Evergreen Marine Corp Taiwan Ltd (2603) fair value: what the stock is really worth
We calculate from audited financials what Evergreen Marine Corp Taiwan Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range 8.62 TWD – 260.50 TWD · fair‑value band 180.07 TWD – 300.27 TWD · the 242.50 TWD price screens above the 240.17 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 18, 2026.
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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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. 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 242.50 TWD, while our model-based Fair Value estimate is 240.17 TWD, implying the stock looks roughly 1.0% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 856.46 TWD per share, and 25 of the 26 models we run sit above the 242.50 TWD price.
Bear case: the Asset-Based group reads lowest at 174.48 TWD, and 1 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 180.07 TWD (bear) to 300.27 TWD (bull), the price of 242.50 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 62/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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 526B TWD (≈ $16.6B) · P/E ratio 7.7 · P/S ratio 1.39 · EPS (TTM) 31.64 TWD · Dividend yield 6.6% · Net margin 18.1% · Return on equity 8.2% · Return on assets (EBIT) 24.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at −1%, 2603 screens richer than that median.
Fair Value models
Bear 180.07 TWDFair Value 240.17 TWDBull 300.27 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 (11.36 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.
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
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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%
Revenue growth 25 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.
+7.6%
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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.
−6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.8%
Dividend (yield on the price)6.6%
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.−13% vs 45%, 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%
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).
−16.8%
Yearly growth needed for the next five years to justify today's price.
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.
−1.4%
Yearly sales growth analysts expect, extended to five years.
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 · 229 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+1% · Above median
Profitability
Return on equity (TTM)8% · Above median
Return on assets3% · Above median
Net margin (TTM)14% · Above median
Operating margin (TTM)10% · Below median
Growth and dividend
Revenue growth−21% · Bottom 25%
Dividend yield (TTM)6.6% · 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 Sep 18, 2026, our model estimates a fair value of 240.17 TWD versus a price of 242.50 TWD, about −1% upside (fairly valued).
What is the fair value of 2603?
Our model-based fair value for Evergreen Marine Corp Taiwan Ltd is 240.17 TWD (as of Sep 18, 2026), built from audited fundamentals. The current price: 242.50 TWD.
What is the quality score of 2603?
Evergreen Marine Corp Taiwan Ltd has a Quality Score of 62/100. 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 240.17 TWD (as of Sep 18, 2026) from 26 valuation models. Cautious scenario 180.07 TWD, optimistic scenario 300.27 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 240.17 TWD, about −1% upside versus a price of 242.50 TWD (fairly valued). Cautious scenario 180.07 TWD, optimistic scenario 300.27 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 356B TWD (latest available figure, as of Sep 18, 2026).
Does Evergreen Marine Corp Taiwan Ltd pay a dividend?
Evergreen Marine Corp Taiwan Ltd currently shows a dividend yield of about 6.60% relative to its recent price (as of Sep 18, 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 -16.8 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of 2603 use?
Our models discount Evergreen Marine Corp Taiwan Ltd at 9.0 %: a base by market capitalisation (large), damped by beta 0.70, 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 -16.8 % per year a year over ten years, using the same discount rate (9.0 %) 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 -16.8 % 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 Evergreen Marine Corp Taiwan Ltd (2603) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Evergreen Marine Corp Taiwan Ltd (-16.8 % 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 Evergreen Marine Corp Taiwan Ltd (2603)?
The free-cash-flow yield on the price is 15.07 %: 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 (9.0 %), 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 240.17 TWD per share (as of Sep 18, 2026), against a price of 242.50 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 Sep 18, 2026, 2603 trades above its calculated fair value: price 242.50 TWD, fair value 240.17 TWD, a gap of about −1% (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 (242.50 TWD); the fair value is what the company's own numbers justify (240.17 TWD). For Evergreen Marine Corp Taiwan Ltd the two are 2.33 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 526B TWD (market capitalisation, as of Sep 18, 2026). Per share that is 242.50 TWD; our models calculate a fair value of 240.17 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 180.07 TWD, base 240.17 TWD, optimistic 300.27 TWD per share (as of Sep 18, 2026, price 242.50 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 7.7 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 240.17 TWD is built from several models across several years. Other multiples: PEG 0.9, P/B 0.8, P/S 1.2, EV/EBITDA 3.8.
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 Sep 18, 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 Sep 18, 2026): return on equity 8.2%, debt of 0.10 per unit of equity. They feed the Quality Score of 62/100, 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 242.50 TWD, about 2% below its 52-week high of 248.00 TWD and 39% above the low of 175.00 TWD (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 240.17 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, A.P. Møller - Mærsk A/S, 532921, COSCO SHIPPING Holdings, 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 Sep 18, 2026: price 242.50 TWD, calculated fair value 240.17 TWD (−1%), Quality Score 62/100, 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 240.17 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 16.1 % above its aggregate fair value. Evergreen Marine Corp Taiwan 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 Evergreen Marine Corp Taiwan Ltd (2603)?
The closing price on Sep 17, 2026 was 242.50 TWD. Our model-based fair value is 240.17 TWD, about −1% 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 upper half of our model range, so the margin of safety is thin. 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 526B TWD (≈ $16.6B). 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 1.39 (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 Evergreen Marine Corp Taiwan Ltd (2603)?
Earnings per share at Evergreen Marine Corp Taiwan Ltd are 31.64 TWD (price ÷ EPS = P/E 7.7). 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 6.6% (payout 50.6%). 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 18.1% (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 Evergreen Marine Corp Taiwan Ltd (2603)?
The return on equity (ROE) of Evergreen Marine Corp Taiwan Ltd is 8.2% (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 10.2% (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 −21.3% 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 −69.7% 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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