Visual Photonics Epitaxy Co Ltd (2455) Fair Value & Analysis

Technology · TW · Market cap 65.8B TWD (≈ $2.1B) · ISIN TW0002455003

What is Visual Photonics Epitaxy Co Ltd really worth?

VP Visual Photonics Epitaxy Co Ltd 2455 · TW

Price528.00 TWD

Fair Value49.26 TWD

Upside−90.7%

Quality65/100

A solid business, but trading 972% above our fair value of 49.26 TWD.

As of Aug 20, 2026, the fair value of Visual Photonics Epitaxy Co Ltd is 49.26 TWD per share against a price of 528.00 TWD, so the fair value sits 91% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Solidly profitable · 16.5% net margin

✓Low debt · generates free cash flow

✓Wide moat 68/100

Risks

!Mixed Growth (revenue 5y +5.0 %/yr)

!Mixed vs. peers (7/14)

!Weak on dividend: 10 out of 100

For context

·0.50% dividend yield

Evidence: High Range 29.11 TWD – 74.12 TWD

Fair value as of: Aug 20, 2026

From 24 valuation models · updated 17 days ago

Share price +36.1% over the past month.

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 →

What matters now

The price sits above even our optimistic bull case (74.12 TWD). The favourable scenario is already priced in.
Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
A fairly wide model range (29.11 TWD to 74.12 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 52.30 TWD – 542.00 TWD · fair‑value band 29.11 TWD – 74.12 TWD · the 528.00 TWD price screens above the 49.26 TWD fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Visual Photonics Epitaxy Co Ltd (2455) currently trades at 528.00 TWD, while our model-based Fair Value estimate is 49.26 TWD, implying the stock looks roughly 971.8% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 71.10 TWD per share, and 0 of the 24 models we run sit above the 528.00 TWD price. Bear case: the Asset-Based group reads lowest at 11.94 TWD, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Visual Photonics Epitaxy Co Ltd generated revenue of 3.5B TWD at a net margin of 16.5%. Revenue grew 20.9% year over year. It earns a return on equity of 16.4%. The balance sheet holds a net cash position of 337M TWD. Fundamentals as of Aug 20, 2026

Our scenario range runs from 29.11 TWD (bear case) to 74.12 TWD (bull case); at 528.00 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 374% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −71% fair-value upside, at −91%, 2455 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.3411 TWD per share, which is 0.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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

