Evergreen Marine Corp Taiwan Ltd (2603) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Evergreen Marine Corp Taiwan Ltd stock TWD 274, price TWD 259, upside +6.0%, quality 65 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range 74.03 TWD – 274.50 TWD · fair‑value band 205.87 TWD – 343.11 TWD · the 259.00 TWD price screens below the 274.49 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
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Evergreen Marine Corporation (Taiwan) Ltd., together with its subsidiaries, engages in the shipping carrier and agency, container terminal operations, and commercial port area ship repair businesses in Taiwan, North America, Europe, Asia, and internationally.
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The company provides cargo loading and discharging, terminal, inland transportation, real estate leasing, security, computer system, terminal logistics, leasing storehouse, management consultancy and self-owned property leasing, and container shipping services; inspections of containers at the custom house; storage, repair, and cleaning for containers; agency services dealing with port formalities; and data processing and information technology consulting services.
In addition, it manufactures dry steel containers and parts; distributes containers; invests in transportation-related business, and counter yards and port terminals; and invests in and leases operating machinery and equipment of port terminals.
Evergreen Marine Corporation (Taiwan) Ltd. was founded in 1968 and is based in Taipei, Taiwan.
Stock analysis
Evergreen Marine Corp Taiwan Ltd (2603) currently trades at 259.00 TWD, while our model-based Fair Value estimate is 274.49 TWD, so the stock looks roughly fairly valued today (gap 5.6%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 861.69 TWD per share, and 25 of the 26 models we run sit above the 259.00 TWD price.
Bear case: the Asset-Based group reads lowest at 174.28 TWD, and 1 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 205.87 TWD (bear) to 343.11 TWD (bull), the price of 259.00 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 65/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2017: revenue and profit before it include the divested business. Growth is measured afresh from 2017.
Evergreen Marine Corp Taiwan Ltd reported revenue of 379B TWD in FY2025 versus 489B TWD in FY2021, a compound −6.2%/yr. Reported net income was 68.6B TWD in FY2025, compounding −26.8%/yr from FY2021.
Key figures
Market cap 561B TWD (≈ $17.0B) Large · P/E ratio 10.2 · P/S ratio 1.50 · EPS (TTM) 25.44 TWD · Dividend yield 6.2% · Net margin 14.6% · Return on equity 10.2% · Return on assets (EBIT) 24.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 14% fair-value upside, at 6%, 2603 screens richer than that median.
Fair Value models
Bear205.87 TWDFair Value 274.49 TWDBull343.11 TWD
Price 259.00 TWD · Upside +6.0%
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 (8.02 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
FCF DCF550.78 TWD927.23 TWD1,577 TWD75
EPV335.30 TWD383.76 TWD426.62 TWD74
Growth DCF551.95 TWD911.61 TWD1,529 TWD74
All 26 models by family
DCF Models
FCF DCF550.78 TWD927.23 TWD1,577 TWD75
Owner Earnings613.48 TWD1,038 TWD1,769 TWD72
5Y Revenue Exit360.74 TWD534.64 TWD759.86 TWD70
5Y EBITDA Exit541.85 TWD897.49 TWD1,333 TWD72
5Y P/E Exit523.98 TWD861.69 TWD1,237 TWD68
10Y Revenue Exit412.88 TWD597.28 TWD858.22 TWD65
10Y EBITDA Exit540.91 TWD862.96 TWD1,332 TWD65
10Y P/E Exit529.02 TWD836.75 TWD1,253 TWD61
Earnings-Based
Graham-Dodd215.40 TWD900.06 TWD1,227 TWD62
Lynch FV227.94 TWD325.63 TWD423.32 TWD59
PEG = 1.0227.94 TWD325.63 TWD423.32 TWD55
EPV335.30 TWD383.76 TWD426.62 TWD74
Dividend Discount
Gordon GGM307.85 TWD661.00 TWD1,089 TWD63
DDM Multi-Stage307.85 TWD546.89 TWD690.56 TWD64
Multiples
P/E Multiple498.90 TWD665.20 TWD831.50 TWD63
P/S Multiple262.63 TWD350.17 TWD437.71 TWD58
P/B Multiple877.91 TWD1,171 TWD1,463 TWD55
EV/EBIT436.38 TWD582.03 TWD727.69 TWD66
EV/EBITDA527.06 TWD702.94 TWD878.82 TWD67
EV/Revenue220.03 TWD314.58 TWD409.13 TWD53
Asset-Based
NCAV (Graham)130.06 TWD174.28 TWD260.12 TWD54
Growth DCF
Growth DCF551.95 TWD911.61 TWD1,529 TWD74
Rev-Margin DCF360.74 TWD535.83 TWD755.86 TWD70
Economic Profit
Residual Income245.95 TWD287.58 TWD371.81 TWD74
ROIC Compounder362.85 TWD474.64 TWD628.99 TWD69
Growth Earnings
Growth-Adj P/E388.67 TWD555.24 TWD721.82 TWD65
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.55/100
Spin-off in 2017: revenue and profit before it include the divested business. Growth is measured afresh from 2017.
