Bedding World Co., Ltd. (2938) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Bedding World Co., Ltd. TWD 23.83, price TWD 18.90, upside +26.1%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 18.10 TWD – 48.04 TWD · fair‑value band 23.83 TWD – 28.06 TWD · the 18.90 TWD price screens below the 23.83 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
Stock analysis
Bedding World Co., Ltd. (2938) currently trades at 18.90 TWD, while our model-based Fair Value estimate is 23.83 TWD, implying the stock looks roughly 20.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 62.87 TWD per share, and 23 of the 24 models we run sit above the 18.90 TWD price.
Bear case: the Earnings-Based group reads lowest at 9.85 TWD, and 1 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 23.83 TWD (bear) to 28.06 TWD (bull), the price of 18.90 TWD sits below 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 61/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Bedding World Co., Ltd. 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.
Key figures
Market cap 530M TWD (≈ $16.6M) · P/E ratio 16.0 · P/S ratio 0.53 · EPS (TTM) 1.18 TWD · Dividend yield 3.7% · Net margin 3.3% · Return on equity 3.6% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 26%, 2938 screens cheaper than that median.
Fair Value models
Bear 23.83 TWDFair Value 23.83 TWDBull 28.06 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.3524 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.Evidence ⓘEvidence = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−13.7%
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.
−6.6%
Revenue growth 5 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.
−1.4%
Start year 2020 (pandemic). Over 10 years: +0.4% a year
Revenue growth 12 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.
+1.8%
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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.
−20.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.8%
Dividend (yield on the price)3.7%
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.−24% vs −8%, slowing
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.17% → 6%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's 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.Furnishings, Fixtures & Appliances · 317 stocks
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Cite: Fair Value Calculator (2026). "Bedding World Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/2938
Frequently asked questions
Is Bedding World Co., Ltd. (2938) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 23.83 TWD versus a price of 18.90 TWD, about +26% upside (undervalued).
What is the fair value of 2938?
Our model-based fair value for Bedding World Co., Ltd. is 23.83 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 18.90 TWD.
What is the quality score of 2938?
Bedding World Co., Ltd. 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 price target for Bedding World Co., Ltd. (2938)?
Our model-based price target is the fair value of 23.83 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 23.83 TWD, optimistic scenario 28.06 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Bedding World Co., Ltd. stock forecast for 2026?
Our models put fair value at 23.83 TWD, about +26% upside versus a price of 18.90 TWD (undervalued). Cautious scenario 23.83 TWD, optimistic scenario 28.06 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Bedding World Co., Ltd. (2938)?
Bedding World Co., Ltd. reported trailing-twelve-month revenue of about 727M TWD (latest available figure, as of Sep 24, 2026).
Does Bedding World Co., Ltd. pay a dividend?
Bedding World Co., Ltd. currently shows a dividend yield of about 3.70% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Bedding World Co., Ltd. (2938)?
For today's price to be fair in a discounted-cash-flow model, Bedding World Co., Ltd. would have to grow free cash flow by less than minus 40 % 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 -1.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2938 use?
Our models discount Bedding World Co., Ltd. at 10.3 %: a base by market capitalisation (nano), 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 Bedding World Co., Ltd. that is less than minus 40 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Bedding World Co., Ltd. (2938) delivered so far?
Over the past 5 years revenue at Bedding World Co., Ltd. grew -1.4 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a 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 Bedding World Co., Ltd. (2938) growing?
The median revenue growth in the sector is +6.4 % a year. That is the yardstick for the growth priced into Bedding World Co., Ltd. (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bedding World Co., Ltd. (2938)?
The free-cash-flow yield on the price is 25.48 %: that much free cash flow Bedding World Co., Ltd. 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 Bedding World Co., Ltd. (2938)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bedding World Co., Ltd. it is 23.83 TWD per share (as of Sep 24, 2026), against a price of 18.90 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Bedding World Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2938 trades below its calculated fair value: price 18.90 TWD, fair value 23.83 TWD, a gap of about +26% (undervalued). 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 2938?
