Gourmet Master Co Ltd (2723) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Gourmet Master Co Ltd stock TWD 65.84, price TWD 80.90, that is 18.6% below the price, quality 52 out of 100. Rating: overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 8, 2026.
How to read this chart
60‑month range 60.20 TWD – 165.73 TWD · fair‑value band 48.95 TWD – 82.73 TWD · the 80.90 TWD price screens above the 65.84 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Gourmet Master Co. Ltd., together with its subsidiaries, operates and franchises chain stores in China, Taiwan, Hong Kong, the United States, and internationally. The company operates its cafes under the 85°C name, which includes beverages, pastries, bread, and other products.
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It also manufactures and sells bakery products; and wholesales groceries, beverages, and bakery machines. Gourmet Master Co. Ltd. was founded in 1997 and is based in Taichung City, Taiwan.
Stock analysis
Gourmet Master Co Ltd (2723) currently trades at 80.90 TWD, while our model-based Fair Value estimate is 65.84 TWD, 19% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 67.67 TWD per share, and 3 of the 14 models we run sit above the 80.90 TWD price.
Bear case: the Earnings-Based group reads lowest at 36.10 TWD, and 11 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 48.95 TWD (bear) to 82.73 TWD (bull), the price of 80.90 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 52/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Spin-off in 2018: revenue and profit before it include the divested business. Growth is measured afresh from 2018.
Gourmet Master Co Ltd reported revenue of 18.1B TWD in FY2025 versus 19.9B TWD in FY2021, a compound −2.3%/yr. Reported net income was −444M TWD in FY2025.
Key figures
Market cap 14.8B TWD (≈ $452M) Small · P/S ratio 0.90 · EPS (TTM) −1.12 TWD · Net margin −1.2% · Return on equity −1.8% · Return on assets (EBIT) 5.6% (5-year average) · Operating margin 10.0% · Revenue (TTM) 16.9B TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −30% fair-value upside, at −19%, 2723 screens cheaper than that median.
Fair Value models
Bear48.95 TWDFair Value 65.84 TWDBull82.73 TWD
Price 80.90 TWD · Downside -18.6%
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.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.
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 2018: revenue and profit before it include the divested business. Growth is measured afresh from 2018.
Revenue growth 1 year
−4.6%
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.
−2.5%
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.
−1.7%
Start year 2020 (pandemic)
Revenue growth 7 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.
−4.0%
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Profit margin (trend) ⓘ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.
8.4% (2020) → 3.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more 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).
+6.1%
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 +4.4% a year for the price and −5.7% 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.Restaurants · 202 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−18.6% · Below median
Profitability
Return on assets−2.6% · Below median
Net margin (12 months)−1.2% · Below median
Operating margin (12 months)10.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)−8.4% · Bottom 25%
Dividend yield (12 months)0.0% · Bottom 25%
Valuation Multiplesvs Restaurants median · lower = cheaper
P/B1.47× · Cheaper than median
P/S (12 months)0.88× · Cheaper than median
Price / free cash flow (fiscal year)20.6× · Pricier than median
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). "Gourmet Master Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2723
Frequently asked questions
Is Gourmet Master Co Ltd (2723) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 65.84 TWD versus a price of 80.90 TWD, about 19% lower (overvalued).
What is the fair value of 2723?
Our model-based fair value for Gourmet Master Co Ltd is 65.84 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 80.90 TWD.
What is the quality score of 2723?
Gourmet Master Co Ltd has a Quality Score of 52/100. 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 Gourmet Master Co Ltd (2723)?
Our model-based price target is the fair value of 65.84 TWD (as of Nov 8, 2026) from 14 valuation models. Cautious scenario 48.95 TWD, optimistic scenario 82.73 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Gourmet Master Co Ltd stock forecast for 2026?
Our models put fair value at 65.84 TWD, about 19% lower versus a price of 80.90 TWD (overvalued). Cautious scenario 48.95 TWD, optimistic scenario 82.73 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Gourmet Master Co Ltd (2723)?
Gourmet Master Co Ltd reported trailing-twelve-month revenue of about 16.9B TWD (latest available figure, as of Nov 8, 2026).
What growth is priced into Gourmet Master Co Ltd (2723)?
For today's price to be fair in a discounted-cash-flow model, Gourmet Master Co Ltd would have to grow free cash flow by +6.1 % 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 -1.7 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 2723 use?
