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Lion Travel Service Co (2731) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 13.5B TWD

LT Lion Travel Service Co 2731 · TW
Price145.50 TWD
Fair Value332.17 TWD
Upside+128.3%
Quality61/100
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Healthy Growth
Thin margins · 5.1% net margin
Low debt · generates free cash flow
8.77% dividend yield
Ranks above peers (11/14)
Moderate moat 57/100
Evidence: High Range 264.35 TWD – 815.28 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

A solid business, screening 128% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (264.35 TWD). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (264.35 TWD to 815.28 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

193.50 TWD 69.51 TWD Fair Value 332.17 TWD Mar 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 69.51 TWD – 193.50 TWD · fair‑value band 264.35 TWD – 815.28 TWD · the 145.50 TWD price screens below the 332.17 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Lion Travel Service Co (2731) currently trades at 145.50 TWD, while our model-based Fair Value estimate is 332.17 TWD, implying the stock looks roughly 128.3% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Lion Travel Service Co generated revenue of 31.0B TWD at a net margin of 5.1%. Revenue grew 13.8% year over year. It earns a return on equity of 31.5%. The balance sheet holds a net cash position of 5.7B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 264.35 TWD (bear case) to 815.28 TWD (bull case); at 145.50 TWD, the current price sits below 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 21% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -16% fair-value upside, at 128%, 2731 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 468.41 TWD 810.24 TWD 1,501 TWD 80
Residual Income 127.42 TWD 179.87 TWD 1,605 TWD 76
Rev-Margin DCF 339.20 TWD 557.31 TWD 982.65 TWD 74
All 24 models by family
DCF Models
FCF DCF 493.52 TWD 735.86 TWD 1,508 TWD 38
Owner Earnings 374.69 TWD 762.12 TWD 1,575 TWD 31
5Y Revenue Exit 329.34 TWD 495.79 TWD 842.33 TWD 39
5Y EBITDA Exit 340.30 TWD 517.96 TWD 865.24 TWD 41
5Y P/E Exit 404.62 TWD 789.26 TWD 1,309 TWD 38
10Y Revenue Exit 373.65 TWD 683.52 TWD 864.28 TWD 36
10Y EBITDA Exit 389.66 TWD 707.13 TWD 1,237 TWD 37
10Y P/E Exit 436.59 TWD 845.63 TWD 1,507 TWD 35
Earnings-Based
Graham-Dodd 118.94 TWD 829.47 TWD 1,164 TWD 54
Lynch FV 346.50 TWD 495.00 TWD 643.50 TWD 50
PEG = 1.0 346.50 TWD 495.00 TWD 643.50 TWD 46
EPV 219.15 TWD 243.85 TWD 265.45 TWD 59
Multiples
P/E Multiple 288.60 TWD 384.81 TWD 481.01 TWD 63
P/S Multiple 223.01 TWD 297.35 TWD 371.69 TWD 58
P/B Multiple 159.37 TWD 212.49 TWD 265.62 TWD 55
EV/EBIT 332.58 TWD 419.77 TWD 506.97 TWD 53
EV/EBITDA 274.43 TWD 342.24 TWD 410.06 TWD 54
EV/Revenue 247.32 TWD 322.89 TWD 398.46 TWD 43
Asset-Based
NCAV (Graham) 26.56 TWD 35.59 TWD 53.12 TWD 50
Growth DCF
Growth DCF 468.41 TWD 810.24 TWD 1,501 TWD 80
Rev-Margin DCF 339.20 TWD 557.31 TWD 982.65 TWD 74
Economic Profit
Residual Income 127.42 TWD 179.87 TWD 1,605 TWD 76
ROIC Compounder 219.15 TWD 243.85 TWD 265.45 TWD 72
Growth Earnings
Growth-Adj P/E 439.00 TWD 627.14 TWD 815.28 TWD 68

Widest divergence: DCF Models (707.13 TWD) versus Asset-Based (35.59 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 31.0B TWD
Revenue growth (YoY) +13.8%
Net margin 5.1%
Return on equity 31.5%
Free cash flow 2.3B TWD FY2025
P/E ratio 8.8
More key figures
Operating margin 5.1%
EPS (TTM) 17.33 TWD
Dividend yield 8.4%
EPS growth (YoY) -9.0%
Net cash 5.7B TWD FY2025

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

Quality Score breakdown

Overall quality 61/100

Of which business quality 64 · Market factors (momentum, volatility) 44

Profitability 76
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 42
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

Lion Travel Service Co., Ltd. provides travel services in Taiwan and internationally. It operates through the Travel Department and Others segments. The company organizes domestic and foreign sightseeing tours.

