Union Insurance Co Ltd (2816) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Union Insurance Co Ltd stock TWD 35.54, price TWD 39.45, that is 9.9% below the price, quality 65 out of 100. Rating: overvalued. Calculated from audited financials with 6 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 12.44 TWD – 45.25 TWD · fair‑value band 31.68 TWD – 44.39 TWD · the 39.45 TWD price screens above the 35.54 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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Union Insurance Co., Ltd. provides insurance products and services in Taiwan. It underwrites fire, marine, automobile, engineering, liability and accident, health, and other insurance products; and reinsurance products. The company was incorporated in 1963 and is headquartered in Taipei, Taiwan.
Stock analysis
Union Insurance Co Ltd (2816) currently trades at 39.45 TWD, while our model-based Fair Value estimate is 35.54 TWD, 10% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 44.91 TWD per share, and 1 of the 6 models we run sit above the 39.45 TWD price.
Bear case: the Dividend Discount group reads lowest at 17.55 TWD, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: 31.68 TWD (bear) to 44.39 TWD (bull), the price of 39.45 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 65/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Union Insurance Co Ltd reported revenue of 10.5B TWD in FY2025 versus 8.8B TWD in FY2021, a compound +4.4%/yr. Reported net income was 1.0B TWD in FY2025, compounding +10.6%/yr from FY2021.
Key figures
Market cap 8.9B TWD (≈ $270M) Micro · P/E ratio 8.5 · P/S ratio 0.85 · EPS (TTM) 4.63 TWD · Dividend yield 3.8% · Net margin 10.0% · Return on equity 26.0% · Return on assets (EBIT) 3.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −10%, 2816 screens cheaper than that median.
Fair Value models
Bear31.68 TWDFair Value 35.54 TWDBull44.39 TWD
Price 39.45 TWD · Downside -9.9%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.70 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. 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.73/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.1%
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.
+7.1%
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.
+4.9%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 18 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.
+3.5%
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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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.3%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.3% vs 14.8%, slowing
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.9% → 13%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−17.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −19.0% a year for the price.
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.Insurance - Diversified · 74 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside−9.9% · Above median
Profitability
Return on equity (12 months)26.0% · Top 25%
Return on assets5.2% · Top 25%
Net margin (12 months)17.4% · Top 25%
Operating margin (12 months)31.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)29.6% · Top 25%
Dividend yield (12 months)3.8% · Above median
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
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). "Union Insurance Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2816
Frequently asked questions
Is Union Insurance Co Ltd (2816) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 35.54 TWD versus a price of 39.45 TWD, about 10% lower (overvalued).
What is the fair value of 2816?
Our model-based fair value for Union Insurance Co Ltd is 35.54 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 39.45 TWD.
What is the quality score of 2816?
Union Insurance Co Ltd has a Quality Score of 65/100. 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 Union Insurance Co Ltd (2816)?
Our model-based price target is the fair value of 35.54 TWD (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 31.68 TWD, optimistic scenario 44.39 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Union Insurance Co Ltd stock forecast for 2026?
Our models put fair value at 35.54 TWD, about 10% lower versus a price of 39.45 TWD (overvalued). Cautious scenario 31.68 TWD, optimistic scenario 44.39 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Union Insurance Co Ltd (2816)?
Union Insurance Co Ltd reported trailing-twelve-month revenue of about 12.6B TWD (latest available figure, as of Nov 8, 2026).
Does Union Insurance Co Ltd pay a dividend?
Union Insurance Co Ltd currently shows a dividend yield of 3.80% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Union Insurance Co Ltd (2816) and when is the ex-dividend date?
Union Insurance Co Ltd pays a dividend of 1.50 TWD per share a year, a dividend yield of 3.8%. The last ex-dividend date was Jun 16, 2026. The payout ratio is 32.4% of earnings. Free cash flow covers the dividend 4.43 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Union Insurance Co Ltd (2816)?
For today's price to be fair in a discounted-cash-flow model, Union Insurance Co Ltd would have to grow free cash flow by -17.8 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 2816 use?
Our models discount Union Insurance Co Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.09, 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 Union Insurance Co Ltd that is -17.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Union Insurance Co Ltd (2816) delivered so far?