Revenue growth 1 year
−18.2%
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.
−15.5%
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.
+12.9%
Start year 2020 (pandemic)
Revenue growth 8 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.
+12.2%
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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.
−6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.8%
Dividend (yield on the price)6.2%
Per share before 2017divided by the spin-off factor 1.013
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.−12.8% vs 45.0%, 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.18% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−16.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
−0.3%
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 −17.4% a year for the price and −1.8% for the forecasts.
Compare Evergreen Marine Corp Taiwan 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.Marine Shipping · 222 stocks
Beats the industry median on 14/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+6.0% · Below median
Profitability
Return on equity (12 months)10.2% · Above median
Return on assets7.7% · Above median
Net margin (12 months)14.6% · Above median
Operating margin (12 months)18.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)21.6% · Above median
Dividend yield (12 months)6.2% · Top 25%
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Is Evergreen Marine Corp Taiwan Ltd (2603) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 274.49 TWD versus a price of 259.00 TWD, about +6% upside (fairly valued).
What is the fair value of 2603?
Our model-based fair value for Evergreen Marine Corp Taiwan Ltd is 274.49 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 259.00 TWD.
What is the quality score of 2603?
Evergreen Marine Corp Taiwan 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 Evergreen Marine Corp Taiwan Ltd (2603)?
Our model-based price target is the fair value of 274.49 TWD (as of Nov 4, 2026) from 26 valuation models. Cautious scenario 205.87 TWD, optimistic scenario 343.11 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Evergreen Marine Corp Taiwan Ltd stock forecast for 2026?
Our models put fair value at 274.49 TWD, about +6% upside versus a price of 259.00 TWD (fairly valued). Cautious scenario 205.87 TWD, optimistic scenario 343.11 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Evergreen Marine Corp Taiwan Ltd (2603)?
Evergreen Marine Corp Taiwan Ltd reported trailing-twelve-month revenue of about 374B TWD (latest available figure, as of Nov 4, 2026).
Does Evergreen Marine Corp Taiwan Ltd pay a dividend?
Evergreen Marine Corp Taiwan Ltd currently shows a dividend yield of 6.18% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Evergreen Marine Corp Taiwan Ltd (2603)?
For today's price to be fair in a discounted-cash-flow model, Evergreen Marine Corp Taiwan Ltd would have to grow free cash flow by -16.1 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of 2603 use?
Our models discount Evergreen Marine Corp Taiwan Ltd at 8.7 %: a base by market capitalisation (large), damped by beta 0.54, 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 Evergreen Marine Corp Taiwan Ltd that is -16.1 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Evergreen Marine Corp Taiwan Ltd (2603) delivered so far?
Over the past 5 years revenue at Evergreen Marine Corp Taiwan Ltd grew +12.9 % a year. The price currently implies -16.1 % 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 Evergreen Marine Corp Taiwan Ltd (2603) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Evergreen Marine Corp Taiwan Ltd (-16.1 % 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 Evergreen Marine Corp Taiwan Ltd (2603)?
The free-cash-flow yield on the price is 14.12 %: that much free cash flow Evergreen Marine Corp Taiwan Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Evergreen Marine Corp Taiwan Ltd (2603)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Evergreen Marine Corp Taiwan Ltd it is 274.49 TWD per share (as of Nov 4, 2026), against a price of 259.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Evergreen Marine Corp Taiwan Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 2603 trades below its calculated fair value: price 259.00 TWD, fair value 274.49 TWD, a gap of about +6% (fairly valued). 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 2603?
