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BES Engineering Co (2515) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of BES Engineering Co TWD 6.40, price TWD 11.95, upside -46.4%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Industrials · TW · ISIN TW0002515004

BE Thin data Sep 24, 2026

BES Engineering Co

2515 · TW

Weakest SetupStrongly overvalued and low quality.

!Fair value 6.40 TWD · Strongly overvalued (−46%)
!Quality 32/100
!Expensive Growth (revenue 5y +13.6 %/yr)
!Thin margins · 3.4% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (3/13)
!Narrow moat 26/100
!Evidence only low, so the estimate is less certain
!Weak on past: 13 out of 100
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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

18.70 TWD 7.01 TWD Fair Value 6.40 TWD Apr 2021 Sep 2026

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 7.01 TWD – 18.70 TWD · fair‑value band 4.80 TWD – 8.00 TWD · the 11.95 TWD price screens above the 6.40 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

BES Engineering Corporation engages in the construction and engineering businesses. It operates through Construction Engineering, Construction and Development, and Other segments.

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BES Engineering Corporation engages in the construction and engineering businesses. It operates through Construction Engineering, Construction and Development, and Other segments. The Construction Engineering segment undertakes civil and architectural engineering contracting projects, including roads, bridges, docks, and residential and commercial buildings. The Construction and Development segment focuses on investment and construction of real estate, as well as development and agency services for industrial zones. The Other Departments segment provides staffing, security management, and operations in the audiovisual entertainment industry. It offers construction contracting, real estate development and sales, industrial zone development, security services, human resources management, immersive experience applications, performance space industry, land investment and development, inquiry, urban renewal and reconstruction, music exhibition services, and food, general merchandise, and beverage retail. The company also provides parking lot operation and business management consulting services, apartment building management and maintenance, engineering design consulting, and investment holding activities. BES Engineering Corporation was incorporated in 1950 and is based in Taipei, Taiwan.

Stock analysis

BES Engineering Co (2515) currently trades at 11.95 TWD, while our model-based Fair Value estimate is 6.40 TWD, implying the stock looks roughly 86.7% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 8.97 TWD per share, and 0 of the 14 models we run sit above the 11.95 TWD price.

Bear case: the Earnings-Based group reads lowest at 1.93 TWD, and 14 of the 14 models stay below the price. Evidence for this calculation is low.

Scenario range: 4.80 TWD (bear) to 8.00 TWD (bull), the price of 11.95 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 Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

BES Engineering Co reported revenue of 20.7B TWD in FY2025 versus 17.2B TWD in FY2021, a compound +4.8%/yr. Reported net income was 636M TWD in FY2025, compounding −30.2%/yr from FY2021.

Key figures

Market cap 19.2B TWD (≈ $602M) · P/E ratio 32.3 · P/S ratio 0.99 · EPS (TTM) 0.3700 TWD · Dividend yield 0.0% · Net margin 3.1% · Return on equity 3.3% · Return on assets (EBIT) 2.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 35% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −46%, 2515 screens richer than that median.

Fair Value models

Bear 4.80 TWD Fair Value 6.40 TWD Bull 8.00 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 (0.2707 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.
Highest evidence
Residual Income 8.99 TWD 8.33 TWD 6.29 TWD 76
Owner Earnings n/a n/a 0.6800 TWD 73
Gordon GGM 0.0100 TWD 0.0200 TWD 0.0300 TWD 67
All 15 models by family
DCF Models
Owner Earnings n/a n/a 0.6800 TWD 73
Earnings-Based
Graham-Dodd 2.56 TWD 6.91 TWD 9.05 TWD 65
Lynch FV 1.35 TWD 1.93 TWD 2.51 TWD 61
PEG = 1.0 1.35 TWD 1.93 TWD 2.51 TWD 57
Dividend Discount
Gordon GGM 0.0100 TWD 0.0200 TWD 0.0300 TWD 67
DDM Multi-Stage 0.0100 TWD 0.0200 TWD 0.0300 TWD 65
Multiples
P/E Multiple 5.93 TWD 7.91 TWD 9.89 TWD 63
P/S Multiple 4.80 TWD 6.40 TWD 8.00 TWD 58
P/B Multiple 4.80 TWD 6.40 TWD 8.00 TWD 55
EV/EBIT 1.14 TWD 3.54 TWD 5.93 TWD 60
EV/EBITDA 0.6300 TWD 2.85 TWD 5.08 TWD 60
EV/Revenue n/a 1.28 TWD 3.48 TWD 50
Asset-Based
NCAV (Graham) 6.69 TWD 8.97 TWD 13.38 TWD 54
Economic Profit
Residual Income 8.99 TWD 8.33 TWD 6.29 TWD 76
Growth Earnings
Growth-Adj P/E 4.68 TWD 6.68 TWD 8.69 TWD 67

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Quality Score breakdown

Overall quality 32/100

Of which business quality 30 · Market factors (momentum, volatility) 42

Profitability 18
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 29
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 51
Share count: buybacks or dilution?

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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. 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+11.5%
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.
+13.6%
Revenue growth 22 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.
+3.6%
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.
−0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.4%
Dividend (yield on the price)0.0%
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.0% vs 2%, 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)

2515 screens 87% overvalued. Compare with Quanta Services, Inc →

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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.Engineering & Construction · 836 stocks

Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside −46% · Below median
Profitability
Return on equity (TTM) 3% · Below median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 5% · Above median
Growth and dividend
Revenue growth 36% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.67× · Highest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 32.3× · Priciest 25%
P/B 0.85× · Cheaper than median
P/S (TTM) 0.85× · Pricier than median
EV/EBITDA 23.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 28
FUTURE (revenue growth)100 · sector 11
PAST (return on equity)13 · sector 28
HEALTH (low debt)67 · sector 94
DIVIDEND (yield)0 · sector 41

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

Context: sector, industry, 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 Engineering & Construction stocks, each showing price versus our Fair Value estimate.

