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Bausen Inc (2948) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 1.1B TWD

BI Bausen Inc 2948 · TWO
Price36.00 TWD
Fair Value40.22 TWD
Upside+11.7%
Quality44/100
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Healthy Growth
Thin margins · 3.1% net margin
Low debt · generates free cash flow
5.22% dividend yield
Ranks above peers (9/14)
Narrow moat 32/100
Evidence: High Range 30.16 TWD – 50.27 TWD Share as image

Fair value as of: Jul 21, 2026

From 25 valuation models · updated 20 days ago

Share price −7.1% over the past month.

Below-average quality, screening 12% undervalued on our models.

What matters now

  • Our model range runs from 30.16 TWD (bear) to 50.27 TWD (bull), base 40.22 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 44/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

95.65 TWD 34.43 TWD Fair Value 40.22 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 34.43 TWD – 95.65 TWD · fair‑value band 30.16 TWD – 50.27 TWD · the 36.00 TWD price screens below the 40.22 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Bausen Inc (2948) currently trades at 36.00 TWD, while our model-based Fair Value estimate is 40.22 TWD, implying the stock looks roughly 11.7% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Consumer Cyclical 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, Bausen Inc generated revenue of 2.1B TWD at a net margin of 3.1%. Revenue declined 4.3% year over year. It earns a return on equity of 6.3%. Net debt stands at 492M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 30.16 TWD (bear case) to 50.27 TWD (bull case); at 36.00 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 18% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -21% fair-value upside, at 12%, 2948 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 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 52.83 TWD 69.89 TWD 90.42 TWD 80
Residual Income 25.44 TWD 26.22 TWD 25.67 TWD 76
Rev-Margin DCF 42.69 TWD 61.68 TWD 82.69 TWD 74
All 25 models by family
DCF Models
FCF DCF 52.14 TWD 71.18 TWD 95.32 TWD 38
Owner Earnings 62.62 TWD 85.63 TWD 114.78 TWD 31
5Y Revenue Exit 42.69 TWD 60.96 TWD 83.28 TWD 39
5Y EBITDA Exit 66.30 TWD 103.57 TWD 145.69 TWD 41
5Y P/E Exit 39.03 TWD 54.35 TWD 69.56 TWD 38
10Y Revenue Exit 45.28 TWD 61.54 TWD 81.53 TWD 36
10Y EBITDA Exit 59.75 TWD 88.07 TWD 123.63 TWD 37
10Y P/E Exit 44.07 TWD 57.43 TWD 72.28 TWD 35
Earnings-Based
Graham-Dodd 14.57 TWD 37.72 TWD 49.15 TWD 54
PEG = 1.0 7.13 TWD 10.18 TWD 13.23 TWD 46
EPV 26.68 TWD 30.09 TWD 32.92 TWD 59
Dividend Discount
Gordon GGM 13.68 TWD 23.81 TWD 33.94 TWD 70
DDM Multi-Stage 13.68 TWD 19.78 TWD 25.46 TWD 61
Multiples
P/E Multiple 32.14 TWD 42.86 TWD 53.57 TWD 63
P/S Multiple 27.32 TWD 36.43 TWD 45.54 TWD 58
P/B Multiple 27.32 TWD 36.43 TWD 45.54 TWD 55
EV/EBIT 56.06 TWD 74.17 TWD 92.27 TWD 53
EV/EBITDA 86.70 TWD 115.02 TWD 143.34 TWD 54
EV/Revenue 38.36 TWD 54.05 TWD 69.74 TWD 43
Asset-Based
NCAV (Graham) 16.73 TWD 22.42 TWD 33.46 TWD 50
Growth DCF
Growth DCF 52.83 TWD 69.89 TWD 90.42 TWD 80
Rev-Margin DCF 42.69 TWD 61.68 TWD 82.69 TWD 74
Economic Profit
Residual Income 25.44 TWD 26.22 TWD 25.67 TWD 76
ROIC Compounder 26.68 TWD 30.09 TWD 32.92 TWD 72
Growth Earnings
Growth-Adj P/E 25.13 TWD 35.91 TWD 46.68 TWD 68

