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Taiwan Business Bank (2834) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Taiwan Business Bank stock TWD 11.06, price TWD 17.35, that is 36.3% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TW · ISIN TW0002834009

TB Taiwan Business Bank logo Thin data Nov 8, 2026

Taiwan Business Bank

2834 · TW
Very expensive, weak quality

Our calculation puts a fair price 36% below what the stock costs today.

Healthy Growth (revenue 5y +14.6 %/yr in TWD)
Highly profitable · 38.7% net margin (TTM)
1.6% dividend yield · Low payout
Quality 46/100
Wide moat 65/100 · thin data
Fair value 11.06 TWD · Strongly overvalued
Trails peers (2/14)
Thin data
⚠ Dilution

Risks from the AI analysis

🚩Fintechs and peers eroding SME loan share
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

19.20 TWD 9.20 TWD Fair Value 11.06 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range 9.20 TWD – 19.20 TWD · fair‑value band 10.23 TWD – 12.39 TWD · the 17.35 TWD price screens above the 11.06 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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Company profile

Taiwan Business Bank, Ltd., together with its subsidiaries, engages in the provision of banking products and services to small and medium enterprise in Taiwan, the United States, Hong Kong, Australia, China, Cambodia, and Japan.

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The company operates through Banking, Securities, Trust, Insurance Agency Department, and Other departments. It engages in the provision of deposits, remittance, foreign currencies, credit lines, and securities investment.

The company also offers securities brokerage, financing, and futures trading support services, as well as a platform for securities investment.

In addition, it is involved in securities signing, custodian banking, new types of trusts, and investing of specific money trusts in domestic and foreign securities.

Further, the company provides personal and property insurance products; and engages in leasing, venture capital, consulting, and microfinance activities. Taiwan Business Bank, Ltd. was founded in 1915 and is headquartered in Taipei, Taiwan.

Stock analysis

Taiwan Business Bank (2834) currently trades at 17.35 TWD, while our model-based Fair Value estimate is 11.06 TWD, 36% 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 17.44 TWD per share, and 1 of the 6 models we run sit above the 17.35 TWD price.

Bear case: the Dividend Discount group reads lowest at 1.90 TWD, and 5 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 10.23 TWD (bear) to 12.39 TWD (bull), the price of 17.35 TWD sits above 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 46/100 (below-average quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Taiwan Business Bank reported revenue of 15.2B TWD in FY2025 versus 30.3B TWD in FY2021, a compound −15.8%/yr. Reported net income was 12.2B TWD in FY2025, compounding +24.4%/yr from FY2021.

Key figures

Market cap 207B TWD (≈ $6.3B) Mid · P/E ratio 14.3 · P/S ratio 6.05 · EPS (TTM) 1.21 TWD · Dividend yield 1.6% · Net margin 38.7% · Return on equity 9.1% · Return on assets (EBIT) 0.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 17% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −36%, 2834 screens richer than that median.

Fair Value models

Bear 10.23 TWD Fair Value 11.06 TWD Bull 12.39 TWD
Price 17.35 TWD · Downside -36.3%
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 (0.7975 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.
Best data coverage
Residual Income 12.04 TWD 13.01 TWD 14.58 TWD 76
Gordon GGM 1.62 TWD 1.77 TWD 2.01 TWD 69
DDM Multi-Stage 1.62 TWD 2.03 TWD 2.61 TWD 67
All 6 models by family
Dividend Discount
Gordon GGM 1.62 TWD 1.77 TWD 2.01 TWD 69
DDM Multi-Stage 1.62 TWD 2.03 TWD 2.61 TWD 67
Multiples
P/E Multiple 11.47 TWD 15.29 TWD 19.12 TWD 63
P/B Multiple 14.69 TWD 19.59 TWD 24.49 TWD 55
Asset-Based
NCAV (Graham) 7.00 TWD 9.38 TWD 13.99 TWD 54
Economic Profit
Residual Income 12.04 TWD 13.01 TWD 14.58 TWD 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 46/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 33
How much profit the company makes from its sales and capital
Quality Growth 58
Are margins and returns getting better?
Cashflow 93
Do the profits arrive as real cash?
Financial strength 15
Debt, balance sheet and risk of trouble
Investment 66
Does it invest with discipline instead of growing at any price?
Low Volatility 97
How calm the share price moves, does not count
Price momentum 49
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 56
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+32.3%
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.
+14.6%
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.
+5.5%
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.
+19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.5%
Dividend (yield on the price)1.6%
Per share before 2022divided by the spin-off factor 1.037
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.17.5% vs 7.3%, 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.18% → 100%
Pace: the 5-year rate starts in 2020 (pandemic)

2834 screens overvalued: fair value 36% below the price. Compare with China Merchants Bank Co →

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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.Banks - Regional · 996 stocks

Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Bottom 25%
Fair Value upside −36.3% · Bottom 25%
Profitability
Return on equity (12 months) 9.1% · Below median
Return on assets 0.5% · Bottom 25%
Net margin (12 months) 38.7% · Top 25%
Operating margin (12 months) 50.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 7.5% · Below median
Dividend yield (12 months) 1.6% · Below median
Balance sheet
Debt / equity 0.48× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 14.3× · Priciest 25%
P/B 1.41× · Pricier than median
P/S (12 months) 6.05× · Priciest 25%
Price / free cash flow (fiscal year) 11.2× · Pricier than median
EV/EBITDA 11.0× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)38 · sector 47
PAST (return on equity)36 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)32 · sector 53

