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International Games System Co (3293) Fair Value & Analysis

Communication Services · TW · Market cap 198B TWD

IG International Games System Co 3293 · TWO
Price799.00 TWD
Fair Value568.16 TWD
Upside-28.9%
Quality77/100
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Healthy Growth
Highly profitable · 49.6% net margin
generates free cash flow
5.11% dividend yield
Ranks above peers (8/13)
Wide moat 92/100
Evidence: High Range 427.11 TWD – 1,584 TWD Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 24 days ago

Share price +6.8% over the past month.

A strong business, but screening 29% overvalued on our models.

What matters now

  • A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The model range is unusually wide (427.11 TWD to 1,584 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (5 years)

1,030 TWD 111.22 TWD Fair Value 568.16 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 111.22 TWD – 1,030 TWD · fair‑value band 427.11 TWD – 1,584 TWD · the 799.00 TWD price screens above the 568.16 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

International Games System Co (3293) currently trades at 799.00 TWD, while our model-based Fair Value estimate is 568.16 TWD, implying the stock looks roughly 28.9% overvalued today. The Quality Score stands at 77/100 (high quality), in the Communication Services 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, International Games System Co generated revenue of 22.9B TWD at a net margin of 49.6%. Revenue grew 16.9% year over year. It earns a return on equity of 99.2%. The stock trades on a trailing P/E of 20.9. Fundamentals as of Jul 16, 2026

Our scenario range runs from 427.11 TWD (bear case) to 1,584 TWD (bull case); at 799.00 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 9% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -9% fair-value upside, at -29%, 3293 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 BearBaseBull Evidence
Highest evidence
Residual Income 244.64 TWD 296.91 TWD 1,835 TWD 76
Growth DCF 654.94 TWD 1,215 TWD 2,347 TWD 72
Gordon GGM 266.27 TWD 553.64 TWD 878.29 TWD 70
All 26 models by family
DCF Models
FCF DCF 696.07 TWD 1,093 TWD 2,357 TWD 38
Owner Earnings 613.79 TWD 1,392 TWD 3,025 TWD 31
5Y Revenue Exit 322.54 TWD 495.84 TWD 845.25 TWD 39
5Y EBITDA Exit 506.41 TWD 873.42 TWD 1,579 TWD 41
5Y P/E Exit 664.25 TWD 1,451 TWD 2,509 TWD 38
10Y Revenue Exit 425.08 TWD 763.87 TWD 969.95 TWD 36
10Y EBITDA Exit 565.47 TWD 1,149 TWD 2,198 TWD 37
10Y P/E Exit 679.73 TWD 1,479 TWD 2,869 TWD 35
Earnings-Based
Graham-Dodd 261.85 TWD 1,826 TWD 2,563 TWD 54
Lynch FV 644.23 TWD 920.33 TWD 1,196 TWD 50
PEG = 1.0 644.23 TWD 920.33 TWD 1,196 TWD 46
EPV 401.34 TWD 467.57 TWD 525.53 TWD 59
Dividend Discount
Gordon GGM 266.27 TWD 553.64 TWD 878.29 TWD 70
DDM Multi-Stage 266.27 TWD 466.84 TWD 581.06 TWD 61
Multiples
P/E Multiple 635.38 TWD 847.17 TWD 1,059 TWD 63
P/S Multiple 205.23 TWD 273.65 TWD 342.06 TWD 58
P/B Multiple 177.51 TWD 236.68 TWD 295.85 TWD 55
EV/EBIT 560.30 TWD 745.75 TWD 931.19 TWD 53
EV/EBITDA 427.11 TWD 568.16 TWD 709.21 TWD 54
EV/Revenue 168.14 TWD 238.51 TWD 308.88 TWD 43
Asset-Based
NCAV (Graham) 33.81 TWD 45.31 TWD 67.62 TWD 50
Growth DCF
Growth DCF 654.94 TWD 1,215 TWD 2,347 TWD 72
Rev-Margin DCF 322.54 TWD 567.78 TWD 955.37 TWD 67
Economic Profit
Residual Income 244.64 TWD 296.91 TWD 1,835 TWD 76
ROIC Compounder 465.24 TWD 622.71 TWD 822.39 TWD 67
Growth Earnings
Growth-Adj P/E 853.09 TWD 1,219 TWD 1,584 TWD 68

Widest divergence: Growth Earnings (1,219 TWD) versus Asset-Based (45.31 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 22.9B TWD
Revenue growth (YoY) +16.9%
Net margin 49.6%
Return on equity 99.2%
Free cash flow 11.6B TWD FY2025
P/E ratio 18.6
More key figures
Operating margin 58.3%
EPS (TTM) 37.88 TWD
Dividend yield 5.1%
EPS growth (YoY) +19.4%

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 77 · Market factors (momentum, volatility) 64

Profitability 92
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 66
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

International Games System Co.,Ltd. plans, designs, researches, develops, manufactures, markets, services, and licenses arcade, online, and mobile games in Taiwan, the United Kingdom, Curacao, and Malta.

