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Ezfly International Travel Agent Co (2734) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 867M TWD

EI Ezfly International Travel Agent Co 2734 · TWO
Price15.10 TWD
Fair Value2.81 TWD
Upside-81.4%
Quality51/100
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Mixed Growth
Loss-making · -2.9% net margin
Low debt · generates free cash flow
Mixed vs. peers (4/10)
Narrow moat 21/100
Evidence: Medium Range 2.60 TWD – 3.02 TWD Share as image

Fair value as of: Jul 21, 2026

From 10 valuation models · updated 20 days ago

Share price −1.9% over the past month.

A solid business, but screening 81% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (3.02 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

76.90 TWD 14.40 TWD Fair Value 2.81 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 14.40 TWD – 76.90 TWD · fair‑value band 2.60 TWD – 3.02 TWD · the 15.10 TWD price screens above the 2.81 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Ezfly International Travel Agent Co (2734) currently trades at 15.10 TWD, while our model-based Fair Value estimate is 2.81 TWD, implying the stock looks roughly 81.4% overvalued today. The Quality Score stands at 51/100 (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: medium).

Over the trailing twelve months, Ezfly International Travel Agent Co generated revenue of 1.8B TWD at a net margin of -2.9%. Revenue grew 38.1% year over year. It earns a return on equity of -7.6%. The balance sheet holds a net cash position of 113M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 2.60 TWD (bear case) to 3.02 TWD (bull case); at 15.10 TWD, the current price sits above 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 37% 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 -81%, 2734 screens richer 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 23.24 TWD 35.54 TWD 54.87 TWD 80
Rev-Margin DCF 22.55 TWD 34.73 TWD 60.24 TWD 74
EV/EBITDA 6.98 TWD 7.19 TWD 7.40 TWD 54
All 10 models by family
DCF Models
FCF DCF 24.38 TWD 32.67 TWD 57.44 TWD 38
5Y Revenue Exit 21.06 TWD 31.16 TWD 52.25 TWD 39
5Y EBITDA Exit 12.58 TWD 14.03 TWD 16.75 TWD 41
10Y Revenue Exit 21.80 TWD 38.42 TWD 48.49 TWD 36
10Y EBITDA Exit 16.60 TWD 21.76 TWD 28.48 TWD 37
Multiples
EV/EBITDA 6.98 TWD 7.19 TWD 7.40 TWD 54
EV/Revenue 18.41 TWD 23.57 TWD 28.73 TWD 43
Asset-Based
NCAV (Graham) 5.70 TWD 7.64 TWD 11.40 TWD 50
Growth DCF
Growth DCF 23.24 TWD 35.54 TWD 54.87 TWD 80
Rev-Margin DCF 22.55 TWD 34.73 TWD 60.24 TWD 74

Widest divergence: Growth DCF (34.73 TWD) versus Multiples (7.19 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.8B TWD
Revenue growth (YoY) +38.1%
Net margin -2.9%
Return on equity -7.6%
Free cash flow 75.8M TWD FY2025
Operating margin 4.2%
More key figures
EPS (TTM) -1.42 TWD
EPS growth (YoY) -21.8%
Net cash 113M TWD FY2023

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 55 · Market factors (momentum, volatility) 34

Profitability 28
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 40
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

Ezfly International Travel Agent Co., Ltd., together with its subsidiaries, operates an online ticketing and booking mechanism in Taiwan. It operates through Tour Department and Other Department segments. The company offers ticket purchase services; and sells domestic air tickets, and foreign individual and group air tickets.

Full company description

Ezfly International Travel Agent Co., Ltd., together with its subsidiaries, operates an online ticketing and booking mechanism in Taiwan. It operates through Tour Department and Other Department segments. The company offers ticket purchase services; and sells domestic air tickets, and foreign individual and group air tickets. It also provides domestic and international room reservation, group travel, mini tour, group and airline free travel, and theme tickets; foreign dynamic packaged independent travel, domestic high-speed rail holiday travel, and domestic bus travel; and various European and Japanese railway tickets, visas, and other travel products. In addition, the company offers instant reservation services through its ezfly.com website. Further, it provides trading and data processing services; and is involved in the non-store front retail business. The company was formerly known as Ezfly Technology Co, Ltd. and changed its name to Ezfly International Travel Agent Co., Ltd. in June 2013. Ezfly International Travel Agent Co., Ltd. was founded in 1988 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ezfly International Travel Agent Co reported revenue of 1.6B TWD in FY2025 versus 198M TWD in FY2021, a compound +69.7%/yr. Reported net income was −81.4M TWD in FY2025.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.6B TWD
Latest YoY
+2.6%
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.
+55.7%
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.
+31.1%
Avg. growth/yr (6Y) 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.
+9.1%
Revenue +69.7%/yr
FY21 198M TWD
FY22 436M TWD
FY23 2.1B TWD
FY24 1.6B TWD
FY25 1.6B TWD
Net income
FY21 −71.8M TWD
FY22 −47.4M TWD
FY23 23.9M TWD
FY24 43.3M TWD
FY25 −81.4M TWD

2734 screens 81% overvalued. Compare with Booking Holdings →

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Cite: Fair Value Calculator (2026). "Ezfly International Travel Agent Co Fair Value". https://www.fairvalue-calculator.com/stock/2734

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 51 · Below median
Fair Value upside −81% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) 4% · Below median
Revenue growth 38% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Travel Services median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.4× · 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 0 · sector 19
FUTURE 100 · sector 25
PAST 0 · sector 36
HEALTH 99 · sector 97
DIVIDEND 0 · sector 36

VALUE 0: the price sits above our fair-value range.

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 21, 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 Ezfly International Travel Agent Co (2734) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 2.81 TWD versus a price of 15.10 TWD, about −81% (overvalued).
What is the fair value of 2734?
Our model-based fair value for Ezfly International Travel Agent Co is 2.81 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 15.10 TWD.
What is the quality score of 2734?
Ezfly International Travel Agent Co has a Quality Score of 51/100. 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 Ezfly International Travel Agent Co (2734)?
Ezfly International Travel Agent Co reported trailing-twelve-month revenue of about 1.8B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2734?
The net profit margin of Ezfly International Travel Agent Co is about -2.9%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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