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Fubon Financial Holding (2881B) Fair Value & Analysis

Financial Services · TW · Market cap 453B TWD

FF Fubon Financial Holding 2881B · TW
Price60.60 TWD
Fair Value121.40 TWD
Upside+100.3%
Quality50/100
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Weak Growth
Solidly profitable · 17.6% net margin
generates free cash flow
7.00% dividend yield
Ranks above peers (10/12)
Wide moat 69/100
Evidence: High Range 91.05 TWD – 151.75 TWD Share as image

Fair value as of: Jul 19, 2026

From 18 valuation models · updated 19 days ago

Fair value updated Jul 19, 2026, revised from 125.40 TWD to 121.40 TWD (−3.2%) since Jun 26, 2026. Share price −0.3% over the past month.

A solid business, screening 100% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (91.05 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (50/100) 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)

63.00 TWD 53.50 TWD Fair Value 121.40 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 53.50 TWD – 63.00 TWD · fair‑value band 91.05 TWD – 151.75 TWD · the 60.60 TWD price screens below the 121.40 TWD fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Fubon Financial Holding (2881B) currently trades at 60.60 TWD, while our model-based Fair Value estimate is 121.40 TWD, implying the stock looks roughly 100.3% undervalued today. We read business quality at 50/100 (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, Fubon Financial Holding generated revenue of 1.0T TWD at a net margin of 17.6%. Revenue grew 175.6% year over year. It earns a return on equity of 18.7%. The stock trades on a trailing P/E of 5.3. Fundamentals as of Jul 19, 2026

Our scenario range runs from 91.05 TWD (bear case) to 151.75 TWD (bull case); at 60.60 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 4% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 33% fair-value upside, at 100%, 2881B screens cheaper 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 91.08 TWD 111.04 TWD 246.06 TWD 76
Growth DCF 96.95 TWD 100.42 TWD 105.64 TWD 72
Growth-Adj P/E 145.81 TWD 208.30 TWD 270.79 TWD 68
All 18 models by family
DCF Models
FCF DCF 96.79 TWD 100.67 TWD 106.84 TWD 38
Owner Earnings 230.33 TWD 311.73 TWD 441.11 TWD 31
5Y Revenue Exit 95.60 TWD 98.64 TWD 102.48 TWD 39
5Y P/E Exit 197.04 TWD 287.34 TWD 382.65 TWD 38
10Y Revenue Exit 95.79 TWD 98.71 TWD 102.54 TWD 36
10Y P/E Exit 161.95 TWD 232.34 TWD 320.21 TWD 35
Earnings-Based
Graham-Dodd 80.36 TWD 242.67 TWD 321.75 TWD 54
Lynch FV 51.71 TWD 73.86 TWD 96.02 TWD 50
PEG = 1.0 51.71 TWD 73.86 TWD 96.02 TWD 46
Multiples
P/E Multiple 177.27 TWD 236.37 TWD 295.46 TWD 63
P/S Multiple 69.50 TWD 92.66 TWD 115.83 TWD 58
P/B Multiple 150.68 TWD 200.91 TWD 251.14 TWD 55
EV/Revenue 95.23 TWD 97.42 TWD 99.61 TWD 43
Asset-Based
NCAV (Graham) 48.01 TWD 64.33 TWD 96.02 TWD 50
Growth DCF
Growth DCF 96.95 TWD 100.42 TWD 105.64 TWD 72
Rev-Margin DCF 95.60 TWD 98.67 TWD 102.19 TWD 67
Economic Profit
Residual Income 91.08 TWD 111.04 TWD 246.06 TWD 76
Growth Earnings
Growth-Adj P/E 145.81 TWD 208.30 TWD 270.79 TWD 68

Widest divergence: Growth Earnings (208.30 TWD) versus Asset-Based (64.33 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 1.0T TWD
Revenue growth (YoY) +176%
Net margin 17.6%
Return on equity 18.7%
Free cash flow 5.8B TWD FY2025
P/E ratio 5.1
More key figures
Operating margin 48.5%
EPS (TTM) 11.92 TWD
Dividend yield 7.0%
EPS growth (YoY) +1.8%

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 40 · Market factors (momentum, volatility) 51

Profitability 44
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 14
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 75
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

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 reported revenue of 379B TWD in FY2025 versus 485B TWD in FY2021, a compound −5.9%/yr. Reported net income was 121B TWD in FY2025, compounding −4.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
379B TWD
Latest YoY
+9.3%
Avg. growth/yr (3Y)
+14.2%
Avg. growth/yr (5Y)
−4.4%
Avg. growth/yr (8Y)
−0.9%
Revenue −5.9%/yr
FY21 485B TWD
FY22 255B TWD
FY23 172B TWD
FY24 347B TWD
FY25 379B TWD
Net income −4.4%/yr
FY21 145B TWD
FY22 46.9B TWD
FY23 66.0B TWD
FY24 151B TWD
FY25 121B TWD

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Cite: Fair Value Calculator (2026). "Fubon Financial Holding Fair Value". https://www.fairvalue-calculator.com/stock/2881B

Peer Group

Insurance - Life · 96 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 48 · Bottom 25%
Fair Value upside +100% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 2% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 48% · Top 25%
Revenue growth 176% · Top 25%
Dividend yield (TTM) 7.0% · Top 25%

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/E (TTM) 5.1× · Cheaper than 75% of peers
P/B 0.46× · Cheaper than 75% of peers
P/S (TTM) 0.43× · Cheaper than 75% of peers
P/FCF 2.4× · Pricier than median

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 100 · sector 28
FUTURE 100 · sector 44
PAST 75 · sector 42
HEALTH 0 · sector 85
DIVIDEND 100 · sector 54

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 - Life stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥38.72 ¥70.87 +83%
Ping An Insurance (Group) Company 601318 ¥49.60 ¥96.76 +95%
AIA Group 1299 HK$75.55 HK$7.88 -90%
Manulife Financial Corporation MFC C$58.52 C$45.13 -23%
Great-West Lifeco Inc GWO C$92.34 C$59.64 -35%
Life Insurance Corporation LICI ₹438.30 ₹590.43 +35%
Cathay Financial Holding 2882 94.00 TWD 94.95 TWD +1%
Samsung Life Insurance Co 032830 337,500 KRW 166,710 KRW -51%
China Pacific Insurance (Group) Co 601601 ¥29.75 ¥59.50 +100%
Prudential plc PUKN 545.00 MXN 722.72 MXN +33%

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Frequently asked questions

Is Fubon Financial Holding (2881B) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 121.40 TWD versus a price of 60.60 TWD, about +100% (undervalued).
What is the fair value of 2881B?
Our model-based fair value for Fubon Financial Holding is 121.40 TWD (as of Jul 19, 2026), built from audited fundamentals. The current price is 60.60 TWD.
What is the quality score of 2881B?
Fubon Financial Holding has a Quality Score of 50/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Fubon Financial Holding (2881B)?
Fubon Financial Holding reported trailing-twelve-month revenue of about 1.0T TWD (latest available figure, as of Jul 19, 2026).
What is the net profit margin of 2881B?
The net profit margin of Fubon Financial Holding 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 pay a dividend?
Fubon Financial Holding currently shows a dividend yield of about 6.78% relative to its recent price (as of Jul 19, 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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