104 Corporation (3130) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of 104 Corporation stock TWD 258, price TWD 204, upside +26.8%, quality 81 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 115.64 TWD – 221.00 TWD · fair‑value band 195.77 TWD – 320.26 TWD · the 203.50 TWD price screens below the 258.01 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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104 Corporation engages in the information technology, general advertising, employment, and human resource consultancy services in Taiwan and internationally. It offers online recruitment, advertising, learning, HR Salary management system, HR assessment, and executive search services.
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The company provides career placement and career service, educational services for career development, employer branding and customized integrated recruitment, talent acquisition and recruitment, personal career analysis and career counseling, executive and key talent pool, and platform for seniors, as well as HR system tools and solutions.
In addition, it offers IT software, electronic information, talent dispatching, and data processing services. Further, the company develops network technologies and computer software; sell products; and provides technical advice and services, as well as management consultancy.
The company was formerly known as Fu-Hwa International Market Development Consultant Ltd. and changed its name to 104 Corporation in August 2000. 104 Corporation was incorporated in 1993 and is headquartered in New Taipei City, Taiwan.
Stock analysis
104 Corporation (3130) currently trades at 203.50 TWD, while our model-based Fair Value estimate is 258.01 TWD, implying the stock looks roughly 21% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 286.10 TWD per share, and 15 of the 26 models we run sit above the 203.50 TWD price.
Bear case: the Earnings-Based group reads lowest at 102.74 TWD, and 11 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 195.77 TWD (bear) to 320.26 TWD (bull), the price of 203.50 TWD sits inside 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 81/100 (high quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
104 Corporation reported revenue of 2.7B TWD in FY2025 versus 1.9B TWD in FY2021, a compound +9.6%/yr. Reported net income was 488M TWD in FY2025, compounding +7.1%/yr from FY2021.
Key figures
Market cap 6.7B TWD (≈ $206M) Micro · P/E ratio 12.3 · P/S ratio 2.44 · EPS (TTM) 16.48 TWD · Dividend yield 7.2% · Net margin 19.9% · Return on equity 36.3% · Return on assets (EBIT) 14.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 14% fair-value upside, at 27%, 3130 screens cheaper than that median.
Fair Value models
Bear195.77 TWDFair Value 258.01 TWDBull320.26 TWD
Price 203.50 TWD · Upside +26.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.53 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.0%
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.
+7.1%
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.
+10.3%
Start year 2020 (pandemic). Over 10 years: +6.6% a year
Revenue growth 23 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.
+8.6%
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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.
+18.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.2%
Dividend (yield on the price)7.2%
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.11.2% vs 4.0%, picking up
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.19% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−11.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −13.2% a year for the price.
Price, fair value, quality and upside side by side.
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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.Staffing & Employment Services · 83 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "104 Corporation Fair Value". https://www.fairvalue-calculator.com/stock/3130
Frequently asked questions
Is 104 Corporation (3130) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 258.01 TWD versus a price of 203.50 TWD, about +27% upside (undervalued).
What is the fair value of 3130?
Our model-based fair value for 104 Corporation is 258.01 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 203.50 TWD.
What is the quality score of 3130?
104 Corporation has a Quality Score of 81/100. 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 104 Corporation (3130)?
Our model-based price target is the fair value of 258.01 TWD (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 195.77 TWD, optimistic scenario 320.26 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the 104 Corporation stock forecast for 2026?
Our models put fair value at 258.01 TWD, about +27% upside versus a price of 203.50 TWD (undervalued). Cautious scenario 195.77 TWD, optimistic scenario 320.26 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of 104 Corporation (3130)?
104 Corporation reported trailing-twelve-month revenue of about 2.8B TWD (latest available figure, as of Nov 6, 2026).
Does 104 Corporation pay a dividend?
104 Corporation currently shows a dividend yield of 7.22% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of 104 Corporation (3130) and when is the ex-dividend date?
104 Corporation pays a dividend of 14.70 TWD per share a year, a dividend yield of 7.2%. The last ex-dividend date was Jul 14, 2026. A dividend has been paid every year since at least 2005. The payout ratio is 89.2% of earnings. Free cash flow covers the dividend 1.58 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into 104 Corporation (3130)?