Highest evidence

FCF DCF best evidence 18.87 TWD 28.18 TWD 42.31 TWD 80

Growth DCF 19.18 TWD 27.45 TWD 39.26 TWD 78

Owner Earnings 31.05 TWD 47.02 TWD 71.26 TWD 76

All 24 models by family

DCF Models

FCF DCF best evidence 18.87 TWD 28.18 TWD 42.31 TWD 80

Owner Earnings 31.05 TWD 47.02 TWD 71.26 TWD 76

5Y Revenue Exit 28.21 TWD 46.51 TWD 70.05 TWD 72

5Y EBITDA Exit 48.34 TWD 84.01 TWD 125.90 TWD 74

5Y P/E Exit 43.79 TWD 75.53 TWD 108.93 TWD 70

10Y Revenue Exit 23.66 TWD 39.56 TWD 61.17 TWD 66

10Y EBITDA Exit 37.47 TWD 65.54 TWD 103.64 TWD 67

10Y P/E Exit 34.57 TWD 59.66 TWD 90.74 TWD 63

Earnings-Based

Graham-Dodd 20.15 TWD 61.43 TWD 81.52 TWD 65

Lynch FV 13.17 TWD 18.82 TWD 24.46 TWD 61

PEG = 1.0 13.17 TWD 18.82 TWD 24.46 TWD 57

EPV 30.19 TWD 34.91 TWD 39.04 TWD 74

Multiples

P/E Multiple 62.23 TWD 82.97 TWD 103.72 TWD 63

P/S Multiple 37.78 TWD 50.38 TWD 62.97 TWD 58

P/B Multiple 37.78 TWD 50.38 TWD 62.97 TWD 55

EV/EBIT 67.02 TWD 88.73 TWD 110.45 TWD 66

EV/EBITDA 71.97 TWD 95.34 TWD 118.71 TWD 67

EV/Revenue 34.80 TWD 48.92 TWD 63.03 TWD 54

Asset-Based

NCAV (Graham) 8.91 TWD 11.94 TWD 17.82 TWD 54

Growth DCF

Growth DCF 19.18 TWD 27.45 TWD 39.26 TWD 78

Rev-Margin DCF 28.21 TWD 46.26 TWD 66.76 TWD 72

Economic Profit

Residual Income 19.51 TWD 25.60 TWD 78.04 TWD 65

ROIC Compounder 32.12 TWD 40.15 TWD 49.55 TWD 72

Growth Earnings

Growth-Adj P/E 49.77 TWD 71.10 TWD 92.43 TWD 67

Widest divergence: Growth Earnings (71.10 TWD) versus Asset-Based (11.94 TWD). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 178.4

P/S ratio 28.9 P/E × margin

EPS (TTM) 2.96 TWD price ÷ EPS = P/E 178.4

Dividend yield 0.5% payout 89.5%

Net margin 16.2% FY2025

Return on equity 16.4% TTM

More key figures

Profitability

Return on assets (EBIT) 15.8% avg 5y

Operating margin 23.6% TTM

Growth

Revenue (TTM) 3.5B TWD TTM

Revenue growth (YoY) +20.9% 3y avg +9.1%

EPS growth (YoY) +21.4%

Balance sheet & cash flow

Free cash flow 278M TWD FY2025

Net cash 337M TWD FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 72

Profitability 59

Margins and returns on capital today

Quality Growth 22

Are margins and returns improving?

Cashflow 43

Earnings quality: real cash, not paper profit

Fin. Strength 92

Balance sheet, leverage, solvency risk

Investment 77

Disciplined investing over empire-building

Low Volatility 5

Calm price path (market factor)

Momentum 100

Price trend over the last 3–12 months (market factor)

52W Momentum 100

Distance to the 52-week high (market factor)

Net Issuance 82

Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Full company description

Visual Photonics Epitaxy Co., Ltd. engages in the research and development, manufacture, and sale of optoelectronic semiconductors and optoelectronic components products in Taiwan, the United States, China, and internationally. The company offers microelectronics epi wafers, including gallium arsenide (GaAs) heterojunction bipolar transistor (HBT), low turn-on voltage HBT, high voltage HBT, InP HBT and HEMT, GaAs pseudomorphic high electron mobility transistor (PHEMT) and BiHEMT, and GaN epi wafers. The company also provides optoelectronics epi wafers, such as GaAs PD, InGaAs PD and APD, Zn diffusion ready InGaAs PD and APD, long wavelength InGaAs PD, F-P and DFB LD, and VCSEL epi wafers; and solar cell epi wafers, as well as customerized epi foundry services. Visual Photonics Epitaxy Co., Ltd. was incorporated in 1996 and is based in Taoyuan City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Visual Photonics Epitaxy Co Ltd reported revenue of 3.4B TWD in FY2025 versus 3.6B TWD in FY2021, a compound −1.6%/yr. Reported net income was 548M TWD in FY2025, compounding −10.5%/yr from FY2021.

Growth Quality 70/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Latest Revenue (FY 2025)

3.4B TWD

Latest YoY

+4.3%

Avg. revenue growth/yr (3Y) ⓘ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.

+9.1%

Avg. revenue growth/yr (5Y) ⓘ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.

+5.0%

Avg. revenue growth/yr (23Y) ⓘ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.

+10.3%

Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.

+1.2% · in TWD

Earnings growth per share plus dividend yield: the value created per share and year.

