Fubon Financial Holding Co Ltd (2881) fair value: what the stock is really worth
We calculate from audited financials what Fubon Financial Holding Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Below-average quality, and trading another 39% above our fair value of 106.09 TWD.
As of Sep 5, 2026, the fair value of Fubon Financial Holding Co Ltd is 106.09 TWD per share against a price of 147.00 TWD, so the fair value sits 28% below the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y −16.6 %/yr)
✓Solidly profitable · 17.6% net margin
!Low debt · negative free cash flow
·2.89% dividend yield
!Mixed vs. peers (8/14)
✓Wide moat 69/100
Evidence: HighRange 79.57 TWD to 132.62 TWD
Fair value as of: Sep 5, 2026
From 6 valuation models · updated 5 days ago
Share price +14.4% over the past month.
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What matters now
The price sits above even our optimistic bull case (132.62 TWD). The favourable scenario is already priced in.
Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range 33.60 TWD – 149.50 TWD · fair‑value band 79.57 TWD – 132.62 TWD · the 147.00 TWD price screens above the 106.09 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Fubon Financial Holding Co Ltd (2881) currently trades at 147.00 TWD, while our model-based Fair Value estimate is 106.09 TWD, implying the stock looks roughly 38.6% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 100.66 TWD per share, and 0 of the 6 models we run sit above the 147.00 TWD price. Bear case: the Asset-Based group reads lowest at 48.17 TWD, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Revenue grew 175.6% year over year. It earns a return on equity of 18.7%. The balance sheet holds a net cash position of 258B TWD. The stock trades on a trailing P/E of 17.6. Fundamentals as of Sep 5, 2026
Scenario range: 79.57 TWD (bear) to 132.62 TWD (bull), the price of 147.00 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades near its 52-week high and 89% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at −28%, 2881 screens richer than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (2.86 TWD per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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
Highest evidence
Residual Income best evidence68.32 TWD82.13 TWD165.99 TWD72
DDM Multi-Stage43.48 TWD77.75 TWD98.92 TWD66
Gordon GGM43.48 TWD94.92 TWD159.71 TWD65
All 6 models by family
Dividend Discount
Gordon GGM43.48 TWD94.92 TWD159.71 TWD65
DDM Multi-Stage43.48 TWD77.75 TWD98.92 TWD66
Multiples
P/E Multiple86.29 TWD115.05 TWD143.82 TWD63
P/B Multiple75.50 TWD100.66 TWD125.83 TWD55
Asset-Based
NCAV (Graham)35.95 TWD48.17 TWD71.90 TWD54
Economic Profit
Residual Income best evidence68.32 TWD82.13 TWD165.99 TWD72
Widest divergence: Multiples (100.66 TWD) versus Asset-Based (48.17 TWD). Highest evidence: Residual Income (72).
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Key figures & financial health
P/E ratio17.6
P/S ratio11.2P/E × margin
EPS (TTM)8.37 TWDprice ÷ EPS = P/E 17.6
Dividend yield2.9%payout 50.8%
Net margin63.5%FY2025
Return on equity18.7%TTM
More key figures
Profitability
Return on assets (EBIT)2.2%avg 5y
Operating margin48.5%TTM
Growth
Revenue growth (YoY)+176%3y avg −9.3%
EPS growth (YoY)+1.8%
Balance sheet & cash flow
Free cash flow−10.8B TWDFY2025
Net cash258B TWDFY2025
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality36/100
Of which business quality 31
· Market factors (momentum, volatility) 94
Profitability36
Margins and returns on capital today
Quality Growth54
Are margins and returns improving?
Cashflow5
Earnings quality: real cash, not paper profit
Fin. Strength24
Balance sheet, leverage, solvency risk
Investment52
Disciplined investing over empire-building
Low Volatility81
Calm price path (market factor)
Momentum99
Price trend over the last 3–12 months (market factor)
52W Momentum100
Distance to the 52-week high (market factor)
Net Issuance35
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Fubon Financial Holding Co., Ltd. provides various financial products and services in Taiwan, Asia, and internationally. It operates through Banking Business, Property Insurance Business, Life Insurance Business, Securities Business, and Others segments.
Full company description
Fubon Financial Holding Co., Ltd. provides various financial products and services in Taiwan, Asia, and internationally. It operates through Banking Business, Property Insurance Business, Life Insurance Business, Securities Business, and Others segments. The company offers insurance products, including property, casualty, life, health, accident, fire, transportation, fishing vessel, car, liability, engineering and nuclear, guarantee and letter of credit, and personal and commercial multiple peril insurance, as well as typhoons, floods, and earthquake insurance products. It also provides retail and consumer, corporate, and investment banking services; brokerage, trading, and underwriting services; and investment and financial management, and foreign exchange. In addition, the company offers deposits and loans, trust, bill finance, and credit card services; invests in foreign financial institutions; and insurance brokerage and agent services. Further, it engages in the venture capital, creditor's rights management, stock and futures brokerage, sales of mutual funds, energy technical services, reinsurance business, asset management, stadium management, and sports activities, as well as invests in and manages real estate properties. Fubon Financial Holding Co., Ltd. was founded in 1961 and is based in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Fubon Financial Holding Co Ltd reported revenue of 190B TWD in FY2025 versus 480B TWD in FY2021, a compound −20.7%/yr. Reported net income was 121B TWD in FY2025, compounding −4.4%/yr from FY2021.
