Evergreen Aviation Tech Corp (2645) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Evergreen Aviation Tech Corp TWD 189, price TWD 172, upside +10.0%, quality 74 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
55‑month range 55.87 TWD – 251.50 TWD · fair‑value band 141.90 TWD – 240.74 TWD · the 172.00 TWD price screens below the 189.20 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Evergreen Aviation Technologies Corporation provides aircraft maintenance services to airline partners in Taiwan and internationally. The company's services include ramp maintenance and aircraft on ground (AOG) services. It also offers heavy maintenance visits and base services, aircraft conversion, and component line replacement unit overhauls.
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Evergreen Aviation Technologies Corporation provides aircraft maintenance services to airline partners in Taiwan and internationally. The company's services include ramp maintenance and aircraft on ground (AOG) services. It also offers heavy maintenance visits and base services, aircraft conversion, and component line replacement unit overhauls. Evergreen Aviation Technologies Corporation was founded in 1991 and is based in Taoyuan City, Taiwan. Evergreen Aviation Technologies Corporation operates as a subsidiary of EVA Airways Corp.
Stock analysis
Evergreen Aviation Tech Corp (2645) currently trades at 172.00 TWD, while our model-based Fair Value estimate is 189.20 TWD, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 141.64 TWD per share, and 0 of the 24 models we run sit above the 172.00 TWD price.
Bear case: the Asset-Based group reads lowest at 24.26 TWD, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 141.90 TWD (bear) to 240.74 TWD (bull), the price of 172.00 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 74/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Evergreen Aviation Tech Corp reported revenue of 18.2B TWD in FY2025 versus 9.6B TWD in FY2021, a compound +17.3%/yr. Reported net income was 2.0B TWD in FY2025, compounding +23.4%/yr from FY2021.
Key figures
Market cap 72.5B TWD (≈ $2.3B) · P/E ratio 31.6 · P/S ratio 3.56 · EPS (TTM) 5.44 TWD · Dividend yield 2.9% · Net margin 11.2% · Return on equity 19.8% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at 10%, 2645 screens cheaper than that median.
Fair Value models
Bear 141.90 TWDFair Value 189.20 TWDBull 240.74 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 (0.3219 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.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.6%
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.
+15.3%
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.
+11.2%
Start year 2020 (pandemic)
Revenue growth 6 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.
−14.5%
’19
’20
’21
’22
’23
’24
’25
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.
+19.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.9%
Dividend (yield on the price)2.9%
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.14% → 17%
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).
+7.6%
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.
+11.5%
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 +6.0% a year for the price and +9.7% for the forecasts.
Compare Evergreen Aviation Tech Corp 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.Aerospace & Defense · 230 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+10% · Top 25%
Profitability
Return on equity (TTM)20% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)13% · Above median
Operating margin (TTM)24% · Top 25%
Growth and dividend
Revenue growth13% · Above median
Dividend yield (TTM)2.9% · Top 25%
Balance sheet
Debt / equity0.26× · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
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Is Evergreen Aviation Tech Corp (2645) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 189.20 TWD versus a price of 172.00 TWD, about +10% upside (undervalued).
What is the fair value of 2645?
Our model-based fair value for Evergreen Aviation Tech Corp is 189.20 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 172.00 TWD.
What is the quality score of 2645?
Evergreen Aviation Tech Corp has a Quality Score of 74/100. 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 Aviation Tech Corp (2645)?
Our model-based price target is the fair value of 189.20 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 141.90 TWD, optimistic scenario 240.74 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Evergreen Aviation Tech Corp stock forecast for 2026?
Our models put fair value at 189.20 TWD, about +10% upside versus a price of 172.00 TWD (undervalued). Cautious scenario 141.90 TWD, optimistic scenario 240.74 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Evergreen Aviation Tech Corp (2645)?
Evergreen Aviation Tech Corp reported trailing-twelve-month revenue of about 18.7B TWD (latest available figure, as of Sep 24, 2026).
Does Evergreen Aviation Tech Corp pay a dividend?
Evergreen Aviation Tech Corp currently shows a dividend yield of about 2.91% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Evergreen Aviation Tech Corp (2645)?
For today's price to be fair in a discounted-cash-flow model, Evergreen Aviation Tech Corp would have to grow free cash flow by +7.6 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2645 use?
