Taiwan Business Bank (2834) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taiwan Business Bank TWD 13.94, price TWD 17.85, upside -21.9%, quality 57 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 9.15 TWD – 19.20 TWD · fair‑value band 12.85 TWD – 18.43 TWD · the 17.85 TWD price screens above the 13.94 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 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. The company operates through Banking, Securities, Trust, Insurance Agency Department, and Other departments.
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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. 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 17.85 TWD, while our model-based Fair Value estimate is 13.94 TWD, implying the stock looks roughly 28.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 16.36 TWD per share, and 1 of the 6 models we run sit above the 17.85 TWD price.
Bear case: the Dividend Discount group reads lowest at 1.90 TWD, and 5 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 12.85 TWD (bear) to 18.43 TWD (bull), the price of 17.85 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 57/100 (solid 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 173B TWD (≈ $5.4B) · P/E ratio 14.3 · P/S ratio 11.5 · EPS (TTM) 1.25 TWD · Dividend yield 1.7% · Net margin 80.2% · Return on equity 9.0% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −22%, 2834 screens cheaper than that median.
Fair Value models
Bear 12.85 TWDFair Value 13.94 TWDBull 18.43 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 (0.6949 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.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%
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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.
+18.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.7%
Dividend (yield on the price)1.7%
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% vs 7%, 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%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
−15.9%
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 −17.2% 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.Banks - Regional · 1074 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)9% · Below median
Return on assets1% · Bottom 25%
Net margin (TTM)38% · Top 25%
Operating margin (TTM)50% · Top 25%
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)1.7% · Below median
Balance sheet
Debt / equity0.48× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of 13.94 TWD versus a price of 17.85 TWD, about −22% upside (overvalued).
What is the fair value of 2834?
Our model-based fair value for Taiwan Business Bank is 13.94 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 17.85 TWD.
What is the quality score of 2834?
Taiwan Business Bank has a Quality Score of 57/100. 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 13.94 TWD (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 12.85 TWD, optimistic scenario 18.43 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 13.94 TWD, about −22% upside versus a price of 17.85 TWD (overvalued). Cautious scenario 12.85 TWD, optimistic scenario 18.43 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 33.6B TWD (latest available figure, as of Sep 24, 2026).
Does Taiwan Business Bank pay a dividend?
Taiwan Business Bank currently shows a dividend yield of about 1.68% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Taiwan Business Bank (2834)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Business Bank would have to grow free cash flow by -15.9 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -13.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2834 use?
Our models discount Taiwan Business Bank at 8.6 %: a base by market capitalisation (large), damped by beta 0.34, 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 Business Bank that is -15.9 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Taiwan Business Bank (2834) delivered so far?
Over the past 5 years revenue at Taiwan Business Bank grew -13.0 % a year. The price currently implies -15.9 % 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 Business Bank (2834) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Taiwan Business Bank (-15.9 % 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 Business Bank (2834)?
The free-cash-flow yield on the price is 10.67 %: that much free cash flow Taiwan Business Bank produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), 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 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 13.94 TWD per share (as of Sep 24, 2026), against a price of 17.85 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Business Bank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2834 trades above its calculated fair value: price 17.85 TWD, fair value 13.94 TWD, a gap of about −22% (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 (17.85 TWD); the fair value is what the company's own numbers justify (13.94 TWD). For Taiwan Business Bank the two are 3.91 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 173B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 17.85 TWD; our models calculate a fair value of 13.94 TWD per share.
What do the bullish and bearish scenarios say about 2834?
Our models span a range for Taiwan Business Bank: cautious scenario 12.85 TWD, base 13.94 TWD, optimistic 18.43 TWD per share (as of Sep 24, 2026, price 17.85 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 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 13.94 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 5.2, EV/EBITDA 8.8.
How solid is the balance sheet of Taiwan Business Bank (2834)?
Balance-sheet figures for Taiwan Business Bank (as of Sep 24, 2026): return on equity 9.0%, debt of 0.48 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 2834 from its 52-week high?
Taiwan Business Bank trades at 17.85 TWD, about 5% below its 52-week high of 18.75 TWD and 20% above the low of 14.85 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 13.94 TWD is for.
Which stocks are comparable to Taiwan Business Bank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Sep 24, 2026: price 17.85 TWD, calculated fair value 13.94 TWD (−22%), Quality Score 57/100, 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 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 13.94 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 14.1 % 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 Sep 24, 2026 was 17.85 TWD. Our model-based fair value is 13.94 TWD, about −22% upside (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?
Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 173B TWD (≈ $5.4B). 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 11.5 (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 Business Bank (2834)?
Earnings per share at Taiwan Business Bank are 1.25 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 1.7% (payout 24.0%). 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 80.2% (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 Business Bank (2834)?
The return on equity (ROE) of Taiwan Business Bank is 9.0% (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 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 50.3% (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 +10.2% 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 +16.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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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