Wan Hai Lines Ltd (2615) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Wan Hai Lines Ltd TWD 67.03, price TWD 116, upside -42.0%, quality 56 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 38.97 TWD – 199.92 TWD · fair‑value band 43.47 TWD – 87.14 TWD · the 115.50 TWD price screens above the 67.03 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 24, 2026.
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Wan Hai Lines Ltd. operates as a fully containerized shipping company in Asia, the Middle East, India, Red Sea, the United States, and South America. The company engages in international marine and freight transportation; and management of container.
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Wan Hai Lines Ltd. operates as a fully containerized shipping company in Asia, the Middle East, India, Red Sea, the United States, and South America. The company engages in international marine and freight transportation; and management of container. It also provides cargo tracking/terminal info, shipping schedule, documentation, and other services; and storage and logistics, shipping agency, container storage, and information software services. In addition, the company is involved in the sale and rental of vessels and containers; investment business; and management and rental of house, as well as acts as agent for transport affairs. Wan Hai Lines Ltd. was incorporated in 1965 and is based in Taipei, Taiwan.
Stock analysis
Wan Hai Lines Ltd (2615) currently trades at 115.50 TWD, while our model-based Fair Value estimate is 67.03 TWD, implying the stock looks roughly 72.3% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 191.50 TWD per share, and 18 of the 26 models we run sit above the 115.50 TWD price.
Bear case: the Dividend Discount group reads lowest at 52.93 TWD, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 43.47 TWD (bear) to 87.14 TWD (bull), the price of 115.50 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 56/100 (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.
Wan Hai Lines Ltd reported revenue of 140B TWD in FY2025 versus 228B TWD in FY2021, a compound −11.4%/yr. Reported net income was 31.5B TWD in FY2025, compounding −25.7%/yr from FY2021.
Key figures
Market cap 324B TWD (≈ $10.2B) · P/E ratio 10.3 · P/S ratio 2.31 · EPS (TTM) 11.20 TWD · Dividend yield 4.3% · Net margin 22.4% · Return on equity 10.9% · Return on assets (EBIT) 21.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 61% fair-value upside, at −42%, 2615 screens richer than that median.
Fair Value models
Bear 43.47 TWDFair Value 67.03 TWDBull 87.14 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 (8.19 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
−13.3%
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.
−18.5%
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.
+11.4%
Start year 2020 (pandemic). Over 10 years: +8.2% a year
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.
+6.2%
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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.
+27.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.7%
Dividend (yield on the price)4.3%
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.23% vs 23%, 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.18% → 23%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what 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).
+5.7%
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.
+4.3%
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 +4.1% a year for the price and +2.7% for the forecasts.
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 · 236 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−42% · Bottom 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets4% · Above median
Net margin (TTM)22% · Above median
Operating margin (TTM)17% · Above median
Growth and dividend
Revenue growth−9% · Bottom 25%
Dividend yield (TTM)4.3% · Above median
Balance sheet
Debt / equity0.17× · Below median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
P/E (TTM)10.3× · Cheaper than median
P/B1.18× · Pricier than median
P/S (TTM)2.37× · Pricier than median
P/FCF0.7× · Cheapest 25%
EV/EBITDA6.3× · Cheaper than median
PEG0.04× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)0· sector 23
PAST (return on equity)43· sector 30
HEALTH (low debt)92· sector 89
DIVIDEND (yield)86· sector 53
VALUE 0: the price sits above our fair-value range.
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). "Wan Hai Lines Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2615
Frequently asked questions
Is Wan Hai Lines Ltd (2615) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 67.03 TWD versus a price of 115.50 TWD, about −42% upside (overvalued).
What is the fair value of 2615?
Our model-based fair value for Wan Hai Lines Ltd is 67.03 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 115.50 TWD.
What is the quality score of 2615?
Wan Hai Lines Ltd has a Quality Score of 56/100. 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 Wan Hai Lines Ltd (2615)?
Our model-based price target is the fair value of 67.03 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 43.47 TWD, optimistic scenario 87.14 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Wan Hai Lines Ltd stock forecast for 2026?
Our models put fair value at 67.03 TWD, about −42% upside versus a price of 115.50 TWD (overvalued). Cautious scenario 43.47 TWD, optimistic scenario 87.14 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Wan Hai Lines Ltd (2615)?
Wan Hai Lines Ltd reported trailing-twelve-month revenue of about 137B TWD (latest available figure, as of Sep 24, 2026).
Does Wan Hai Lines Ltd pay a dividend?
Wan Hai Lines Ltd currently shows a dividend yield of about 4.28% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Wan Hai Lines Ltd (2615)?