Widest divergence: Growth DCF (61.68 TWD) versus Dividend Discount (19.78 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.1B TWD
Revenue growth (YoY) +1.5%
Net margin 3.1%
Return on equity 6.2%
Free cash flow 173M TWD FY2025
P/E ratio 17.3
More key figures
Operating margin 5.8%
EPS (TTM) 2.14 TWD
Dividend yield 5.2%
EPS growth (YoY) +5.3%
Net debt 492M TWD FY2025

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

Quality Score breakdown

Overall quality 44/100

Of which business quality 48 · Market factors (momentum, volatility) 47

Profitability 45
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 19
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

Bausen Inc. engages in the wholesale and retail of wood furniture, flooring, and interior decoration building materials in Taiwan and internationally. The company offers engineered, laminate, and composite flooring products under the Artisan Hardwood brand; and hardwood flooring products under the Villa Blanca brand name.

Full company description

Bausen Inc. engages in the wholesale and retail of wood furniture, flooring, and interior decoration building materials in Taiwan and internationally. The company offers engineered, laminate, and composite flooring products under the Artisan Hardwood brand; and hardwood flooring products under the Villa Blanca brand name. It also operates wholesale and retail stores, which offer flooring, floor covering, molding, cabinet systems, marble and stone countertops, and home enhancement materials and accessories under the Modern Home Concepts name. The company was founded in 2015 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bausen Inc reported revenue of 2.1B TWD in FY2025 versus 2.0B TWD in FY2021, a compound +1.7%/yr. Reported net income was 66.4M TWD in FY2025, compounding −19.0%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.1B TWD
Latest YoY
+1.8%
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.
−2.0%
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.
+8.9%
Avg. growth/yr (6Y) 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.
+13.1%
Revenue +1.7%/yr
FY21 2.0B TWD
FY22 2.3B TWD
FY23 2.2B TWD
FY24 2.1B TWD
FY25 2.1B TWD
Net income −19.0%/yr
FY21 154M TWD
FY22 147M TWD
FY23 107M TWD
FY24 65.6M TWD
FY25 66.4M TWD

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Cite: Fair Value Calculator (2026). "Bausen Inc Fair Value". https://www.fairvalue-calculator.com/stock/2948

Peer Group

Home Improvement Retail · 36 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 44 · Bottom 25%
Fair Value upside +15% · Above median
Return on equity (TTM) 6% · Below median
Return on assets 3% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 2% · Below median
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Home Improvement Retail median · lower = cheaper

P/E (TTM) 17.3× · Cheaper than median
P/B 1.11× · Cheaper than median
P/S (TTM) 0.53× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 8.2× · Cheaper 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 54 · sector 25
FUTURE 8 · sector 11
PAST 25 · sector 30
HEALTH 99 · sector 95
DIVIDEND 100 · sector 50

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 Home Improvement Retail stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
The Home Depot, Inc HD $337.74 $236.85 -30%
Lowe's Companies, Inc LOW $209.66 $186.32 -11%
Wesfarmers Limited WES A$92.80 A$50.50 -46%
Floor & Decor Holdings FND $56.40 $32.81 -42%
Mr D.I.Y. Group 5296 1.70 MYR 1.47 MYR -14%
Home Product Center Public Company HMPROR 6.65 THB 6.31 THB -5%
Siam Global House Public Company GLOBAL 7.50 THB 5.96 THB -21%
Dohome Public Company DOHOME 3.86 THB 2.90 THB -25%
Haverty Furniture Companies, Inc HVT $25.66 $22.53 -12%
Test-Rite International Co 2908 22.00 TWD 9.18 TWD -58%

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Frequently asked questions

Is Bausen Inc (2948) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 40.22 TWD versus a price of 36.00 TWD, about +12% (undervalued).
What is the fair value of 2948?
Our model-based fair value for Bausen Inc is 40.22 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 36.00 TWD.
What is the quality score of 2948?
Bausen Inc has a Quality Score of 44/100. 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 Bausen Inc (2948)?
Bausen Inc reported trailing-twelve-month revenue of about 2.1B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2948?
The net profit margin of Bausen Inc is about 3.1%, meaning it keeps roughly 3.1% of revenue as net income. Based on the latest reported figures.

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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