Full company description

Lion Travel Service Co., Ltd. provides travel services in Taiwan and internationally. It operates through the Travel Department and Others segments. The company organizes domestic and foreign sightseeing tours. It also provides related services, such as arranging accommodation and meals for tourists; receiving domestic and foreign tourists and arranging accommodation and meals and tour guides; accepting entrustment to sell domestic and foreign transportation tickets; purchasing domestic and foreign tickets on behalf of customers; baggage check-in; and handling entry and exit visa procedures. In addition, the company is involved in information technology, management consulting, catering, tour bus transportation, and property insurance brokerage activities. Lion Travel Service Co., Ltd. was incorporated in 1977 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lion Travel Service Co reported revenue of 30.0B TWD in FY2025 versus 1.8B TWD in FY2021, a compound +103.2%/yr. Reported net income was 1.6B TWD in FY2025.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
30.0B TWD
Latest YoY
+6.0%
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.
+108.8%
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.
+35.6%
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.
+6.9%
Revenue +103.2%/yr
FY21 1.8B TWD
FY22 3.3B TWD
FY23 21.5B TWD
FY24 28.3B TWD
FY25 30.0B TWD
Net income
FY21 −487M TWD
FY22 −728M TWD
FY23 1.4B TWD
FY24 915M TWD
FY25 1.6B TWD
Character of growth · EPS growth decomposed (2014-2025) +12.0 % p.a.
Revenue per share +0.1 pp

of which total revenue +3.1 pp · buybacks/dilution −3.0 pp

EBIT margin +13.8 pp
Tax rate +0.5 pp
Residual (interest, one-offs) −2.3 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).

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Cite: Fair Value Calculator (2026). "Lion Travel Service Co Fair Value". https://www.fairvalue-calculator.com/stock/2731

Peer Group

Travel Services · 90 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 61 · Top 25%
Fair Value upside +128% · Top 25%
Return on equity (TTM) 31% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 5% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth 14% · Above median
Dividend yield (TTM) 8.8% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Travel Services median · lower = cheaper

P/E (TTM) 8.4× · Cheaper than 75% of peers
P/B 2.73× · Pricier than median
P/S (TTM) 0.44× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 3.7× · Cheaper than 75% of peers

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 100 · sector 19
FUTURE 69 · sector 25
PAST 100 · sector 36
HEALTH 99 · sector 97
DIVIDEND 100 · sector 36

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 Travel Services stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $182.80 $152.94 -16%
Airbnb, Inc ABNB $148.62 $57.47 -61%
Royal Caribbean Cruises Ltd RCL $286.96 $215.19 -25%
Viking Holdings VIK $100.69 $43.51 -57%
Carnival Corporation CCL $26.41 $31.36 +19%
Expedia Group EXPE $268.77 $248.63 -7%
Trip.com Group TCOM $42.45 $88.82 +109%
Norwegian Cruise Line Holdings NCLH $19.46 $20.28 +4%
Global Business Travel Group GBTG $9.40 $4.17 -56%
Travel + Leisure Co TNL $73.27 $27.29 -63%

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Frequently asked questions

Is Lion Travel Service Co (2731) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 332.17 TWD versus a price of 145.50 TWD, about +128% (undervalued).
What is the fair value of 2731?
Our model-based fair value for Lion Travel Service Co is 332.17 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 145.50 TWD.
What is the quality score of 2731?
Lion Travel Service Co 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 revenue of Lion Travel Service Co (2731)?
Lion Travel Service Co reported trailing-twelve-month revenue of about 31.0B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2731?
The net profit margin of Lion Travel Service Co is about 5.1%, meaning it keeps roughly 5.1% of revenue as net income. Based on the latest reported figures.
Does Lion Travel Service Co pay a dividend?
Lion Travel Service Co currently shows a dividend yield of about 8.42% 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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