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Datavan International (3521) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Datavan International TWD 6.85, price TWD 11.80, upside -41.9%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Industrials · TW · ISIN TW0003521001

DI Thin data Sep 24, 2026

Datavan International

3521 · TWO

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value 6.85 TWD · Strongly overvalued (−42%)
!Quality 56/100
!Weak Growth (revenue 5y −4.9 %/yr)
!Loss-making · -3.7% net margin (FY2025)
✓Low debt · generates free cash flow
✓Ranks above peers (6/10)
!Narrow moat 43/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

28.65 TWD 10.50 TWD Fair Value 6.85 TWD May 2021 Sep 2026

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 10.50 TWD – 28.65 TWD · fair‑value band 6.12 TWD – 7.87 TWD · the 11.80 TWD price screens above the 6.85 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

TSG Development Co., Ltd., together with its subsidiaries, provides POS terminals in Asia, Europe, and internationally. It operates through Technology and Construction segments.

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TSG Development Co., Ltd., together with its subsidiaries, provides POS terminals in Asia, Europe, and internationally. It operates through Technology and Construction segments. The company engages in the research, design, development, manufacture, and sale of computer information equipment, and terminal sales system hardware and software; import and export of computer information equipment and its peripheral equipment parts and accessories; residential and building development, leasing, and sales; investment in the construction of public buildings; repair and maintenance; and real estate construction, sales, and management activities. It also offers POS touch terminals, kiosk self-service systems, modular POS, and industrial PCs; desktop POS; smart retail management and service systems; mobile payment terminals; box PCs; panel PCs; contactless access control solutions; digital signage; POS peripherals, including thermal printers, cash drawers, barcode scanners, and facelook attachment products; and POS extension kits, such as VIVA, SATURN, ARC, TANGO, WONDER, and GLAMOR extension kits. The company was formerly known as DataVan International Corporation and changed its name to TSG Development Co., Ltd. in November 2025. TSG Development Co., Ltd. was founded in 1986 and is based in Kaohsiung, Taiwan.

Stock analysis

Datavan International (3521) currently trades at 11.80 TWD, while our model-based Fair Value estimate is 6.85 TWD, implying the stock looks roughly 72.2% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 8.90 TWD per share, and 0 of the 8 models we run sit above the 11.80 TWD price.

Bear case: the Asset-Based group reads lowest at 5.31 TWD, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: 6.12 TWD (bear) to 7.87 TWD (bull), the price of 11.80 TWD sits above 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 56/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Datavan International reported revenue of 247M TWD in FY2025 versus 364M TWD in FY2021, a compound −9.3%/yr. Reported net income was −9.2M TWD in FY2025.

Key figures

Market cap 2.3B TWD · P/E ratio 5.8 · P/S ratio 38.0 · EPS (TTM) 2.04 TWD · Net margin −3.7% · Return on equity 18.1% · Return on assets (EBIT) −6.0% · Operating margin −1,624%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 30% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −42%, 3521 screens richer than that median.

Fair Value models

Bear 6.12 TWD Fair Value 6.85 TWD Bull 7.87 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 (1.50 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.
Highest evidence
FCF DCF 7.06 TWD 7.76 TWD 8.95 TWD 82
Growth DCF 7.12 TWD 7.78 TWD 8.81 TWD 80
Owner Earnings 4.31 TWD 4.38 TWD 4.51 TWD 78
All 8 models by family
DCF Models
FCF DCF 7.06 TWD 7.76 TWD 8.95 TWD 82
Owner Earnings 4.31 TWD 4.38 TWD 4.51 TWD 78
5Y Revenue Exit 7.12 TWD 8.39 TWD 10.23 TWD 74
10Y Revenue Exit 7.00 TWD 7.98 TWD 9.10 TWD 68
Multiples
EV/Revenue 7.43 TWD 8.90 TWD 10.36 TWD 54
Asset-Based
NCAV (Graham) 3.96 TWD 5.31 TWD 7.92 TWD 54
Growth DCF
Growth DCF 7.12 TWD 7.78 TWD 8.81 TWD 80
Rev-Margin DCF 7.12 TWD 8.45 TWD 10.13 TWD 74

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Quality Score breakdown

Overall quality 56/100

Of which business quality 59 · Market factors (momentum, volatility) 40

Profitability 7
Margins and returns on capital today
Quality Growth 92
Are margins and returns improving?
Cashflow 99
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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 growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+58.3%
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.
−1.1%
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.
−4.9%
Start year 2020 (pandemic)
Revenue growth 8 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.
−7.8%
Profit margin (trend) ⓘ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.
−14.5% (2020) → −11.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+12.4%
Yearly growth needed for the next five years to justify today's price.
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 +10.6% a year for the price.

