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Bedding World Co (2938) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 530M TWD

BW Bedding World Co 2938 · TWO
Price25.40 TWD
Fair Value20.94 TWD
Upside-17.6%
Quality61/100
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Weak Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
2.75% dividend yield
Ranks above peers (9/14)
Narrow moat 37/100
Evidence: High Range 19.42 TWD – 28.06 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price −2.9% over the past month.

A solid business, but screening 18% overvalued on our models.

What matters now

  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 19.42 TWD (bear) to 28.06 TWD (bull), base 20.94 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 61/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

48.04 TWD 21.95 TWD Fair Value 20.94 TWD Feb 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 21.95 TWD – 48.04 TWD · fair‑value band 19.42 TWD – 28.06 TWD · the 25.40 TWD price screens above the 20.94 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.

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Analysis

Bedding World Co (2938) currently trades at 25.40 TWD, while our model-based Fair Value estimate is 20.94 TWD, implying the stock looks roughly 17.6% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bedding World Co generated revenue of 727M TWD at a net margin of 3.5%. Revenue grew 1.0% year over year. It earns a return on equity of 3.7%. Net debt stands at 389M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 19.42 TWD (bear case) to 28.06 TWD (bull case); at 25.40 TWD, the current price sits within 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 25% below its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at -18%, 2938 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 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
Highest evidence
Growth DCF 59.81 TWD 71.06 TWD 88.49 TWD 80
Residual Income 23.72 TWD 23.19 TWD 19.18 TWD 76
Rev-Margin DCF 46.47 TWD 55.86 TWD 67.76 TWD 74
All 24 models by family
DCF Models
FCF DCF 58.54 TWD 70.41 TWD 90.32 TWD 38
Owner Earnings 73.28 TWD 89.62 TWD 117.04 TWD 31
5Y Revenue Exit 46.47 TWD 54.83 TWD 66.89 TWD 39
5Y EBITDA Exit 77.69 TWD 108.81 TWD 150.00 TWD 41
5Y P/E Exit 45.15 TWD 52.54 TWD 61.48 TWD 38
10Y Revenue Exit 51.18 TWD 57.46 TWD 63.82 TWD 36
10Y EBITDA Exit 68.92 TWD 87.94 TWD 108.34 TWD 37
10Y P/E Exit 50.86 TWD 56.16 TWD 60.92 TWD 35
Earnings-Based
Graham-Dodd 8.06 TWD 9.85 TWD 11.08 TWD 54
EPV 27.87 TWD 29.02 TWD 29.98 TWD 59
Dividend Discount
Gordon GGM 19.42 TWD 20.94 TWD 23.19 TWD 70
DDM Multi-Stage 19.42 TWD 23.12 TWD 27.89 TWD 61
Multiples
P/E Multiple 17.77 TWD 23.69 TWD 29.62 TWD 63
P/S Multiple 15.11 TWD 20.14 TWD 25.18 TWD 58
P/B Multiple 15.11 TWD 20.14 TWD 25.18 TWD 55
EV/EBIT 47.87 TWD 57.34 TWD 66.81 TWD 53
EV/EBITDA 104.89 TWD 133.37 TWD 161.84 TWD 54
EV/Revenue 38.61 TWD 46.82 TWD 55.03 TWD 43
Asset-Based
NCAV (Graham) 16.96 TWD 22.73 TWD 33.93 TWD 50
Growth DCF
Growth DCF 59.81 TWD 71.06 TWD 88.49 TWD 80
Rev-Margin DCF 46.47 TWD 55.86 TWD 67.76 TWD 74
Economic Profit
Residual Income 23.72 TWD 23.19 TWD 19.18 TWD 76
ROIC Compounder 27.87 TWD 29.02 TWD 29.98 TWD 72
Growth Earnings
Growth-Adj P/E 12.57 TWD 17.96 TWD 23.35 TWD 68

Widest divergence: DCF Models (57.46 TWD) versus Earnings-Based (9.85 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 727M TWD
Revenue growth (YoY) +1.0%
Net margin 3.5%
Return on equity 3.7%
Free cash flow 97.0M TWD FY2025
P/E ratio 19.4
More key figures
Operating margin 9.6%
EPS (TTM) 1.18 TWD
Dividend yield 3.0%
EPS growth (YoY) +16.7%
Net debt 389M TWD FY2024

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

Quality Score breakdown

Overall quality 61/100

Of which business quality 59 · Market factors (momentum, volatility) 48

Profitability 32
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 82
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

Bedding World Co., Ltd. operates as a mattress and bedding distributor under the Bed World brand in Taiwan. The company offers its products through department stores, online platforms, and e-commerce platforms. Bedding World Co., Ltd. was founded in 1972 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bedding World Co reported revenue of 725M TWD in FY2025 versus 838M TWD in FY2021, a compound −3.5%/yr. Reported net income was 23.9M TWD in FY2025, compounding −32.5%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
725M TWD
Latest YoY
−13.7%
Avg. 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.
−6.6%
Avg. 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.
−1.4%
Avg. growth/yr (12Y) ⓘ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.
+1.8%
Revenue −3.5%/yr
FY21 838M TWD
FY22 891M TWD
FY23 851M TWD
FY24 841M TWD
FY25 725M TWD
Net income −32.5%/yr
FY21 115M TWD
FY22 117M TWD
FY23 75.5M TWD
FY24 85.4M TWD
FY25 23.9M TWD
Character of growth · EPS growth decomposed (2013-2024) +7.4 % p.a.
Revenue per share +1.0 pp

of which total revenue +3.0 pp · buybacks/dilution −1.9 pp

EBIT margin +8.4 pp
Tax rate −0.9 pp
Residual (interest, one-offs) −1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

2938 screens 18% overvalued. Compare with Midea Group →

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Bedding World Co · Fair Value
20.94 TWD −18%Fair Value
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Cite: Fair Value Calculator (2026). "Bedding World Co Fair Value". https://www.fairvalue-calculator.com/stock/2938

Peer Group

Furnishings, Fixtures & Appliances · 311 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 61 · Above median
Fair Value upside −18% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 1% · Above median
Dividend yield (TTM) 2.8% · Above median

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 22.3× · Pricier than median
P/B 0.78× · Cheaper than median
P/S (TTM) 0.73× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 1.7× · 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 10 · sector 22
FUTURE 5 · sector 0
PAST 15 · sector 19
HEALTH 100 · sector 97
DIVIDEND 55 · sector 55

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%
Ecovacs Robotics Co 603486 ¥50.13 ¥54.11 +8%

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Frequently asked questions

Is Bedding World Co (2938) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 20.94 TWD versus a price of 25.40 TWD, about −18% (overvalued).
What is the fair value of 2938?
Our model-based fair value for Bedding World Co is 20.94 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 25.40 TWD.
What is the quality score of 2938?
Bedding World Co has a Quality Score of 61/100. 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 Bedding World Co (2938)?
Bedding World Co reported trailing-twelve-month revenue of about 727M TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2938?
The net profit margin of Bedding World Co is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.
Does Bedding World Co pay a dividend?
Bedding World Co currently shows a dividend yield of about 3.03% 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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