For today's price to be fair in a discounted-cash-flow model, Wan Hai Lines Ltd would have to grow free cash flow by +5.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2615 use?
Our models discount Wan Hai Lines Ltd at 9.6 %: a base by market capitalisation (mid), damped by beta 0.74, 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 Wan Hai Lines Ltd that is +5.7 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Wan Hai Lines Ltd (2615) delivered so far?
Over the past 5 years revenue at Wan Hai Lines Ltd grew +11.4 % a year. The price currently implies +5.7 % 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 Wan Hai Lines Ltd (2615) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Wan Hai Lines Ltd (+5.7 % 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 Wan Hai Lines Ltd (2615)?
The free-cash-flow yield on the price is 4.69 %: that much free cash flow Wan Hai Lines Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Wan Hai Lines Ltd (2615)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wan Hai Lines Ltd it is 67.03 TWD per share (as of Sep 24, 2026), against a price of 115.50 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Wan Hai Lines Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2615 trades above its calculated fair value: price 115.50 TWD, fair value 67.03 TWD, a gap of about −42% (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 2615?
No. The price is what the market pays today (115.50 TWD); the fair value is what the company's own numbers justify (67.03 TWD). For Wan Hai Lines Ltd the two are 48.48 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Wan Hai Lines Ltd worth?
The market values Wan Hai Lines Ltd at about 324B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 115.50 TWD; our models calculate a fair value of 67.03 TWD per share.
What do the bullish and bearish scenarios say about 2615?
Our models span a range for Wan Hai Lines Ltd: cautious scenario 43.47 TWD, base 67.03 TWD, optimistic 87.14 TWD per share (as of Sep 24, 2026, price 115.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2615?
Wan Hai Lines Ltd trades at a price-to-earnings ratio of 10.3 (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 67.03 TWD is built from several models across several years. Other multiples: PEG 0.0, P/B 1.2, P/S 2.4, EV/EBITDA 6.3.
What is the PEG ratio of 2615?
The PEG ratio of Wan Hai Lines Ltd is 0.04 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Wan Hai Lines Ltd (2615)?
Balance-sheet figures for Wan Hai Lines Ltd (as of Sep 24, 2026): return on equity 10.9%, debt of 0.17 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 2615 from its 52-week high?
Wan Hai Lines Ltd trades at 115.50 TWD, about 9% below its 52-week high of 126.50 TWD and 64% above the low of 70.51 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 67.03 TWD is for.
Which stocks are comparable to Wan Hai Lines 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 Wan Hai Lines Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 115.50 TWD, calculated fair value 67.03 TWD (−42%), Quality Score 56/100, 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 2615 calculated?
We run Wan Hai Lines 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 67.03 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. Wan Hai Lines 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 Wan Hai Lines Ltd (2615)?
The closing price on Sep 24, 2026 was 115.50 TWD. Our model-based fair value is 67.03 TWD, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wan Hai Lines Ltd right now?
The price sits above even our optimistic bull case (87.14 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (43.47 TWD to 87.14 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Wan Hai Lines Ltd (2615) come from?
Earnings per share at Wan Hai Lines Ltd grew +29.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.7 %, EBIT margin +17.4 %, tax rate +0.6 %, residual (interest, one-offs) −0.2 %. 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 Wan Hai Lines Ltd
How large is the market capitalisation of Wan Hai Lines Ltd (2615)?
The market capitalisation of Wan Hai Lines Ltd is 324B TWD (≈ $10.2B). 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 Wan Hai Lines Ltd (2615)?
The price-to-sales ratio of Wan Hai Lines Ltd is 2.31 (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 Wan Hai Lines Ltd (2615)?
Earnings per share at Wan Hai Lines Ltd are 11.20 TWD (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Wan Hai Lines Ltd (2615)?
The dividend yield of Wan Hai Lines Ltd is 4.3% (payout 44.2%). 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 Wan Hai Lines Ltd (2615)?
The net margin of Wan Hai Lines Ltd is 22.4% (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 Wan Hai Lines Ltd (2615)?
The return on equity (ROE) of Wan Hai Lines Ltd is 10.9% (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 Wan Hai Lines Ltd (2615)?
On an EBIT basis the return on assets of Wan Hai Lines Ltd is 21.0% (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 Wan Hai Lines Ltd (2615)?
The operating margin of Wan Hai Lines Ltd is 17.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Wan Hai Lines Ltd (2615)?
Revenue at Wan Hai Lines Ltd is growing −9.3% versus a year earlier (3y avg −18.5%). 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 Wan Hai Lines Ltd (2615)?
Earnings per share at Wan Hai Lines Ltd are growing −12.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Wan Hai Lines Ltd (2615) hold?
Wan Hai Lines Ltd holds more cash than debt, 42.8B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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