3521 screens 72% overvalued. Compare with Quanta Services, Inc →

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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.Engineering & Construction · 839 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside −42% · Below median
Profitability
Return on equity (TTM) 18% · Top 25%
Return on assets −3% · Bottom 25%
Net margin (TTM) −4% · Bottom 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 5.8× · Cheapest 25%
P/B 0.05× · Cheapest 25%
P/S (TTM) 1.19× · Pricier than median
P/FCF 1.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 29
FUTURE (revenue growth)0 · sector 11
PAST (return on equity)72 · sector 29
HEALTH (low debt)100 · sector 94
DIVIDEND (yield)0 · sector 41

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

Context: sector, industry, market

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

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Vinci SA DG €110.50 €185.62 +68%
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Larsen & Toubro Limited LT ₹3,930 ₹1,994 −49%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 256,792 KRW −30%
HOCHTIEF Aktiengesellschaft HOT €397.00 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €92.75 €75.04 −19%
EMCOR Group EME $751.80 $521.87 −31%
MasTec, Inc MTZ $217.52 $106.05 −51%

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Datavan International · Fair Value
6.85 TWD −72%Fair Value
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Cite: Fair Value Calculator (2026). "Datavan International Fair Value". https://www.fairvalue-calculator.com/stock/3521

Frequently asked questions

Is Datavan International (3521) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6.85 TWD versus a price of 11.80 TWD, about −42% upside (overvalued).
What is the fair value of 3521?
Our model-based fair value for Datavan International is 6.85 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 11.80 TWD.
What is the quality score of 3521?
Datavan International has a Quality Score of 56/100. 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 Datavan International (3521)?
Our model-based price target is the fair value of 6.85 TWD (as of Sep 24, 2026) from 8 valuation models. Cautious scenario 6.12 TWD, optimistic scenario 7.87 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Datavan International stock forecast for 2026?
Our models put fair value at 6.85 TWD, about −42% upside versus a price of 11.80 TWD (overvalued). Cautious scenario 6.12 TWD, optimistic scenario 7.87 TWD. The calculation is refreshed regularly with new filings.
What growth is priced into Datavan International (3521)?
For today's price to be fair in a discounted-cash-flow model, Datavan International would have to grow free cash flow by +12.4 % 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 -4.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3521 use?
Our models discount Datavan International at 11.8 %: a base by market capitalisation (micro), damped by beta 0.07, 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 Datavan International that is +12.4 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Datavan International (3521) delivered so far?
Over the past 5 years revenue at Datavan International grew -4.9 % a year. The price currently implies +12.4 % 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 Datavan International (3521) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Datavan International (+12.4 % 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 Datavan International (3521)?
The free-cash-flow yield on the price is 4.07 %: that much free cash flow Datavan International 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 Datavan International (3521)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Datavan International it is 6.85 TWD per share (as of Sep 24, 2026), against a price of 11.80 TWD. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Datavan International stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3521 trades above its calculated fair value: price 11.80 TWD, fair value 6.85 TWD, a gap of about −42% (overvalued). 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 3521?
No. The price is what the market pays today (11.80 TWD); the fair value is what the company's own numbers justify (6.85 TWD). For Datavan International the two are 4.95 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Datavan International worth?
The market values Datavan International at about 2.3B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 11.80 TWD; our models calculate a fair value of 6.85 TWD per share.
What do the bullish and bearish scenarios say about 3521?
Our models span a range for Datavan International: cautious scenario 6.12 TWD, base 6.85 TWD, optimistic 7.87 TWD per share (as of Sep 24, 2026, price 11.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3521?
Datavan International trades at a price-to-earnings ratio of 5.8 (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 6.85 TWD is built from several models across several years. Other multiples: P/B 0.1, P/S 1.2.
How solid is the balance sheet of Datavan International (3521)?
Balance-sheet figures for Datavan International (as of Sep 24, 2026): return on equity 18.1%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 3521 from its 52-week high?
Datavan International trades at 11.80 TWD, about 30% below its 52-week high of 16.80 TWD and 4% above the low of 11.35 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 6.85 TWD is for.
Which stocks are comparable to Datavan International?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Datavan International stock attractive at the current price?
The data as of Sep 24, 2026: price 11.80 TWD, calculated fair value 6.85 TWD (−42%), Quality Score 56/100, from 8 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 3521 calculated?
We run Datavan International through 8 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 6.85 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. Datavan International itself currently trades above fair value. 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 Datavan International (3521)?
The closing price on Sep 24, 2026 was 11.80 TWD. Our model-based fair value is 6.85 TWD, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Datavan International right now?
The price sits above even our optimistic bull case (7.87 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Datavan International

How large is the market capitalisation of Datavan International (3521)?
The market capitalisation of Datavan International is 2.3B TWD. 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 Datavan International (3521)?
The price-to-sales ratio of Datavan International is 38.0 (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 Datavan International (3521)?
Earnings per share at Datavan International are 2.04 TWD (price ÷ EPS = P/E 5.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Datavan International (3521)?
The net margin of Datavan International is −3.7% (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 Datavan International (3521)?
The return on equity (ROE) of Datavan International is 18.1% (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 Datavan International (3521)?
On an EBIT basis the return on assets of Datavan International is −6.0% (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 Datavan International (3521)?
The operating margin of Datavan International is −1,624% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at Datavan International (3521)?
Earnings per share at Datavan International are growing −85.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Datavan International (3521) carry?
The net debt of Datavan International is 227M TWD (fiscal year 2023, ≈ 3.2 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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