Central Reinsurance Corp (2851) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Central Reinsurance Corp stock TWD 29.36, price TWD 46.55, that is 36.9% below the price, quality 67 out of 100. Rating: strongly 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 5, 2026.
How to read this chart
60‑month range 16.90 TWD – 53.20 TWD · fair‑value band 25.24 TWD – 37.81 TWD · the 46.55 TWD price screens above the 29.36 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
Central Reinsurance Corp (2851) currently trades at 46.55 TWD, while our model-based Fair Value estimate is 29.36 TWD, 37% 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 42.79 TWD per share, and 1 of the 6 models we run sit above the 46.55 TWD price.
Bear case: the Asset-Based group reads lowest at 18.15 TWD, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: 25.24 TWD (bear) to 37.81 TWD (bull), the price of 46.55 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 67/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Central Reinsurance Corp 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.
Key figures
Market cap 37.6B TWD (≈ $1.1B) Small · P/E ratio 12.8 · P/S ratio 1.63 · EPS (TTM) 3.65 TWD · Dividend yield 4.7% · Net margin 12.8% · Return on equity 43.7% · Return on assets (EBIT) 4.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 85% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 7% fair-value upside, at −37%, 2851 screens richer than that median.
Fair Value models
Bear25.24 TWDFair Value 29.36 TWDBull37.81 TWD
Price 46.55 TWD · Downside -36.9%
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 (1.24 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 growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.1%
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.
+2.4%
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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.
+13.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)4.7%
Per share before 2022divided by the spin-off factor 1.0307
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.8.7% vs 11.6%, steady
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.10% → 15%
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).
−0.6%
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 −2.1% 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 - Reinsurance · 22 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−36.9% · Bottom 25%
Profitability
Return on equity (12 months)43.7% · Top 25%
Return on assets4.9% · Top 25%
Net margin (12 months)33.6% · Top 25%
Operating margin (12 months)64.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)24.5% · Top 25%
Dividend yield (12 months)4.7% · Above median
Valuation Multiplesvs Insurance - Reinsurance median · lower = cheaper
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Is Central Reinsurance Corp (2851) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 29.36 TWD versus a price of 46.55 TWD, about 37% lower (overvalued).
What is the fair value of 2851?
Our model-based fair value for Central Reinsurance Corp is 29.36 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 46.55 TWD.
What is the quality score of 2851?
Central Reinsurance Corp has a Quality Score of 67/100. 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 Central Reinsurance Corp (2851)?
Our model-based price target is the fair value of 29.36 TWD (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 25.24 TWD, optimistic scenario 37.81 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Central Reinsurance Corp stock forecast for 2026?
Our models put fair value at 29.36 TWD, about 37% lower versus a price of 46.55 TWD (overvalued). Cautious scenario 25.24 TWD, optimistic scenario 37.81 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Central Reinsurance Corp (2851)?
Central Reinsurance Corp reported trailing-twelve-month revenue of about 29.4B TWD (latest available figure, as of Nov 5, 2026).
Does Central Reinsurance Corp pay a dividend?
Central Reinsurance Corp currently shows a dividend yield of 4.73% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Central Reinsurance Corp (2851) and when is the ex-dividend date?
Central Reinsurance Corp pays a dividend of 2.20 TWD per share a year, a dividend yield of 4.7%. The last ex-dividend date was Jun 29, 2026. The payout ratio is 60.3% of earnings. Free cash flow covers the dividend 1.32 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Central Reinsurance Corp (2851)?
For today's price to be fair in a discounted-cash-flow model, Central Reinsurance Corp would have to grow free cash flow by -0.6 % 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 Nov 5, 2026.
What discount rate (WACC) does the fair value of 2851 use?
Our models discount Central Reinsurance Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.28, 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 Central Reinsurance Corp that is -0.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Central Reinsurance Corp (2851) delivered so far?
Over the past 5 years revenue at Central Reinsurance Corp grew +5.3 % a year. The price currently implies free-cash-flow growth of -0.6 % 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 Central Reinsurance Corp (2851) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Central Reinsurance Corp (-0.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Central Reinsurance Corp (2851)?