No. The price is what the market pays today (259.00 TWD); the fair value is what the company's own numbers justify (274.49 TWD). For Evergreen Marine Corp Taiwan Ltd the two are 15.49 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Evergreen Marine Corp Taiwan Ltd worth?
The market values Evergreen Marine Corp Taiwan Ltd at about 561B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 259.00 TWD; our models calculate a fair value of 274.49 TWD per share.
What do the bullish and bearish scenarios say about 2603?
Our models span a range for Evergreen Marine Corp Taiwan Ltd: cautious scenario 205.87 TWD, base 274.49 TWD, optimistic 343.11 TWD per share (as of Nov 4, 2026, price 259.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2603?
Evergreen Marine Corp Taiwan Ltd trades at a price-to-earnings ratio of 10.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 274.49 TWD is built from several models across several years. Other multiples: PEG 0.9, P/B 1.0, P/S 1.5, EV/EBITDA 5.0.
What is the PEG ratio of 2603?
The PEG ratio of Evergreen Marine Corp Taiwan Ltd is 0.87 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Evergreen Marine Corp Taiwan Ltd (2603)?
Balance-sheet figures for Evergreen Marine Corp Taiwan Ltd (as of Nov 4, 2026): return on equity 10.2%, debt of 0.10 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 2603 from its 52-week high?
Evergreen Marine Corp Taiwan Ltd trades at 259.00 TWD, about 6% below its 52-week high of 274.50 TWD and 45% above the low of 178.50 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 274.49 TWD is for.
Which stocks are comparable to Evergreen Marine Corp Taiwan Ltd?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) 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 Evergreen Marine Corp Taiwan Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price 259.00 TWD, calculated fair value 274.49 TWD (+6%), Quality Score 65/100, from 26 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 2603 calculated?
We run Evergreen Marine Corp Taiwan Ltd through 26 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 274.49 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 15.6% above its aggregate fair value. Evergreen Marine Corp Taiwan Ltd currently trades 6% below its own fair value, and the market average says nothing about that. 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 Evergreen Marine Corp Taiwan Ltd (2603)?
The closing price on Nov 5, 2026 was 259.00 TWD. Our model-based fair value is 274.49 TWD, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Evergreen Marine Corp Taiwan Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Evergreen Marine Corp Taiwan Ltd
How large is the market capitalisation of Evergreen Marine Corp Taiwan Ltd (2603)?
The market capitalisation of Evergreen Marine Corp Taiwan Ltd is 561B TWD (≈ $17.0B). 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 Evergreen Marine Corp Taiwan Ltd (2603)?
The price-to-sales ratio of Evergreen Marine Corp Taiwan Ltd is 1.50 (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 Evergreen Marine Corp Taiwan Ltd (2603)?
Earnings per share at Evergreen Marine Corp Taiwan Ltd are 25.44 TWD (price ÷ EPS = P/E 10.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Evergreen Marine Corp Taiwan Ltd (2603)?
The dividend yield of Evergreen Marine Corp Taiwan Ltd is 6.2% (payout 62.9%). 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 Evergreen Marine Corp Taiwan Ltd (2603)?
The net margin of Evergreen Marine Corp Taiwan Ltd is 14.6% (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 Evergreen Marine Corp Taiwan Ltd (2603)?
The return on equity (ROE) of Evergreen Marine Corp Taiwan Ltd is 10.2% (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 Evergreen Marine Corp Taiwan Ltd (2603)?
On an EBIT basis the return on assets of Evergreen Marine Corp Taiwan Ltd is 24.7% (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 Evergreen Marine Corp Taiwan Ltd (2603)?
The operating margin of Evergreen Marine Corp Taiwan Ltd is 18.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Evergreen Marine Corp Taiwan Ltd (2603)?
Revenue at Evergreen Marine Corp Taiwan Ltd is growing +21.6% versus a year earlier (3y avg −15.5%). 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 Evergreen Marine Corp Taiwan Ltd (2603)?
Earnings per share at Evergreen Marine Corp Taiwan Ltd are growing +46.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Evergreen Marine Corp Taiwan Ltd (2603) carry?
The net debt of Evergreen Marine Corp Taiwan Ltd is 1.2B TWD (fiscal year 2025, ≈ 0.0 yrs of FCF). 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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Broad data
Nov 4, 2026