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Central Reinsurance Corporation (2851) Fair Value & Analysis

Financial Services · TW · Market cap 28.8B TWD

CR Central Reinsurance Corporation 2851 · TW
Price35.45 TWD
Fair Value47.63 TWD
Upside+34.4%
Quality56/100
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Healthy Growth
Solidly profitable · 18.9% net margin
generates free cash flow
6.11% dividend yield
Ranks above peers (9/13)
Wide moat 75/100
Evidence: High Range 35.72 TWD – 59.54 TWD Share as image

Fair value as of: Jul 21, 2026

From 6 valuation models · updated 20 days ago

Share price −7.6% over the past month.

A solid business, screening 34% undervalued on our models.

What matters now

  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

40.55 TWD 16.90 TWD Fair Value 47.63 TWD Mar 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 16.90 TWD – 40.55 TWD · fair‑value band 35.72 TWD – 59.54 TWD · the 35.45 TWD price screens below the 47.63 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

Full chart & analysis →

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Analysis

Central Reinsurance Corporation (2851) currently trades at 35.45 TWD, while our model-based Fair Value estimate is 47.63 TWD, implying the stock looks roughly 34.4% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Central Reinsurance Corporation generated revenue of 25.5B TWD at a net margin of 18.9%. Revenue grew 58.3% year over year. It earns a return on equity of 21.7%. The balance sheet holds a net cash position of 12.5B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 35.72 TWD (bear case) to 59.54 TWD (bull case); at 35.45 TWD, the current price sits below 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 5% below its 52-week high and 62% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 96% fair-value upside, at 34%, 2851 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 BearBaseBull Evidence
Highest evidence
Residual Income 26.15 TWD 31.92 TWD 64.88 TWD 76
Gordon GGM 17.45 TWD 29.30 TWD 43.34 TWD 70
P/E Multiple 35.72 TWD 47.63 TWD 59.54 TWD 63
All 6 models by family
Dividend Discount
Gordon GGM 17.45 TWD 29.30 TWD 43.34 TWD 70
DDM Multi-Stage 17.45 TWD 25.68 TWD 34.81 TWD 61
Multiples
P/E Multiple 35.72 TWD 47.63 TWD 59.54 TWD 63
P/B Multiple 28.48 TWD 37.97 TWD 47.46 TWD 55
Asset-Based
NCAV (Graham) 13.56 TWD 18.17 TWD 27.12 TWD 50
Economic Profit
Residual Income 26.15 TWD 31.92 TWD 64.88 TWD 76

Widest divergence: Multiples (37.97 TWD) versus Asset-Based (18.17 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 25.5B TWD
Revenue growth (YoY) +58.3%
Net margin 18.9%
Return on equity 21.7%
Free cash flow 2.3B TWD FY2025
P/E ratio 10.2
More key figures
Operating margin 41.1%
EPS (TTM) 3.66 TWD
Dividend yield 6.0%
EPS growth (YoY) +223%
Net cash 12.5B TWD FY2025

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

Quality Score breakdown

Overall quality 56/100

Of which business quality 57 · Market factors (momentum, volatility) 84

Profitability 45
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 82
Price trend over the last 3–12 months (market factor)
52W Momentum 82
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

Central Reinsurance Corporation provides various property and life inward and outward reinsurance services in Taiwan and internationally. It offers non-life insurance products, such as fire, marine and aviation, casualty, motor, engineering, and residential earthquake insurance products.

Full company description

Central Reinsurance Corporation provides various property and life inward and outward reinsurance services in Taiwan and internationally. It offers non-life insurance products, such as fire, marine and aviation, casualty, motor, engineering, and residential earthquake insurance products. The company also provides life, personal accident, and health insurance products; and risk management solutions. Central Reinsurance Corporation was incorporated in 1968 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Central Reinsurance Corporation reported revenue of 22.9B TWD in FY2025 versus 20.4B TWD in FY2021, a compound +2.9%/yr. Reported net income was 2.9B TWD in FY2025, compounding +9.2%/yr from FY2021.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
22.9B TWD
Latest YoY
+0.1%
Avg. growth/yr (3Y)
+2.4%
Avg. growth/yr (5Y)
+5.3%
Avg. growth/yr (25Y)
+2.8%
Revenue +2.9%/yr
FY21 20.4B TWD
FY22 21.3B TWD
FY23 22.0B TWD
FY24 22.9B TWD
FY25 22.9B TWD
Net income +9.2%/yr
FY21 2.1B TWD
FY22 253M TWD
FY23 2.1B TWD
FY24 2.5B TWD
FY25 2.9B TWD

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Cite: Fair Value Calculator (2026). "Central Reinsurance Corporation Fair Value". https://www.fairvalue-calculator.com/stock/2851

Peer Group

Insurance - Reinsurance · 28 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 59 · Above median
Fair Value upside +34% · Below median
Return on equity (TTM) 22% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 41% · Top 25%
Revenue growth 58% · Top 25%
Dividend yield (TTM) 6.1% · Top 25%

Valuation Multiples vs Insurance - Reinsurance median · lower = cheaper

P/E (TTM) 9.8× · Pricier than median
P/B 1.33× · Pricier than median
P/S (TTM) 1.13× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 2.5× · 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 79 · sector 90
FUTURE 100 · sector 0
PAST 87 · sector 57
HEALTH 0 · sector 89
DIVIDEND 100 · sector 87

Insider activity: 45/100

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 Insurance - Reinsurance stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
1MUV2 1MUV2 €522.60 €669.36 +28%
Swiss Re AG SREN CHF 132.60 CHF 218.88 +65%
Hannover Rück SE HNR1 €255.00 €284.58 +12%
Reinsurance Group RGA $241.79 $234.55 -3%
Everest Group EG $364.13 $522.67 +44%
RenaissanceRe Holdings RNR $314.99 $629.98 +100%
SCOR SE SDRC €33.04 €66.08 +100%
General Insurance Corporation GICRE ₹364.85 ₹715.98 +96%
China Reinsurance (Group) Corporation 1508 HK$1.37 HK$2.74 +100%
Hamilton Insurance Group HG $34.60 $69.20 +100%

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Frequently asked questions

Is Central Reinsurance Corporation (2851) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 47.63 TWD versus a price of 35.45 TWD, about +34% (undervalued).
What is the fair value of 2851?
Our model-based fair value for Central Reinsurance Corporation is 47.63 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 35.45 TWD.
What is the quality score of 2851?
Central Reinsurance Corporation has a Quality Score of 56/100. 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 Central Reinsurance Corporation (2851)?
Central Reinsurance Corporation reported trailing-twelve-month revenue of about 25.5B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2851?
The net profit margin of Central Reinsurance Corporation is about 18.9%, meaning it keeps roughly 18.9% of revenue as net income. Based on the latest reported figures.
Does Central Reinsurance Corporation pay a dividend?
Central Reinsurance Corporation currently shows a dividend yield of about 6.04% relative to its recent price (as of Jul 21, 2026).

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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