Growth Quality 24/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
190B TWD
Latest YoY
−78.2%
Avg. revenue growth/yr (3Y) ⓘ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.
−9.3%
Avg. revenue growth/yr (5Y) ⓘ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.
−16.6%
Avg. revenue growth/yr (24Y) ⓘ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.
+4.0%
Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
≈ +5.9%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+3.0%
Dividend yield2.9%
Trend ⓘ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.5Y 3.0% vs 10Y 5.1%, steady
Operating margin (EBIT) ⓘ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.100.0% (2020) → 72.0% (2025) · falling
Worst earnings drop69% (2022) · in TWD
⚠ Revenue per share shrinking 8.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Final year 2025 sits 73% above trend (one-off), rate approximate
Revenue−20.7%/yr
FY21480B TWD
FY22255B TWD
FY23172B TWD
FY24871B TWD
FY25190B TWD
Net income−4.4%/yr
FY21145B TWD
FY2246.9B TWD
FY2366.0B TWD
FY24151B TWD
FY25121B TWD
Character of growth · EPS growth decomposed (2014-2025)+5.8 % p.a.
Revenue per share−1.9 %
of which total revenue −0.1 % · buybacks/dilution −1.8 %
EBIT margin−7.2 %
Tax rate+0.4 %
Residual (interest, one-offs)+15.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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.
This stockSector peers
VALUE100· sector 16
FUTURE100· sector 43
PAST75· sector 43
HEALTH81· sector 84
DIVIDEND58· sector 54
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
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Is Fubon Financial Holding Co Ltd (2881) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of 106.09 TWD versus a price of 147.00 TWD, about −28% upside (overvalued).
What is the fair value of 2881?
Our model-based fair value for Fubon Financial Holding Co Ltd is 106.09 TWD (as of Sep 5, 2026), built from audited fundamentals. The current price: 147.00 TWD.
What is the quality score of 2881?
Fubon Financial Holding Co Ltd has a Quality Score of 36/100. 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 Fubon Financial Holding Co Ltd (2881)?
Our model-based price target is the fair value of 106.09 TWD (as of Sep 5, 2026) from 6 valuation models. Cautious scenario 79.57 TWD, optimistic scenario 132.62 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Fubon Financial Holding Co Ltd stock forecast for 2026?
Our models put fair value at 106.09 TWD, about −28% upside versus a price of 147.00 TWD (overvalued). Cautious scenario 79.57 TWD, optimistic scenario 132.62 TWD. The calculation is refreshed regularly with new filings.
What is the net profit margin of 2881?
The net profit margin of Fubon Financial Holding Co Ltd is about 17.6%, meaning it keeps roughly 17.6% of revenue as net income. Based on the latest reported figures.
Does Fubon Financial Holding Co Ltd pay a dividend?
Fubon Financial Holding Co Ltd currently shows a dividend yield of about 2.89% relative to its recent price (as of Sep 5, 2026).
What is the intrinsic value of Fubon Financial Holding Co Ltd (2881)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fubon Financial Holding Co Ltd it is 106.09 TWD per share (as of Sep 5, 2026), against a price of 147.00 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Fubon Financial Holding Co Ltd stock overvalued or undervalued in 2026?
As of Sep 5, 2026, 2881 trades above its calculated fair value: price 147.00 TWD, fair value 106.09 TWD, a gap of about −28% (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 2881?
No. The price is what the market pays today (147.00 TWD); the fair value is what the company's own numbers justify (106.09 TWD). For Fubon Financial Holding Co Ltd the two are 40.91 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Fubon Financial Holding Co Ltd worth?
The market values Fubon Financial Holding Co Ltd at about 2.1T TWD (market capitalisation, as of Sep 5, 2026). Per share that is 147.00 TWD; our models calculate a fair value of 106.09 TWD per share.
What do the bullish and bearish scenarios say about 2881?
Our models span a range for Fubon Financial Holding Co Ltd: cautious scenario 79.57 TWD, base 106.09 TWD, optimistic 132.62 TWD per share (as of Sep 5, 2026, price 147.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2881?
Fubon Financial Holding Co Ltd trades at a price-to-earnings ratio of 17.6 (as of Sep 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 106.09 TWD is built from several models across several years. Other multiples: PEG 1.4, P/B 1.7, P/S 1.6, EV/EBITDA 2.8.
What is the PEG ratio of 2881?
The PEG ratio of Fubon Financial Holding Co Ltd is 1.36 (P/E divided by earnings growth, as of Sep 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fubon Financial Holding Co Ltd (2881)?
Balance-sheet figures for Fubon Financial Holding Co Ltd (as of Sep 5, 2026): return on equity 18.7%, debt of 0.38 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is 2881 from its 52-week high?
Fubon Financial Holding Co Ltd trades at 147.00 TWD, about 24% below its 52-week high of 119.00 TWD and 89% above the low of 77.59 TWD (as of Sep 5, 2026). Distance from the high says nothing about value: that is what the fair value of 106.09 TWD is for.
Which stocks are comparable to Fubon Financial Holding Co Ltd?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) Company, AIA Group, Manulife Financial 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 Fubon Financial Holding Co Ltd stock attractive at the current price?
The data as of Sep 5, 2026: price 147.00 TWD, calculated fair value 106.09 TWD (−28%), Quality Score 36/100, 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 2881 calculated?
We run Fubon Financial Holding 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 106.09 TWD, with the spread shown as a cautious and an optimistic scenario.
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