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TTFB Company (2729) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 6.7B TWD

TC TTFB Company 2729 · TWO
Price160.00 TWD
Fair Value130.83 TWD
Upside-18.2%
Quality50/100
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Healthy Growth
Thin margins · 4.2% net margin
Low debt · generates free cash flow
3.66% dividend yield
Mixed vs. peers (7/14)
Narrow moat 42/100
Evidence: High Range 89.14 TWD – 169.69 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price +1.3% over the past month.

A solid business, but screening 18% overvalued on our models.

What matters now

  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (89.14 TWD to 169.69 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

222.42 TWD 94.20 TWD Fair Value 130.83 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 94.20 TWD – 222.42 TWD · fair‑value band 89.14 TWD – 169.69 TWD · the 160.00 TWD price screens above the 130.83 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

TTFB Company (2729) currently trades at 160.00 TWD, while our model-based Fair Value estimate is 130.83 TWD, implying the stock looks roughly 18.2% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, TTFB Company generated revenue of 6.2B TWD at a net margin of 4.2%. Revenue grew 3.5% year over year. It earns a return on equity of 9.8%. Net debt stands at 1.0B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 89.14 TWD (bear case) to 169.69 TWD (bull case); at 160.00 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -47% fair-value upside, at -18%, 2729 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 77.79 TWD 111.41 TWD 158.47 TWD 80
Residual Income 52.42 TWD 59.64 TWD 90.22 TWD 76
Rev-Margin DCF 81.40 TWD 128.09 TWD 182.94 TWD 74
All 26 models by family
DCF Models
FCF DCF 77.13 TWD 115.99 TWD 174.33 TWD 38
Owner Earnings 106.49 TWD 161.96 TWD 245.26 TWD 31
5Y Revenue Exit 81.40 TWD 128.42 TWD 189.17 TWD 39
5Y EBITDA Exit 158.40 TWD 275.08 TWD 414.35 TWD 41
5Y P/E Exit 97.38 TWD 158.86 TWD 224.50 TWD 38
10Y Revenue Exit 76.77 TWD 118.98 TWD 177.16 TWD 36
10Y EBITDA Exit 127.45 TWD 219.50 TWD 348.02 TWD 37
10Y P/E Exit 89.14 TWD 139.84 TWD 203.97 TWD 35
Earnings-Based
Graham-Dodd 46.14 TWD 156.59 TWD 209.98 TWD 54
Lynch FV 35.86 TWD 51.23 TWD 66.60 TWD 50
PEG = 1.0 35.86 TWD 51.23 TWD 66.60 TWD 46
EPV 62.26 TWD 70.74 TWD 78.07 TWD 59
Dividend Discount
Gordon GGM 64.48 TWD 128.49 TWD 194.57 TWD 70
DDM Multi-Stage 64.48 TWD 109.03 TWD 135.63 TWD 61
Multiples
P/E Multiple 111.97 TWD 149.29 TWD 186.61 TWD 63
P/S Multiple 86.52 TWD 115.36 TWD 144.20 TWD 58
P/B Multiple 86.52 TWD 115.36 TWD 144.20 TWD 55
EV/EBIT 125.08 TWD 163.94 TWD 202.79 TWD 53
EV/EBITDA 226.54 TWD 299.22 TWD 371.90 TWD 54
EV/Revenue 87.08 TWD 120.76 TWD 154.44 TWD 43
Asset-Based
NCAV (Graham) 28.66 TWD 38.40 TWD 57.32 TWD 50
Growth DCF
Growth DCF 77.79 TWD 111.41 TWD 158.47 TWD 80
Rev-Margin DCF 81.40 TWD 128.09 TWD 182.94 TWD 74
Economic Profit
Residual Income 52.42 TWD 59.64 TWD 90.22 TWD 76
ROIC Compounder 63.65 TWD 78.13 TWD 96.39 TWD 72
Growth Earnings
Growth-Adj P/E 94.96 TWD 135.65 TWD 176.35 TWD 68

Widest divergence: DCF Models (139.84 TWD) versus Asset-Based (38.40 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.2B TWD
Revenue growth (YoY) +3.5%
Net margin 4.2%
Return on equity 9.8%
Free cash flow 265M TWD FY2025
P/E ratio 24.0
More key figures
Operating margin 6.2%
EPS (TTM) 6.76 TWD
Dividend yield 3.5%
EPS growth (YoY) -57.0%
Net debt 1.0B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 52 · Market factors (momentum, volatility) 48

Profitability 55
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 51
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

TTFB Company Limited engages in chain catering businesses in Taiwan, Shanghai, and Suzhou. The company operates a chain of restaurants, as well as it involves wholesale and retail of food and beverages; retail agricultural and aquatic products; and research and development, manufacture, and sale of automated equipment systems.