Full company description

International Games System Co.,Ltd. plans, designs, researches, develops, manufactures, markets, services, and licenses arcade, online, and mobile games in Taiwan, the United Kingdom, Curacao, and Malta. The company offers arcade games, such as MONSTER EYE 3,ASPHALT MOTO BLITZ DX, SAILOR'S QUEST VR, HYPERCROSS, Rolling Hero, ASPHALT9:LEGENDS ARCADE DX, Train's Party, Shooting Mania2, Ocean Tale, Bounce Fireball, Pacfish, Kickmania, Dolphin Star, Fancy Racing, Royal Archer, Sweet Kart, DINO ROCK, Fluffy Rider - Racing Park, Fruits Carnival, Fluffy Rider - Water Park, Hero of Robots, Captain Sub, DanzBase, CAPYHAMA, FOTOZONE - Back to Jurassic, Power Truck Special, Go Go Pony, Monster Eye, OVERTAKE DX, Power Truck, MOMI DANZ, ULTRAMOTO VR, Speed Rider 3DX, OVERTAKE VR, Monster Eye2, OVERTAKE, Speed Rider 3, and Costume Party games. It also provides mobile games, including Golden HoYeah Slots, Pool Ace, WE5 Dance, and star31 games. In addition, the company is involved in the planning for arcade games software and hardware; development and production of computer software; sale of self-produced products; and provision of computer system integration, advisory service, technical training, and technical services. International Games System Co.,Ltd. was incorporated in 1989 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

International Games System Co reported revenue of 22.0B TWD in FY2025 versus 11.3B TWD in FY2021, a compound +18.2%/yr. Reported net income was 10.9B TWD in FY2025, compounding +23.0%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
22.0B TWD
Latest YoY
+19.0%
Avg. growth/yr (3Y)
+22.6%
Avg. growth/yr (5Y)
+21.2%
Avg. growth/yr (10Y)
+27.7%
Revenue +18.2%/yr
FY21 11.3B TWD
FY22 11.9B TWD
FY23 14.2B TWD
FY24 18.5B TWD
FY25 22.0B TWD
Net income +23.0%/yr
FY21 4.7B TWD
FY22 5.5B TWD
FY23 6.4B TWD
FY24 9.1B TWD
FY25 10.9B TWD

3293 screens 29% overvalued. Compare with NetEase, Inc →

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Cite: Fair Value Calculator (2026). "International Games System Co Fair Value". https://www.fairvalue-calculator.com/stock/3293

Peer Group

Electronic Gaming & Multimedia · 152 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 77 · Top 25%
Fair Value upside −29% · Below median
Return on equity (TTM) 99% · Top 25%
Return on assets 31% · Top 25%
Net margin (TTM) 50% · Top 25%
Operating margin (TTM) 58% · Top 25%
Revenue growth 17% · Above median
Dividend yield (TTM) 5.1% · Top 25%

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 18.6× · Pricier than median
P/B 10.41× · Pricier than 75% of peers
P/S (TTM) 8.65× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 14.3× · 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 17
FUTURE 85 · sector 10
PAST 100 · sector 11
HEALTH 0 · sector 99
DIVIDEND 100 · sector 41

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

Insider activity: 45/100

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 Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
NetEase, Inc 9999 HK$202.60 HK$192.74 -5%
Electronic Arts Inc EA $207.27 $76.57 -63%
Take-Two Interactive Software, Inc TTWO $237.04 $60.45 -74%
Roblox Corporation RBLX $57.07 $21.20 -63%
Zhejiang Century Huatong Group 002602 ¥14.04 ¥14.68 +5%
KRAFTON, Inc 259960 240,500 KRW 395,557 KRW +64%
Kunlun Tech Co 300418 ¥44.61 ¥6.87 -85%
Giant Network Group 002558 ¥29.98 ¥15.69 -48%
37 Interactive Entertainment Network Technology Group 002555 ¥19.02 ¥22.29 +17%
Kingnet Network Co 002517 ¥16.69 ¥15.15 -9%

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Frequently asked questions

Is International Games System Co (3293) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 568.16 TWD versus a price of 799.00 TWD, about −29% (overvalued).
What is the fair value of 3293?
Our model-based fair value for International Games System Co is 568.16 TWD (as of Jul 16, 2026), built from audited fundamentals. The current price is 799.00 TWD.
What is the quality score of 3293?
International Games System Co has a Quality Score of 77/100. 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 International Games System Co (3293)?
International Games System Co reported trailing-twelve-month revenue of about 22.9B TWD (latest available figure, as of Jul 16, 2026).
What is the net profit margin of 3293?
The net profit margin of International Games System Co is about 49.6%, meaning it keeps roughly 49.6% of revenue as net income. Based on the latest reported figures.
Does International Games System Co pay a dividend?
International Games System Co currently shows a dividend yield of about 4.50% relative to its recent price (as of Jul 16, 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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