Our models discount Gourmet Master Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.13, 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 Gourmet Master Co Ltd that is +6.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Gourmet Master Co Ltd (2723) delivered so far?
Over the past 5 years revenue at Gourmet Master Co Ltd grew -1.7 % a year. The price currently implies free-cash-flow growth of +6.1 % per 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 Gourmet Master Co Ltd (2723) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Gourmet Master Co Ltd (+6.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gourmet Master Co Ltd (2723)?
The free-cash-flow yield on the price is 4.86 %: that much free cash flow Gourmet Master 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 Gourmet Master Co Ltd (2723)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gourmet Master Co Ltd it is 65.84 TWD per share (as of Nov 8, 2026), against a price of 80.90 TWD. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Gourmet Master Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2723 trades above its calculated fair value: price 80.90 TWD, fair value 65.84 TWD, a gap of about −19% (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 2723?
No. The price is what the market pays today (80.90 TWD); the fair value is what the company's own numbers justify (65.84 TWD). For Gourmet Master Co Ltd the two are 15.06 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Gourmet Master Co Ltd worth?
The market values Gourmet Master Co Ltd at about 14.8B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 80.90 TWD; our models calculate a fair value of 65.84 TWD per share.
What do the bullish and bearish scenarios say about 2723?
Our models span a range for Gourmet Master Co Ltd: cautious scenario 48.95 TWD, base 65.84 TWD, optimistic 82.73 TWD per share (as of Nov 8, 2026, price 80.90 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 2723?
The PEG ratio of Gourmet Master Co Ltd is 1.67 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Gourmet Master Co Ltd (2723)?
Balance-sheet figures for Gourmet Master Co Ltd (as of Nov 8, 2026): return on equity −1.8%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 2723 from its 52-week high?
Gourmet Master Co Ltd trades at 80.90 TWD, about 5% below its 52-week high of 85.60 TWD and 34% above the low of 60.20 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 65.84 TWD is for.
Which stocks are comparable to Gourmet Master Co Ltd?
From the same area (Consumer Cyclical) we also value McDonald's Corporation, Starbucks Corporation, Yum! Brands, Inc, Chipotle Mexican Grill, Inc, 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 Gourmet Master Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 80.90 TWD, calculated fair value 65.84 TWD (−19%), Quality Score 52/100, from 14 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 2723 calculated?
We run Gourmet Master Co Ltd through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 65.84 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Gourmet Master Co 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 Gourmet Master Co Ltd (2723)?
The closing price on Nov 9, 2026 was 80.90 TWD. Our model-based fair value is 65.84 TWD, about 19% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gourmet Master Co Ltd right now?
Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Gourmet Master Co Ltd (2723) come from?
Earnings per share at Gourmet Master Co Ltd grew −6.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.3 %, EBIT margin −4.0 %, tax rate −1.6 %, 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 Gourmet Master Co Ltd
How large is the market capitalisation of Gourmet Master Co Ltd (2723)?
The market capitalisation of Gourmet Master Co Ltd is 14.8B TWD (≈ $452M). 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 Gourmet Master Co Ltd (2723)?
The price-to-sales ratio of Gourmet Master Co Ltd is 0.90 (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 Gourmet Master Co Ltd (2723)?
Earnings per share at Gourmet Master Co Ltd are −1.12 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Gourmet Master Co Ltd (2723)?
The net margin of Gourmet Master Co Ltd is −1.2% (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 Gourmet Master Co Ltd (2723)?
The return on equity (ROE) of Gourmet Master Co Ltd is −1.8% (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 Gourmet Master Co Ltd (2723)?
On an EBIT basis the return on assets of Gourmet Master Co Ltd is 5.6% (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 Gourmet Master Co Ltd (2723)?
The operating margin of Gourmet Master Co Ltd is 10.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gourmet Master Co Ltd (2723)?
Revenue at Gourmet Master Co Ltd is growing −8.4% versus a year earlier (3y avg −2.5%). 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 Gourmet Master Co Ltd (2723)?
Earnings per share at Gourmet Master Co Ltd are growing +188% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gourmet Master Co Ltd (2723) carry?
The net debt of Gourmet Master Co Ltd is 309M TWD (fiscal year 2025, ≈ 0.4 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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Nov 8, 2026