Taiwan Navigation Co Ltd (2617) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taiwan Navigation Co Ltd TWD 36.26, price TWD 32.80, upside +10.6%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Taiwan Navigation Co., Ltd., together with its subsidiaries, provides shipping services in Taiwan. It offers passenger and cargo transportation services through water, shipping agency, sand dredging, channel dredging, and tugboat services.
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Taiwan Navigation Co., Ltd., together with its subsidiaries, provides shipping services in Taiwan. It offers passenger and cargo transportation services through water, shipping agency, sand dredging, channel dredging, and tugboat services. The company is also involved in the commissioning construction companies to build and lease residential and commercial buildings. In addition, it engages in general management; and purchasing, sale, charter, and operation of sea navigation routes; and maritime operations of ships. The company owns 36 vessels. Taiwan Navigation Co., Ltd. was founded in 1946 and is based in Taipei, Taiwan.
Stock analysis
Taiwan Navigation Co Ltd (2617) currently trades at 32.80 TWD, while our model-based Fair Value estimate is 36.26 TWD, implying the stock looks roughly 9.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 54.01 TWD per share, and 14 of the 23 models we run sit above the 32.80 TWD price.
Bear case: the Earnings-Based group reads lowest at 17.84 TWD, and 9 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 24.47 TWD (bear) to 49.37 TWD (bull), the price of 32.80 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 61/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Taiwan Navigation Co Ltd reported revenue of 4.3B TWD in FY2025 versus 3.2B TWD in FY2021, a compound +7.4%/yr. Reported net income was 1.3B TWD in FY2025, compounding +0.1%/yr from FY2021.
Key figures
Market cap 13.7B TWD (≈ $430M) · P/E ratio 10.3 · P/S ratio 3.19 · EPS (TTM) 3.17 TWD · Net margin 30.8% · Return on equity 7.5% · Return on assets (EBIT) 6.2% · Operating margin 38.8%.
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 3% below its 52-week high and 23% 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 11%, 2617 screens richer than that median.
Fair Value models
Bear 24.47 TWDFair Value 36.26 TWDBull 49.37 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 (2.33 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.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.3%
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.
+3.5%
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.
+11.5%
Start year 2020 (pandemic). Over 10 years: +4.8% 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.
+4.6%
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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.
+17.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.2%
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.17% vs 21%, 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.25% → 37%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−2.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −3.7% a year for the price.
Compare Taiwan Navigation Co Ltd with another stock
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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 · 233 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+11% · Above median
Profitability
Return on equity (TTM)7% · Below median
Return on assets4% · Above median
Net margin (TTM)32% · Top 25%
Operating margin (TTM)39% · Top 25%
Growth and dividend
Revenue growth6% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Taiwan Navigation Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2617
Frequently asked questions
Is Taiwan Navigation Co Ltd (2617) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 36.26 TWD versus a price of 32.80 TWD, about +11% upside (undervalued).
What is the fair value of 2617?
Our model-based fair value for Taiwan Navigation Co Ltd is 36.26 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 32.80 TWD.
What is the quality score of 2617?
Taiwan Navigation Co Ltd has a Quality Score of 61/100. 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 Taiwan Navigation Co Ltd (2617)?
Our model-based price target is the fair value of 36.26 TWD (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 24.47 TWD, optimistic scenario 49.37 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Navigation Co Ltd stock forecast for 2026?
Our models put fair value at 36.26 TWD, about +11% upside versus a price of 32.80 TWD (undervalued). Cautious scenario 24.47 TWD, optimistic scenario 49.37 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Navigation Co Ltd (2617)?
Taiwan Navigation Co Ltd reported trailing-twelve-month revenue of about 4.4B TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Taiwan Navigation Co Ltd (2617)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Navigation Co Ltd would have to grow free cash flow by -2.1 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2617 use?
Our models discount Taiwan Navigation Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.49, 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 Taiwan Navigation Co Ltd that is -2.1 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Taiwan Navigation Co Ltd (2617) delivered so far?