For today's price to be fair in a discounted-cash-flow model, 104 Corporation would have to grow free cash flow by -11.9 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.4 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 3130 use?
Our models discount 104 Corporation at 11.8 %: a base by market capitalisation (micro), damped by beta 0.08, 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 104 Corporation that is -11.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has 104 Corporation (3130) delivered so far?
Over the past 5 years revenue at 104 Corporation grew +10.4 % a year. The price currently implies free-cash-flow growth of -11.9 % per 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 104 Corporation (3130) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into 104 Corporation (-11.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of 104 Corporation (3130)?
The free-cash-flow yield on the price is 11.43 %: that much free cash flow 104 Corporation produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of 104 Corporation (3130)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For 104 Corporation it is 258.01 TWD per share (as of Nov 6, 2026), against a price of 203.50 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is 104 Corporation stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 3130 trades below its calculated fair value: price 203.50 TWD, fair value 258.01 TWD, a gap of about +27% (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 3130?
No. The price is what the market pays today (203.50 TWD); the fair value is what the company's own numbers justify (258.01 TWD). For 104 Corporation the two are 54.51 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is 104 Corporation worth?
The market values 104 Corporation at about 6.7B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 203.50 TWD; our models calculate a fair value of 258.01 TWD per share.
What do the bullish and bearish scenarios say about 3130?
Our models span a range for 104 Corporation: cautious scenario 195.77 TWD, base 258.01 TWD, optimistic 320.26 TWD per share (as of Nov 6, 2026, price 203.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3130?
104 Corporation trades at a price-to-earnings ratio of 12.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 258.01 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 15.9. Other multiples: P/B 3.9, P/S 2.4, EV/EBITDA 10.1.
How solid is the balance sheet of 104 Corporation (3130)?
Balance-sheet figures for 104 Corporation (as of Nov 6, 2026): return on equity 36.3%. They feed the Quality Score of 81/100, which measures business quality independently of the share price.
How far is 3130 from its 52-week high?
104 Corporation trades at 203.50 TWD, about 8% below its 52-week high of 221.00 TWD and at the low of 202.50 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 258.01 TWD is for.
Which stocks are comparable to 104 Corporation?
From the same area (Industrials) we also value Randstad N.V, Adecco Group, Korn Ferry,, Robert Half Inc, 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 104 Corporation stock attractive at the current price?
The data as of Nov 6, 2026: price 203.50 TWD, calculated fair value 258.01 TWD (+27%), Quality Score 81/100, from 26 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 3130 calculated?
We run 104 Corporation through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 258.01 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. 104 Corporation currently trades 21% 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 104 Corporation (3130)?
The closing price on Nov 9, 2026 was 203.50 TWD. Our model-based fair value is 258.01 TWD, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with 104 Corporation right now?
The rarer combination: high quality (81/100) AND below fair value. That earns a closer look rather than a quick verdict. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of 104 Corporation (3130) come from?
Earnings per share at 104 Corporation grew +3.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.9 %, EBIT margin +1.3 %, tax rate −0.8 %, residual (interest, one-offs) −0.8 %. 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 104 Corporation
How large is the market capitalisation of 104 Corporation (3130)?
The market capitalisation of 104 Corporation is 6.7B TWD (≈ $206M). 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 104 Corporation (3130)?
The price-to-sales ratio of 104 Corporation is 2.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of 104 Corporation (3130)?
Earnings per share at 104 Corporation are 16.48 TWD (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of 104 Corporation (3130)?
The dividend yield of 104 Corporation is 7.2% (payout 89.2%). 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 104 Corporation (3130)?
The net margin of 104 Corporation is 19.9% (last twelve months). 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 104 Corporation (3130)?
The return on equity (ROE) of 104 Corporation is 36.3% (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 104 Corporation (3130)?
On an EBIT basis the return on assets of 104 Corporation is 14.5% (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 104 Corporation (3130)?
The operating margin of 104 Corporation is 26.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at 104 Corporation (3130)?
Revenue at 104 Corporation is growing +9.2% versus a year earlier (3y avg +7.1%). 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 104 Corporation (3130)?
Earnings per share at 104 Corporation are growing +33.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does 104 Corporation (3130) hold?
104 Corporation holds more cash than debt, 300M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026