Our models discount Evergreen Aviation Tech Corp at 8.6 %: a base by market capitalisation (large), damped by beta 0.41, 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 Aviation Tech Corp that is +7.6 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Evergreen Aviation Tech Corp (2645) delivered so far?
Over the past 5 years revenue at Evergreen Aviation Tech Corp grew +11.2 % a year. The price currently implies +7.6 % 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 Aviation Tech Corp (2645) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Evergreen Aviation Tech Corp (+7.6 % 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 Aviation Tech Corp (2645)?
The free-cash-flow yield on the price is 4.65 %: that much free cash flow Evergreen Aviation Tech Corp produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Evergreen Aviation Tech Corp (2645)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Evergreen Aviation Tech Corp it is 189.20 TWD per share (as of Sep 24, 2026), against a price of 172.00 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Evergreen Aviation Tech Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2645 trades below its calculated fair value: price 172.00 TWD, fair value 189.20 TWD, a gap of about +10% (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 2645?
No. The price is what the market pays today (172.00 TWD); the fair value is what the company's own numbers justify (189.20 TWD). For Evergreen Aviation Tech Corp the two are 17.20 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Evergreen Aviation Tech Corp worth?
The market values Evergreen Aviation Tech Corp at about 72.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 172.00 TWD; our models calculate a fair value of 189.20 TWD per share.
What do the bullish and bearish scenarios say about 2645?
Our models span a range for Evergreen Aviation Tech Corp: cautious scenario 141.90 TWD, base 189.20 TWD, optimistic 240.74 TWD per share (as of Sep 24, 2026, price 172.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2645?
Evergreen Aviation Tech Corp trades at a price-to-earnings ratio of 31.6 (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 189.20 TWD is built from several models across several years. Other multiples: P/B 5.3, P/S 3.9, EV/EBITDA 18.1.
How solid is the balance sheet of Evergreen Aviation Tech Corp (2645)?
Balance-sheet figures for Evergreen Aviation Tech Corp (as of Sep 24, 2026): return on equity 19.8%, debt of 0.26 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 2645 from its 52-week high?
Evergreen Aviation Tech Corp trades at 172.00 TWD, about 32% below its 52-week high of 251.50 TWD and 30% above the low of 132.68 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 189.20 TWD is for.
Which stocks are comparable to Evergreen Aviation Tech Corp?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Safran SA, 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 Aviation Tech Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 172.00 TWD, calculated fair value 189.20 TWD (+10%), Quality Score 74/100, from 24 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 2645 calculated?
We run Evergreen Aviation Tech Corp through 24 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 189.20 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. Evergreen Aviation Tech Corp currently trades 10 % 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 Aviation Tech Corp (2645)?
The closing price on Sep 24, 2026 was 172.00 TWD. Our model-based fair value is 189.20 TWD, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Evergreen Aviation Tech Corp right now?
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 Aviation Tech Corp
How large is the market capitalisation of Evergreen Aviation Tech Corp (2645)?
The market capitalisation of Evergreen Aviation Tech Corp is 72.5B TWD (≈ $2.3B). 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 Aviation Tech Corp (2645)?
The price-to-sales ratio of Evergreen Aviation Tech Corp is 3.56 (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 Aviation Tech Corp (2645)?
Earnings per share at Evergreen Aviation Tech Corp are 5.44 TWD (price ÷ EPS = P/E 31.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Evergreen Aviation Tech Corp (2645)?
The dividend yield of Evergreen Aviation Tech Corp is 2.9% (payout 91.9%). 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 Aviation Tech Corp (2645)?
The net margin of Evergreen Aviation Tech Corp is 11.2% (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 Aviation Tech Corp (2645)?
The return on equity (ROE) of Evergreen Aviation Tech Corp is 19.8% (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 Aviation Tech Corp (2645)?
On an EBIT basis the return on assets of Evergreen Aviation Tech Corp is 9.2% (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 Evergreen Aviation Tech Corp (2645)?
The operating margin of Evergreen Aviation Tech Corp is 23.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Evergreen Aviation Tech Corp (2645)?
Revenue at Evergreen Aviation Tech Corp is growing +13.1% versus a year earlier (3y avg +15.3%). 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 Aviation Tech Corp (2645)?
Earnings per share at Evergreen Aviation Tech Corp are growing +73.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Evergreen Aviation Tech Corp (2645) carry?
The net debt of Evergreen Aviation Tech Corp is 2.0B TWD (fiscal year 2025, ≈ 0.7 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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