The free-cash-flow yield on the price is 6.23 %: that much free cash flow Central Reinsurance Corp 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 Central Reinsurance Corp (2851)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Central Reinsurance Corp it is 29.36 TWD per share (as of Nov 5, 2026), against a price of 46.55 TWD. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Central Reinsurance Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2851 trades above its calculated fair value: price 46.55 TWD, fair value 29.36 TWD, a gap of about −37% (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 2851?
No. The price is what the market pays today (46.55 TWD); the fair value is what the company's own numbers justify (29.36 TWD). For Central Reinsurance Corp the two are 17.19 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Central Reinsurance Corp worth?
The market values Central Reinsurance Corp at about 37.6B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 46.55 TWD; our models calculate a fair value of 29.36 TWD per share.
What do the bullish and bearish scenarios say about 2851?
Our models span a range for Central Reinsurance Corp: cautious scenario 25.24 TWD, base 29.36 TWD, optimistic 37.81 TWD per share (as of Nov 5, 2026, price 46.55 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2851?
Central Reinsurance Corp trades at a price-to-earnings ratio of 12.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 29.36 TWD is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 9.0. Other multiples: P/B 1.7, P/S 1.3, EV/EBITDA 2.5.
How solid is the balance sheet of Central Reinsurance Corp (2851)?
Balance-sheet figures for Central Reinsurance Corp (as of Nov 5, 2026): return on equity 43.7%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 2851 from its 52-week high?
Central Reinsurance Corp trades at 46.55 TWD, about 13% below its 52-week high of 53.20 TWD and 85% above the low of 25.10 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 29.36 TWD is for.
Which stocks are comparable to Central Reinsurance Corp?
From the same area (Financial Services) we also value MUV2, Swiss Re AG, Hannover Rück SE, Reinsurance 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 Central Reinsurance Corp stock attractive at the current price?
The data as of Nov 5, 2026: price 46.55 TWD, calculated fair value 29.36 TWD (−37%), Quality Score 67/100, 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 2851 calculated?
We run Central Reinsurance Corp through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 29.36 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. Central Reinsurance Corp 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 Central Reinsurance Corp (2851)?
The closing price on Nov 9, 2026 was 46.55 TWD. Our model-based fair value is 29.36 TWD, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Central Reinsurance Corp right now?
The price sits above even our optimistic bull case (37.81 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) 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 Central Reinsurance Corp (2851) come from?
Earnings per share at Central Reinsurance Corp grew +10.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.8 %, EBIT margin +7.9 %, tax rate +0.3 %, 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 Central Reinsurance Corp
How large is the market capitalisation of Central Reinsurance Corp (2851)?
The market capitalisation of Central Reinsurance Corp is 37.6B TWD (≈ $1.1B). 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 Central Reinsurance Corp (2851)?
The price-to-sales ratio of Central Reinsurance Corp is 1.63 (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 Central Reinsurance Corp (2851)?
Earnings per share at Central Reinsurance Corp are 3.65 TWD (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Central Reinsurance Corp (2851)?
The dividend yield of Central Reinsurance Corp is 4.7% (payout 60.3%). 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 Central Reinsurance Corp (2851)?
The net margin of Central Reinsurance Corp is 12.8% (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 Central Reinsurance Corp (2851)?
The return on equity (ROE) of Central Reinsurance Corp is 43.7% (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 Central Reinsurance Corp (2851)?
On an EBIT basis the return on assets of Central Reinsurance Corp is 4.1% (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 Central Reinsurance Corp (2851)?
The operating margin of Central Reinsurance Corp is 64.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Central Reinsurance Corp (2851)?
Revenue at Central Reinsurance Corp is growing +24.5% versus a year earlier (3y avg +2.4%). 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 Central Reinsurance Corp (2851)?
Earnings per share at Central Reinsurance Corp are growing +23.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Central Reinsurance Corp (2851) hold?
Central Reinsurance Corp holds more cash than debt, 12.5B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026