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FSP Technology Inc (3015) Fair Value & Analysis

Industrials · TW · Market cap 10.2B TWD

FT FSP Technology Inc 3015 · TW
Price58.70 TWD
Fair Value31.60 TWD
Upside-46.2%
Quality60/100
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Weak Growth
Thin margins · 2.9% net margin
Low debt · generates free cash flow
3.94% dividend yield
Mixed vs. peers (6/14)
Narrow moat 27/100
Evidence: High Range 25.61 TWD – 39.50 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price −8.6% over the past month.

A solid business, but screening 46% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (39.50 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

74.80 TWD 31.32 TWD Fair Value 31.60 TWD Mar 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 31.32 TWD – 74.80 TWD · fair‑value band 25.61 TWD – 39.50 TWD · the 58.70 TWD price screens above the 31.60 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

Full chart & analysis →

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Analysis

FSP Technology Inc (3015) currently trades at 58.70 TWD, while our model-based Fair Value estimate is 31.60 TWD, implying the stock looks roughly 46.2% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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, FSP Technology Inc generated revenue of 13.1B TWD at a net margin of 2.9%. Revenue grew 0.4% year over year. It earns a return on equity of 3.1%. The balance sheet holds a net cash position of 2.8B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 25.61 TWD (bear case) to 39.50 TWD (bull case); at 58.70 TWD, the current price sits above 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 15% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -46%, 3015 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 32.59 TWD 37.74 TWD 46.55 TWD 80
Residual Income 48.59 TWD 47.65 TWD 40.34 TWD 76
Rev-Margin DCF 27.89 TWD 31.67 TWD 36.39 TWD 74
All 24 models by family
DCF Models
FCF DCF 31.96 TWD 37.26 TWD 47.10 TWD 38
Owner Earnings 41.66 TWD 50.78 TWD 67.66 TWD 31
5Y Revenue Exit 27.89 TWD 31.35 TWD 36.36 TWD 39
5Y EBITDA Exit 39.82 TWD 52.01 TWD 68.16 TWD 41
5Y P/E Exit 39.04 TWD 50.67 TWD 64.52 TWD 38
10Y Revenue Exit 29.18 TWD 31.91 TWD 34.75 TWD 36
10Y EBITDA Exit 36.62 TWD 44.68 TWD 53.41 TWD 37
10Y P/E Exit 36.15 TWD 43.85 TWD 51.28 TWD 35
Earnings-Based
Graham-Dodd 12.64 TWD 15.45 TWD 17.38 TWD 54
EPV 22.38 TWD 23.03 TWD 23.61 TWD 59
Dividend Discount
Gordon GGM 27.55 TWD 30.15 TWD 34.12 TWD 70
DDM Multi-Stage 27.55 TWD 34.56 TWD 44.39 TWD 61
Multiples
P/E Multiple 29.27 TWD 39.03 TWD 48.79 TWD 63
P/S Multiple 23.70 TWD 31.60 TWD 39.50 TWD 58
P/B Multiple 23.70 TWD 31.60 TWD 39.50 TWD 55
EV/EBIT 28.98 TWD 32.50 TWD 36.01 TWD 53
EV/EBITDA 49.19 TWD 59.44 TWD 69.69 TWD 54
EV/Revenue 25.96 TWD 29.19 TWD 32.42 TWD 43
Asset-Based
NCAV (Graham) 33.45 TWD 44.82 TWD 66.89 TWD 50
Growth DCF
Growth DCF 32.59 TWD 37.74 TWD 46.55 TWD 80
Rev-Margin DCF 27.89 TWD 31.67 TWD 36.39 TWD 74
Economic Profit
Residual Income 48.59 TWD 47.65 TWD 40.34 TWD 76
ROIC Compounder 22.38 TWD 23.03 TWD 23.61 TWD 72
Growth Earnings
Growth-Adj P/E 20.67 TWD 29.53 TWD 38.39 TWD 68

Widest divergence: Asset-Based (44.82 TWD) versus Earnings-Based (15.45 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 13.1B TWD
Revenue growth (YoY) +0.4%
Net margin 2.9%
Return on equity 3.1%
Free cash flow 261M TWD FY2025
P/E ratio 32.8
More key figures
Operating margin 0.9%
EPS (TTM) 1.85 TWD
Dividend yield 3.9%
EPS growth (YoY) +85.0%
Net cash 2.8B TWD FY2025

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

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 57

Profitability 28
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 83
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

FSP Technology Inc. engages in manufacture, process, and trade of power supplies and electronic components in Taiwan, China, the United States of America, Germany, and internationally.