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

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

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

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs 2834
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs 2834
BNP Paribas SA BNP €91.93 €106.01 +15% vs 2834
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs 2834
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs 2834
UniCredit S.p.A UCG €76.80 €50.44 −34% vs 2834
Mizuho Financial Group MFG $9.40 $5.89 −37% vs 2834
DBS Group D05 69.72 SGD 40.39 SGD −42% vs 2834
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs 2834
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs 2834

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Taiwan Business Bank: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Taiwan Business Bank Fair Value". https://www.fairvalue-calculator.com/stock/2834

Frequently asked questions

Is Taiwan Business Bank (2834) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 11.06 TWD versus a price of 17.35 TWD, about 36% lower (overvalued).
What is the fair value of 2834?
Our model-based fair value for Taiwan Business Bank is 11.06 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 17.35 TWD.
What is the quality score of 2834?
Taiwan Business Bank has a Quality Score of 46/100. 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 Business Bank (2834)?
Our model-based price target is the fair value of 11.06 TWD (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 10.23 TWD, optimistic scenario 12.39 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Business Bank stock forecast for 2026?
Our models put fair value at 11.06 TWD, about 36% lower versus a price of 17.35 TWD (overvalued). Cautious scenario 10.23 TWD, optimistic scenario 12.39 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Business Bank (2834)?
Taiwan Business Bank reported trailing-twelve-month revenue of about 34.2B TWD (latest available figure, as of Nov 8, 2026).
Does Taiwan Business Bank pay a dividend?
Taiwan Business Bank currently shows a dividend yield of 1.61% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Taiwan Business Bank (2834) and when is the ex-dividend date?
Taiwan Business Bank pays a dividend of 0.28 TWD per share a year, a dividend yield of 1.6%. The last ex-dividend date was Aug 4, 2026. The payout ratio is 23.1% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Taiwan Business Bank (2834)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Business Bank it is 11.06 TWD per share (as of Nov 8, 2026), against a price of 17.35 TWD. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Taiwan Business Bank stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2834 trades above its calculated fair value: price 17.35 TWD, fair value 11.06 TWD, a gap of about −36% (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 2834?
No. The price is what the market pays today (17.35 TWD); the fair value is what the company's own numbers justify (11.06 TWD). For Taiwan Business Bank the two are 6.29 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Business Bank worth?
The market values Taiwan Business Bank at about 207B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 17.35 TWD; our models calculate a fair value of 11.06 TWD per share.
What do the bullish and bearish scenarios say about 2834?
Our models span a range for Taiwan Business Bank: cautious scenario 10.23 TWD, base 11.06 TWD, optimistic 12.39 TWD per share (as of Nov 8, 2026, price 17.35 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2834?
Taiwan Business Bank trades at a price-to-earnings ratio of 14.3 (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 11.06 TWD is built from several models across several years. Other multiples: P/B 1.4, P/S 6.1, EV/EBITDA 11.0.
How solid is the balance sheet of Taiwan Business Bank (2834)?
Balance-sheet figures for Taiwan Business Bank (as of Nov 8, 2026): return on equity 9.1%, debt of 0.48 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 2834 from its 52-week high?
Taiwan Business Bank trades at 17.35 TWD, about 7% below its 52-week high of 18.75 TWD and 17% above the low of 14.85 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 11.06 TWD is for.
Which stocks are comparable to Taiwan Business Bank?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Business Bank stock attractive at the current price?
The data as of Nov 8, 2026: price 17.35 TWD, calculated fair value 11.06 TWD (−36%), Quality Score 46/100, 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 2834 calculated?
We run Taiwan Business Bank through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 11.06 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 13.3% above its aggregate fair value. Taiwan Business Bank 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 Business Bank (2834)?
The closing price on Nov 9, 2026 was 17.35 TWD. Our model-based fair value is 11.06 TWD, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Business Bank right now?
The price sits above even our optimistic bull case (12.39 TWD). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. 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 Business Bank (2834) come from?
Earnings per share at Taiwan Business Bank grew +7.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +3.8 %, tax rate −0.7 %, 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 Business Bank

How large is the market capitalisation of Taiwan Business Bank (2834)?
The market capitalisation of Taiwan Business Bank is 207B TWD (≈ $6.3B). 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 Business Bank (2834)?
The price-to-sales ratio of Taiwan Business Bank is 6.05 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Taiwan Business Bank (2834)?
Earnings per share at Taiwan Business Bank are 1.21 TWD (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Business Bank (2834)?
The dividend yield of Taiwan Business Bank is 1.6% (payout 23.1%). 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 Business Bank (2834)?
The net margin of Taiwan Business Bank is 38.7% (last twelve months). 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 Business Bank (2834)?
The return on equity (ROE) of Taiwan Business Bank is 9.1% (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 Business Bank (2834)?
On an EBIT basis the return on assets of Taiwan Business Bank is 0.5% (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 Business Bank (2834)?
The operating margin of Taiwan Business Bank is 50.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Business Bank (2834)?
Revenue at Taiwan Business Bank is growing +7.5% versus a year earlier (3y avg −28.4%). 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 Business Bank (2834)?
Earnings per share at Taiwan Business Bank are growing +13.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Taiwan Business Bank (2834) generate?
The free cash flow of Taiwan Business Bank is 18.5B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Taiwan Business Bank (2834) carry?
The net debt of Taiwan Business Bank is 159B TWD (fiscal year 2025, ≈ 8.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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