Full company description

TTFB Company Limited engages in chain catering businesses in Taiwan, Shanghai, and Suzhou. The company operates a chain of restaurants, as well as it involves wholesale and retail of food and beverages; retail agricultural and aquatic products; and research and development, manufacture, and sale of automated equipment systems. It also engages in information software industry, cleaning and environmental protection services, etc. TTFB Company Limited was founded in 1990 and is based in New Taipei City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TTFB Company reported revenue of 6.1B TWD in FY2025 versus 4.2B TWD in FY2021, a compound +9.6%/yr. Reported net income was 289M TWD in FY2025, compounding +15.8%/yr from FY2021.

Growth Quality 66/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.1B TWD
Latest YoY
+0.5%
Avg. growth/yr (3Y) 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.
+10.4%
Avg. growth/yr (5Y) 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.
+5.8%
Avg. growth/yr (15Y) 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.
+12.1%
Revenue +9.6%/yr
FY21 4.2B TWD
FY22 4.5B TWD
FY23 5.7B TWD
FY24 6.1B TWD
FY25 6.1B TWD
Net income +15.8%/yr
FY21 161M TWD
FY22 111M TWD
FY23 440M TWD
FY24 353M TWD
FY25 289M TWD
Character of growth · EPS growth decomposed (2012-2023) −0.6 % p.a.
Revenue per share +7.1 pp

of which total revenue +8.2 pp · buybacks/dilution −1.1 pp

EBIT margin −6.1 pp
Tax rate −0.5 pp
Residual (interest, one-offs) −1.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

2729 screens 18% overvalued. Compare with McDonald's Corporation →

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Cite: Fair Value Calculator (2026). "TTFB Company Fair Value". https://www.fairvalue-calculator.com/stock/2729

Peer Group

Restaurants · 227 stocks

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.

Quality Score 50 · Below median
Fair Value upside −18% · Below median
Return on equity (TTM) 10% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 4% · Below median
Dividend yield (TTM) 3.7% · Above median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Restaurants median · lower = cheaper

P/E (TTM) 23.4× · Pricier than median
P/B 2.76× · Pricier than median
P/S (TTM) 1.09× · Pricier than median
P/FCF 0.8× · Cheaper than median
EV/EBITDA 9.7× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 9 · sector 28
FUTURE 18 · sector 20
PAST 39 · sector 16
HEALTH 100 · sector 97
DIVIDEND 73 · sector 58

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Restaurants stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
McDonald's Corporation MCDS C$24.01 C$10.84 -55%
Starbucks Corporation SBUX $105.49 $35.83 -66%
Chipotle Mexican Grill, Inc CMG $34.63 $18.43 -47%
Yum! Brands, Inc YUM $163.54 $59.66 -64%
Restaurant Brands International Inc QSR C$104.19 C$36.37 -65%
Darden Restaurants, Inc DRI $195.74 $173.68 -11%
Yum China Holdings YUMC $43.90 $55.10 +26%
Texas Roadhouse, Inc TXRH $197.03 $104.89 -47%
Dutch Bros Inc BROS $68.36 $12.80 -81%
Domino's Pizza, Inc DPZ $322.18 $231.96 -28%

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Frequently asked questions

Is TTFB Company (2729) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 130.83 TWD versus a price of 160.00 TWD, about −18% (overvalued).
What is the fair value of 2729?
Our model-based fair value for TTFB Company is 130.83 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 160.00 TWD.
What is the quality score of 2729?
TTFB Company has a Quality Score of 50/100. 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 revenue of TTFB Company (2729)?
TTFB Company reported trailing-twelve-month revenue of about 6.2B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2729?
The net profit margin of TTFB Company is about 4.2%, meaning it keeps roughly 4.2% of revenue as net income. Based on the latest reported figures.
Does TTFB Company pay a dividend?
TTFB Company currently shows a dividend yield of about 3.53% relative to its recent price (as of Jul 23, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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