Full company description

FSP Technology Inc. engages in manufacture, process, and trade of power supplies and electronic components in Taiwan, China, the United States of America, Germany, and internationally. The company's products include adapter; industrial PC, open frame, immersion cooling, medical, panel mount, television, solid-state lighting, and personal computer power supply; battery charger; PV inverter; uninterruptible power system; energy storage system; and display PSU. It also offers PSU plus BBU, and CRPS and M-CRPS. Its products are used in medical, gaming, PD charger, edge computing, smart manufacturing, 5G, smart life, battery charger, networking, and UPS applications. FSP Technology Inc. was incorporated in 1993 and is based in Taoyuan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FSP Technology Inc reported revenue of 13.1B TWD in FY2025 versus 16.7B TWD in FY2021, a compound −5.9%/yr. Reported net income was 348M TWD in FY2025, compounding −17.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
13.1B TWD
Latest YoY
+12.6%
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.
−4.4%
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.
−2.5%
Avg. growth/yr (23Y) 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.
+4.4%
Revenue −5.9%/yr
FY21 16.7B TWD
FY22 14.9B TWD
FY23 13.2B TWD
FY24 11.6B TWD
FY25 13.1B TWD
Net income −17.6%/yr
FY21 754M TWD
FY22 722M TWD
FY23 599M TWD
FY24 405M TWD
FY25 348M TWD
Character of growth · EPS growth decomposed (2014-2025) +4.2 % p.a.
Revenue per share −0.9 pp

of which total revenue −2.3 pp · buybacks/dilution +1.4 pp

EBIT margin +7.5 pp
Tax rate +0.6 pp
Residual (interest, one-offs) −3.1 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).

3015 screens 46% overvalued. Compare with Contemporary Amperex Technology Co →

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Cite: Fair Value Calculator (2026). "FSP Technology Inc Fair Value". https://www.fairvalue-calculator.com/stock/3015

Peer Group

Electrical Equipment & Parts · 526 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 60 · Above median
Fair Value upside −46% · Below median
Return on equity (TTM) 3% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) 1% · Bottom 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 3.9% · Top 25%

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 32.8× · Pricier than median
P/B 0.82× · Cheaper than 75% of peers
P/S (TTM) 0.78× · Cheaper than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 18.4× · 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 0 · sector 0
FUTURE 2 · sector 57
PAST 13 · sector 26
HEALTH 100 · sector 97
DIVIDEND 79 · sector 18

VALUE 0: the price sits above our fair-value range.

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 Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$675.50 HK$391.44 -42%
ABB Ltd ABBN CHF 83.82 CHF 35.46 -58%
Delta Electronics (Thailand) Public Company TDED 10.16 SGD 1.47 SGD -86%
LG Energy Solution, Ltd 373220 334,000 KRW 201,455 KRW -40%
WEG S.A WEGE3 13,210 ARS 7,948 ARS -40%
Sungrow Power Supply Co 300274 ¥114.79 ¥123.83 +8%
Shenzhen Inovance Technology Co 300124 ¥63.43 ¥33.04 -48%
HD Hyundai Electric Co 267260 823,000 KRW 371,133 KRW -55%
LS ELECTRIC Co 010120 190,000 KRW 31,517 KRW -83%
Sieyuan Electric Co 002028 ¥151.73 ¥71.69 -53%

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Frequently asked questions

Is FSP Technology Inc (3015) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 31.60 TWD versus a price of 58.70 TWD, about −46% (overvalued).
What is the fair value of 3015?
Our model-based fair value for FSP Technology Inc is 31.60 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 58.70 TWD.
What is the quality score of 3015?
FSP Technology Inc has a Quality Score of 60/100. 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 FSP Technology Inc (3015)?
FSP Technology Inc reported trailing-twelve-month revenue of about 13.1B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 3015?
The net profit margin of FSP Technology Inc is about 2.9%, meaning it keeps roughly 2.9% of revenue as net income. Based on the latest reported figures.
Does FSP Technology Inc pay a dividend?
FSP Technology Inc currently shows a dividend yield of about 3.94% 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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