Taiwan Fire & Marine Insurance Co Ltd (2832) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taiwan Fire & Marine Insurance Co Ltd TWD 44.30, price TWD 57.50, upside -23.0%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 0.2122 TWD – 61.50 TWD · fair‑value band 40.18 TWD – 58.74 TWD · the 57.50 TWD price screens above the 44.30 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Taiwan Fire & Marine Insurance Co., Ltd. provides property and casualty insurance products and services in Taiwan.
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Taiwan Fire & Marine Insurance Co., Ltd. provides property and casualty insurance products and services in Taiwan. It provides fire insurance products, such as residential fire and earthquake, fire and allied perils, commercial fire, household, and fire and property all risks insurance; marine insurance, including marine cargo, inland transit, marine hull, commercial property floater, and fishing vessel insurance; aviation insurance; and automobile insurance comprising physical damage automobile, compulsory automobile liability, theft automobile, automobile insurance and allied perils, and third-party liability automobile insurance. The company also offers engineering insurance products, such as civil engineering completed risks, erection all risks, boiler and pressure vessel, contractors' plant and machinery, electronic equipment, contractors' all risks, and machinery breakdown insurance; and bond and credit insurances that include fidelity bond, maintenance bond, performance bond, travel agents performance bond, and advance payment bond insurance. In addition, it provides accident and health insurance products comprising Individual personal accident, group personal accident, travel accident, and health insurance; and miscellaneous insurances, including money, glass, burglary, cancellation of events, fine arts comprehensive, liquefied petroleum gas comprehensive, and bankers blanket bond insurance. Further, the company liability insurance and reinsurance products. Taiwan Fire & Marine Insurance Co., Ltd. was founded in 1948 and is headquartered in Taipei, Taiwan.
Stock analysis
Taiwan Fire & Marine Insurance Co Ltd (2832) currently trades at 57.50 TWD, while our model-based Fair Value estimate is 44.30 TWD, implying the stock looks roughly 29.8% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 63.71 TWD per share, and 2 of the 6 models we run sit above the 57.50 TWD price.
Bear case: the Dividend Discount group reads lowest at 30.58 TWD, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: 40.18 TWD (bear) to 58.74 TWD (bull), the price of 57.50 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 61/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Taiwan Fire & Marine Insurance Co Ltd reported revenue of 6.9B TWD in FY2025 versus 7.5B TWD in FY2021, a compound −1.9%/yr. Reported net income was 1.2B TWD in FY2025, compounding +35.1%/yr from FY2021.
Key figures
Market cap 18.3B TWD (≈ $577M) · P/E ratio 14.7 · P/S ratio 2.64 · EPS (TTM) 3.90 TWD · Dividend yield 5.0% · Net margin 17.9% · Return on equity 10.5% · Return on assets (EBIT) 4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −23%, 2832 screens richer than that median.
Fair Value models
Bear 40.18 TWDFair Value 44.30 TWDBull 58.74 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (2.86 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.Evidence ⓘEvidence = 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.49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+4.4%
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.
+5.3%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 24 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.
+2.8%
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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.
+20.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
Dividend (yield on the price)5.0%
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.16% vs 8%, picking up
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.14% → 22%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+21.0%
Yearly growth needed for the next five years to justify today's price.
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 +19.2% a year for the price.
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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 - Property & Casualty · 119 stocks
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Cite: Fair Value Calculator (2026). "Taiwan Fire & Marine Insurance Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2832
Frequently asked questions
Is Taiwan Fire & Marine Insurance Co Ltd (2832) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 44.30 TWD versus a price of 57.50 TWD, about −23% upside (overvalued).
What is the fair value of 2832?
Our model-based fair value for Taiwan Fire & Marine Insurance Co Ltd is 44.30 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 57.50 TWD.
What is the quality score of 2832?
Taiwan Fire & Marine Insurance Co Ltd 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 price target for Taiwan Fire & Marine Insurance Co Ltd (2832)?
Our model-based price target is the fair value of 44.30 TWD (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 40.18 TWD, optimistic scenario 58.74 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Fire & Marine Insurance Co Ltd stock forecast for 2026?
Our models put fair value at 44.30 TWD, about −23% upside versus a price of 57.50 TWD (overvalued). Cautious scenario 40.18 TWD, optimistic scenario 58.74 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Fire & Marine Insurance Co Ltd (2832)?
Taiwan Fire & Marine Insurance Co Ltd reported trailing-twelve-month revenue of about 7.4B TWD (latest available figure, as of Sep 24, 2026).
Does Taiwan Fire & Marine Insurance Co Ltd pay a dividend?
Taiwan Fire & Marine Insurance Co Ltd currently shows a dividend yield of about 5.03% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Taiwan Fire & Marine Insurance Co Ltd (2832)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Fire & Marine Insurance Co Ltd would have to grow free cash flow by +21.0 % 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 +5.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2832 use?