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Vinci SA DG €112.30 €185.62 +65%
Comfort Systems USA, Inc FIX $1,625 $1,122 −31%
Larsen & Toubro Limited LT ₹3,930 ₹1,994 −49%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 256,792 KRW −30%
HOCHTIEF Aktiengesellschaft HOT €403.60 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €95.95 €75.04 −22%
EMCOR Group EME $756.50 $521.87 −31%
MasTec, Inc MTZ $221.69 $106.05 −52%

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BES Engineering Co · Fair Value
6.40 TWD −87%Fair Value
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Cite: Fair Value Calculator (2026). "BES Engineering Co Fair Value". https://www.fairvalue-calculator.com/stock/2515

Frequently asked questions

Is BES Engineering Co (2515) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6.40 TWD versus a price of 11.95 TWD, about −46% upside (overvalued).
What is the fair value of 2515?
Our model-based fair value for BES Engineering Co is 6.40 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 11.95 TWD.
What is the quality score of 2515?
BES Engineering Co 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 BES Engineering Co (2515)?
Our model-based price target is the fair value of 6.40 TWD (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 4.80 TWD, optimistic scenario 8.00 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the BES Engineering Co stock forecast for 2026?
Our models put fair value at 6.40 TWD, about −46% upside versus a price of 11.95 TWD (overvalued). Cautious scenario 4.80 TWD, optimistic scenario 8.00 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of BES Engineering Co (2515)?
BES Engineering Co reported trailing-twelve-month revenue of about 22.6B TWD (latest available figure, as of Sep 24, 2026).
Does BES Engineering Co pay a dividend?
BES Engineering Co currently shows a dividend yield of about 0.01% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of BES Engineering Co (2515)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BES Engineering Co it is 6.40 TWD per share (as of Sep 24, 2026), against a price of 11.95 TWD. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is BES Engineering Co stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2515 trades above its calculated fair value: price 11.95 TWD, fair value 6.40 TWD, a gap of about −46% (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 2515?
No. The price is what the market pays today (11.95 TWD); the fair value is what the company's own numbers justify (6.40 TWD). For BES Engineering Co the two are 5.55 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is BES Engineering Co worth?
The market values BES Engineering Co at about 19.2B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 11.95 TWD; our models calculate a fair value of 6.40 TWD per share.
What do the bullish and bearish scenarios say about 2515?
Our models span a range for BES Engineering Co: cautious scenario 4.80 TWD, base 6.40 TWD, optimistic 8.00 TWD per share (as of Sep 24, 2026, price 11.95 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2515?
BES Engineering Co trades at a price-to-earnings ratio of 32.3 (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 6.40 TWD is built from several models across several years. Other multiples: P/B 0.9, P/S 0.9, EV/EBITDA 23.6.
How solid is the balance sheet of BES Engineering Co (2515)?
Balance-sheet figures for BES Engineering Co (as of Sep 24, 2026): return on equity 3.3%, debt of 0.67 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 2515 from its 52-week high?
BES Engineering Co trades at 11.95 TWD, about 35% below its 52-week high of 18.30 TWD and 13% above the low of 10.55 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 6.40 TWD is for.
Which stocks are comparable to BES Engineering Co?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 BES Engineering Co stock attractive at the current price?
The data as of Sep 24, 2026: price 11.95 TWD, calculated fair value 6.40 TWD (−46%), Quality Score 32/100, from 15 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 2515 calculated?
We run BES Engineering Co through 15 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 6.40 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. BES Engineering Co 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 BES Engineering Co (2515)?
The closing price on Sep 24, 2026 was 11.95 TWD. Our model-based fair value is 6.40 TWD, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BES Engineering Co right now?
The price sits above even our optimistic bull case (8.00 TWD). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of BES Engineering Co (2515) come from?
Earnings per share at BES Engineering Co grew +5.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.8 %, EBIT margin −0.2 %, tax rate −2.7 %, residual (interest, one-offs) +2.2 %. 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 BES Engineering Co

How large is the market capitalisation of BES Engineering Co (2515)?
The market capitalisation of BES Engineering Co is 19.2B TWD (≈ $602M). 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 BES Engineering Co (2515)?
The price-to-sales ratio of BES Engineering Co is 0.99 (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 BES Engineering Co (2515)?
Earnings per share at BES Engineering Co are 0.3700 TWD (price ÷ EPS = P/E 32.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BES Engineering Co (2515)?
The dividend yield of BES Engineering Co is 0.0% (payout 0.5%). 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 BES Engineering Co (2515)?
The net margin of BES Engineering Co is 3.1% (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 BES Engineering Co (2515)?
The return on equity (ROE) of BES Engineering Co is 3.3% (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 BES Engineering Co (2515)?
On an EBIT basis the return on assets of BES Engineering Co is 2.5% (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 BES Engineering Co (2515)?
The operating margin of BES Engineering Co is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BES Engineering Co (2515)?
Revenue at BES Engineering Co is growing +35.6% versus a year earlier (3y avg +11.1%). 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 BES Engineering Co (2515)?
Earnings per share at BES Engineering Co are growing +101% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does BES Engineering Co (2515) generate?
The free cash flow of BES Engineering Co is −3.7B 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 debt does BES Engineering Co (2515) carry?
The net debt of BES Engineering Co is 20.2B TWD (fiscal year 2025). 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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