Over the past 5 years revenue at Union Insurance Co Ltd grew +4.9 % a year. The price currently implies free-cash-flow growth of -17.8 % 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 Union Insurance Co Ltd (2816) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Union Insurance Co Ltd (-17.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Union Insurance Co Ltd (2816)?
The free-cash-flow yield on the price is 16.78 %: that much free cash flow Union Insurance Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Union Insurance Co Ltd (2816)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Union Insurance Co Ltd it is 35.54 TWD per share (as of Nov 8, 2026), against a price of 39.45 TWD. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Union Insurance Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2816 trades above its calculated fair value: price 39.45 TWD, fair value 35.54 TWD, a gap of about −10% (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 2816?
No. The price is what the market pays today (39.45 TWD); the fair value is what the company's own numbers justify (35.54 TWD). For Union Insurance Co Ltd the two are 3.91 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Union Insurance Co Ltd worth?
The market values Union Insurance Co Ltd at about 8.9B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 39.45 TWD; our models calculate a fair value of 35.54 TWD per share.
What do the bullish and bearish scenarios say about 2816?
Our models span a range for Union Insurance Co Ltd: cautious scenario 31.68 TWD, base 35.54 TWD, optimistic 44.39 TWD per share (as of Nov 8, 2026, price 39.45 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2816?
Union Insurance Co Ltd trades at a price-to-earnings ratio of 8.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 35.54 TWD is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2020 to 2025), reported earnings: 6.3. Other multiples: P/B 1.1, P/S 0.7, EV/EBITDA 2.3.
How solid is the balance sheet of Union Insurance Co Ltd (2816)?
Balance-sheet figures for Union Insurance Co Ltd (as of Nov 8, 2026): return on equity 26.0%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 2816 from its 52-week high?
Union Insurance Co Ltd trades at 39.45 TWD, about 13% below its 52-week high of 45.25 TWD and 49% above the low of 26.42 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 35.54 TWD is for.
Which stocks are comparable to Union Insurance Co Ltd?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, 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 Union Insurance Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 39.45 TWD, calculated fair value 35.54 TWD (−10%), Quality Score 65/100, from 6 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 2816 calculated?
We run Union Insurance Co Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 35.54 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 15.2% above its aggregate fair value. Union Insurance 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 Union Insurance Co Ltd (2816)?
The closing price on Nov 10, 2026 was 39.45 TWD. Our model-based fair value is 35.54 TWD, about 10% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Union Insurance Co Ltd right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Union Insurance Co Ltd (2816) come from?
Earnings per share at Union Insurance Co Ltd grew +14.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.5 %, EBIT margin +9.3 %, tax rate −2.0 %, residual (interest, one-offs) +0.0 %. 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 Union Insurance Co Ltd
How large is the market capitalisation of Union Insurance Co Ltd (2816)?
The market capitalisation of Union Insurance Co Ltd is 8.9B TWD (≈ $270M). 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 Union Insurance Co Ltd (2816)?
The price-to-sales ratio of Union Insurance Co Ltd is 0.85 (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 Union Insurance Co Ltd (2816)?
Earnings per share at Union Insurance Co Ltd are 4.63 TWD (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Union Insurance Co Ltd (2816)?
The dividend yield of Union Insurance Co Ltd is 3.8% (payout 32.4%). 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 Union Insurance Co Ltd (2816)?
The net margin of Union Insurance Co Ltd is 10.0% (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 Union Insurance Co Ltd (2816)?
The return on equity (ROE) of Union Insurance Co Ltd is 26.0% (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 Union Insurance Co Ltd (2816)?
On an EBIT basis the return on assets of Union Insurance Co Ltd is 3.3% (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 Union Insurance Co Ltd (2816)?
The operating margin of Union Insurance Co Ltd is 31.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Union Insurance Co Ltd (2816)?
Revenue at Union Insurance Co Ltd is growing +29.6% versus a year earlier (3y avg +7.1%). 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 Union Insurance Co Ltd (2816)?
Earnings per share at Union Insurance Co Ltd are growing +181% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Union Insurance Co Ltd (2816) hold?
Union Insurance Co Ltd holds more cash than debt, 3.3B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026