Our models discount Taiwan Fire & Marine Insurance Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.21, 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 Taiwan Fire & Marine Insurance Co Ltd that is +21.0 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Taiwan Fire & Marine Insurance Co Ltd (2832) delivered so far?
Over the past 5 years revenue at Taiwan Fire & Marine Insurance Co Ltd grew +5.3 % a year. The price currently implies +21.0 % per year free-cash-flow growth a 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 Taiwan Fire & Marine Insurance Co Ltd (2832) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Taiwan Fire & Marine Insurance Co Ltd (+21.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Taiwan Fire & Marine Insurance Co Ltd (2832)?
The free-cash-flow yield on the price is 2.77 %: that much free cash flow Taiwan Fire & Marine Insurance 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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Fire & Marine Insurance Co Ltd it is 44.30 TWD per share (as of Sep 24, 2026), against a price of 57.50 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Fire & Marine Insurance Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2832 trades above its calculated fair value: price 57.50 TWD, fair value 44.30 TWD, a gap of about −23% (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 2832?
No. The price is what the market pays today (57.50 TWD); the fair value is what the company's own numbers justify (44.30 TWD). For Taiwan Fire & Marine Insurance Co Ltd the two are 13.20 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Fire & Marine Insurance Co Ltd worth?
The market values Taiwan Fire & Marine Insurance Co Ltd at about 18.3B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 57.50 TWD; our models calculate a fair value of 44.30 TWD per share.
What do the bullish and bearish scenarios say about 2832?
Our models span a range for Taiwan Fire & Marine Insurance Co Ltd: cautious scenario 40.18 TWD, base 44.30 TWD, optimistic 58.74 TWD per share (as of Sep 24, 2026, price 57.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2832?
Taiwan Fire & Marine Insurance Co Ltd trades at a price-to-earnings ratio of 14.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 44.30 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 2.5, EV/EBITDA 9.8.
How solid is the balance sheet of Taiwan Fire & Marine Insurance Co Ltd (2832)?
Balance-sheet figures for Taiwan Fire & Marine Insurance Co Ltd (as of Sep 24, 2026): return on equity 10.5%, debt of 0.18 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 2832 from its 52-week high?
Taiwan Fire & Marine Insurance Co Ltd trades at 57.50 TWD, about 7% below its 52-week high of 61.50 TWD and 32% above the low of 43.52 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 44.30 TWD is for.
Which stocks are comparable to Taiwan Fire & Marine Insurance Co Ltd?
From the same area (Financial Services) we also value Chubb Limited, The Progressive Corporation, The Travelers Companies, Inc, The Allstate Corporation, 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 Taiwan Fire & Marine Insurance Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 57.50 TWD, calculated fair value 44.30 TWD (−23%), Quality Score 61/100, 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 2832 calculated?
We run Taiwan Fire & Marine Insurance Co Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 44.30 TWD, 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 14.0 % above its aggregate fair value. Taiwan Fire & Marine 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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
The closing price on Sep 24, 2026 was 57.50 TWD. Our model-based fair value is 44.30 TWD, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Fire & Marine Insurance Co Ltd right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Taiwan Fire & Marine Insurance Co Ltd (2832) come from?
Earnings per share at Taiwan Fire & Marine Insurance Co Ltd grew +5.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.4 %, EBIT margin +0.3 %, tax rate −0.6 %, 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 Taiwan Fire & Marine Insurance Co Ltd
How large is the market capitalisation of Taiwan Fire & Marine Insurance Co Ltd (2832)?
The market capitalisation of Taiwan Fire & Marine Insurance Co Ltd is 18.3B TWD (≈ $577M). 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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
The price-to-sales ratio of Taiwan Fire & Marine Insurance Co Ltd is 2.64 (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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
Earnings per share at Taiwan Fire & Marine Insurance Co Ltd are 3.90 TWD (price ÷ EPS = P/E 14.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Fire & Marine Insurance Co Ltd (2832)?
The dividend yield of Taiwan Fire & Marine Insurance Co Ltd is 5.0% (payout 74.2%). 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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
The net margin of Taiwan Fire & Marine Insurance Co Ltd is 17.9% (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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
The return on equity (ROE) of Taiwan Fire & Marine Insurance Co Ltd is 10.5% (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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
On an EBIT basis the return on assets of Taiwan Fire & Marine Insurance Co Ltd is 4.7% (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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
The operating margin of Taiwan Fire & Marine Insurance Co Ltd is 19.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Fire & Marine Insurance Co Ltd (2832)?
Revenue at Taiwan Fire & Marine Insurance Co Ltd is growing +1.2% versus a year earlier (3y avg +4.4%). 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 Taiwan Fire & Marine Insurance Co Ltd (2832)?
Earnings per share at Taiwan Fire & Marine Insurance Co Ltd are growing +69.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Taiwan Fire & Marine Insurance Co Ltd (2832) hold?
Taiwan Fire & Marine Insurance Co Ltd holds more cash than debt, 3.2B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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