No. The price is what the market pays today (18.90 TWD); the fair value is what the company's own numbers justify (23.83 TWD). For Bedding World Co., Ltd. the two are 4.93 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Bedding World Co., Ltd. worth?
The market values Bedding World Co., Ltd. at about 530M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 18.90 TWD; our models calculate a fair value of 23.83 TWD per share.
What do the bullish and bearish scenarios say about 2938?
Our models span a range for Bedding World Co., Ltd.: cautious scenario 23.83 TWD, base 23.83 TWD, optimistic 28.06 TWD per share (as of Sep 24, 2026, price 18.90 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2938?
Bedding World Co., Ltd. trades at a price-to-earnings ratio of 16.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 23.83 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 0.7, EV/EBITDA 1.7.
How solid is the balance sheet of Bedding World Co., Ltd. (2938)?
Balance-sheet figures for Bedding World Co., Ltd. (as of Sep 24, 2026): return on equity 3.6%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 2938 from its 52-week high?
Bedding World Co., Ltd. trades at 18.90 TWD, about 37% below its 52-week high of 30.10 TWD and 4% above the low of 18.10 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 23.83 TWD is for.
Which stocks are comparable to Bedding World Co., Ltd.?
From the same area (Consumer Cyclical) we also value Midea Group, Gree Electric Appliances, Inc, Haier Smart Home Co, King Slide Works Co, 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 Bedding World Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 18.90 TWD, calculated fair value 23.83 TWD (+26%), Quality Score 61/100, from 24 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 2938 calculated?
We run Bedding World Co., Ltd. through 24 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 23.83 TWD, 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 13.0 % above its aggregate fair value. Bedding World Co., Ltd. currently trades 26 % below its own fair value, and the market average says nothing about that. 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 Bedding World Co., Ltd. (2938)?
The closing price on Sep 24, 2026 was 18.90 TWD. Our model-based fair value is 23.83 TWD, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bedding World Co., Ltd. right now?
The price is below even our cautious bear case (23.83 TWD). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Bedding World Co., Ltd. (2938) come from?
Earnings per share at Bedding World Co., Ltd. grew +7.4 % a year from 2013 to 2024. Broken into its drivers: revenue per share +1.0 %, EBIT margin +8.4 %, tax rate −0.9 %, residual (interest, one-offs) −1.1 %. 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 Bedding World Co., Ltd.
How large is the market capitalisation of Bedding World Co., Ltd. (2938)?
The market capitalisation of Bedding World Co., Ltd. is 530M TWD (≈ $16.6M). 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 Bedding World Co., Ltd. (2938)?
The price-to-sales ratio of Bedding World Co., Ltd. is 0.53 (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 Bedding World Co., Ltd. (2938)?
Earnings per share at Bedding World Co., Ltd. are 1.18 TWD (price ÷ EPS = P/E 16.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bedding World Co., Ltd. (2938)?
The dividend yield of Bedding World Co., Ltd. is 3.7% (payout 59.3%). 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 Bedding World Co., Ltd. (2938)?
The net margin of Bedding World Co., Ltd. is 3.3% (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 Bedding World Co., Ltd. (2938)?
The return on equity (ROE) of Bedding World Co., Ltd. is 3.6% (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 Bedding World Co., Ltd. (2938)?
On an EBIT basis the return on assets of Bedding World Co., Ltd. is 7.0% (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 Bedding World Co., Ltd. (2938)?
The operating margin of Bedding World Co., Ltd. is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bedding World Co., Ltd. (2938)?
Revenue at Bedding World Co., Ltd. is growing +1.0% versus a year earlier (3y avg −6.6%). 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 Bedding World Co., Ltd. (2938)?
Earnings per share at Bedding World Co., Ltd. are growing +16.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bedding World Co., Ltd. (2938) carry?
The net debt of Bedding World Co., Ltd. is 389M TWD (fiscal year 2024, ≈ 4.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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