Co Ltd is −349M 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 cash does Merry Electronics Co Ltd (2439) hold?
Merry Electronics Co Ltd holds more cash than debt, 2.4B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 3, 2026