Earnings growth per share+0.7%

Dividend yield0.5%

Trend ⓘ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.5Y 0.7% vs 10Y 1.6%, steady

Operating margin (EBIT) ⓘ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.24.8% (2020) → 19.8% (2025) · falling

Worst earnings drop106% (2008) (loss year, drop beyond 100%) · in TWD

Revenue −1.6%/yr

FY21 3.6B TWD

FY22 2.6B TWD

FY23 2.7B TWD

FY24 3.2B TWD

FY25 3.4B TWD

Net income −10.5%/yr

FY21 855M TWD

FY22 545M TWD

FY23 450M TWD

FY24 671M TWD

FY25 548M TWD

Character of growth · EPS growth decomposed (2014-2025) +1.7 % p.a.

Revenue per share +4.6 %

of which total revenue +3.8 % · buybacks/dilution +0.7 %

EBIT margin −2.8 %

Tax rate −0.2 %

Residual (interest, one-offs) +0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

2455 screens 972% overvalued. Compare with ASML Holding →

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Visual Photonics Epitaxy Co Ltd · Fair Value
49.26 TWD −972%Fair Value
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Cite: Fair Value Calculator (2026). "Visual Photonics Epitaxy Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2455.TW

Peer Group

Semiconductor Equipment & Materials · 212 stocks

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.

Quality Score 65 · Top 25%

Return on equity (TTM) 16% · Top 25%

Return on assets 9% · Top 25%

Net margin (TTM) 17% · Above median

Operating margin (TTM) 24% · Top 25%

Revenue growth 21% · Above median

Dividend yield (TTM) 0.5% · Below median

Debt / equity 0.18× · Higher than median

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

P/E (TTM) 178.4× · Pricier than 75% of peers

P/B 19.98× · Pricier than 75% of peers

P/S (TTM) 18.57× · Pricier than 75% of peers

P/FCF 7.5× · Pricier than median

EV/EBITDA 65.1× · Pricier than 75% of peers

PEG 0.83× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

This stock

Sector peers

VALUE0 · sector 0

FUTURE100 · sector 59

PAST66 · sector 31

HEALTH91 · sector 96

DIVIDEND10 · sector 17

VALUE 0: the price sits above our fair-value range.

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

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ASML Holding ASML	€1,494	€604.27	−60%
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Piotech Inc 688072	¥685.11	¥89.27	−87%
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Frequently asked questions

Is Visual Photonics Epitaxy Co Ltd (2455) overvalued or undervalued?

As of Aug 20, 2026, our model estimates a fair value of 49.26 TWD versus a price of 528.00 TWD, about −91% upside (overvalued).

What is the fair value of 2455?

Our model-based fair value for Visual Photonics Epitaxy Co Ltd is 49.26 TWD (as of Aug 20, 2026), built from audited fundamentals. The current price: 528.00 TWD.

What is the quality score of 2455?

Visual Photonics Epitaxy Co Ltd has a Quality Score of 65/100. 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 Visual Photonics Epitaxy Co Ltd (2455)?

Our model-based price target is the fair value of 49.26 TWD (as of Aug 20, 2026) from 24 valuation models. Cautious scenario 29.11 TWD, optimistic scenario 74.12 TWD. It is a calculation from audited fundamentals, not an analyst target.

What is the Visual Photonics Epitaxy Co Ltd stock forecast for 2026?

Our models put fair value at 49.26 TWD, about −91% upside versus a price of 528.00 TWD (overvalued). Cautious scenario 29.11 TWD, optimistic scenario 74.12 TWD. The calculation is refreshed regularly with new filings.

What is the revenue of Visual Photonics Epitaxy Co Ltd (2455)?

Visual Photonics Epitaxy Co Ltd reported trailing-twelve-month revenue of about 3.5B TWD (latest available figure, as of Aug 20, 2026).

What is the net profit margin of 2455?

The net profit margin of Visual Photonics Epitaxy Co Ltd is about 16.5%, meaning it keeps roughly 16.5% of revenue as net income. Based on the latest reported figures.

Does Visual Photonics Epitaxy Co Ltd pay a dividend?

Visual Photonics Epitaxy Co Ltd currently shows a dividend yield of about 0.50% relative to its recent price (as of Aug 20, 2026).

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