Over the past 5 years revenue at Taiwan Navigation Co Ltd grew +11.5 % a year. The price currently implies -2.1 % 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 Taiwan Navigation Co Ltd (2617) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Taiwan Navigation Co Ltd (-2.1 % 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 Taiwan Navigation Co Ltd (2617)?
The free-cash-flow yield on the price is 12.67 %: that much free cash flow Taiwan Navigation Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taiwan Navigation Co Ltd (2617)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Navigation Co Ltd it is 36.26 TWD per share (as of Sep 24, 2026), against a price of 32.80 TWD. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Navigation Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2617 trades below its calculated fair value: price 32.80 TWD, fair value 36.26 TWD, a gap of about +11% (undervalued). 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 2617?
No. The price is what the market pays today (32.80 TWD); the fair value is what the company's own numbers justify (36.26 TWD). For Taiwan Navigation Co Ltd the two are 3.46 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Navigation Co Ltd worth?
The market values Taiwan Navigation Co Ltd at about 13.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 32.80 TWD; our models calculate a fair value of 36.26 TWD per share.
What do the bullish and bearish scenarios say about 2617?
Our models span a range for Taiwan Navigation Co Ltd: cautious scenario 24.47 TWD, base 36.26 TWD, optimistic 49.37 TWD per share (as of Sep 24, 2026, price 32.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2617?
Taiwan Navigation Co 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 36.26 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 3.1, EV/EBITDA 7.0.
How solid is the balance sheet of Taiwan Navigation Co Ltd (2617)?
Balance-sheet figures for Taiwan Navigation Co Ltd (as of Sep 24, 2026): return on equity 7.5%, debt of 0.32 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 2617 from its 52-week high?
Taiwan Navigation Co Ltd trades at 32.80 TWD, about 3% below its 52-week high of 33.65 TWD and 23% above the low of 26.65 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 36.26 TWD is for.
Which stocks are comparable to Taiwan Navigation Co 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 Taiwan Navigation Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 32.80 TWD, calculated fair value 36.26 TWD (+11%), Quality Score 61/100, from 23 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 2617 calculated?
We run Taiwan Navigation Co Ltd through 23 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 36.26 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 14.0 % above its aggregate fair value. Taiwan Navigation Co Ltd currently trades 11 % 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 Taiwan Navigation Co Ltd (2617)?
The closing price on Sep 24, 2026 was 32.80 TWD. Our model-based fair value is 36.26 TWD, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Navigation Co Ltd right now?
A fairly wide model range (24.47 TWD to 49.37 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Taiwan Navigation Co Ltd (2617) come from?
Earnings per share at Taiwan Navigation Co Ltd grew +23.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin +19.7 %, tax rate +1.7 %, residual (interest, one-offs) −3.3 %. 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 Taiwan Navigation Co Ltd
How large is the market capitalisation of Taiwan Navigation Co Ltd (2617)?
The market capitalisation of Taiwan Navigation Co Ltd is 13.7B TWD (≈ $430M). 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 Taiwan Navigation Co Ltd (2617)?
The price-to-sales ratio of Taiwan Navigation Co Ltd is 3.19 (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 Taiwan Navigation Co Ltd (2617)?
Earnings per share at Taiwan Navigation Co Ltd are 3.17 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 net margin of Taiwan Navigation Co Ltd (2617)?
The net margin of Taiwan Navigation Co Ltd is 30.8% (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 Taiwan Navigation Co Ltd (2617)?
The return on equity (ROE) of Taiwan Navigation Co Ltd is 7.5% (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 Taiwan Navigation Co Ltd (2617)?
On an EBIT basis the return on assets of Taiwan Navigation Co Ltd is 6.2% (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 Taiwan Navigation Co Ltd (2617)?
The operating margin of Taiwan Navigation Co Ltd is 38.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Navigation Co Ltd (2617)?
Revenue at Taiwan Navigation Co Ltd is growing +5.7% versus a year earlier (3y avg +3.5%). 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 Taiwan Navigation Co Ltd (2617)?
Earnings per share at Taiwan Navigation Co Ltd are growing +22.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taiwan Navigation Co Ltd (2617) carry?
The net debt of Taiwan Navigation Co Ltd is 5.4B TWD (fiscal year 2025, ≈ 3.1 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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