Userjoy Technology Co Ltd (3546) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Userjoy Technology Co Ltd TWD 29.55, price TWD 73.10, upside -59.6%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 40.88 TWD – 272.35 TWD · fair‑value band 20.83 TWD – 40.12 TWD · the 73.10 TWD price screens above the 29.55 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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USERJOY Technology Co.,Ltd., together with its subsidiaries, designs, researches, develops, and sells online and mobile game software in Taiwan and internationally. The company offers single player games on PC, massive multiplayer online role-playing games, web and mobile games, console games, and AR/VR games. USERJOY Technology Co.,Ltd.
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USERJOY Technology Co.,Ltd., together with its subsidiaries, designs, researches, develops, and sells online and mobile game software in Taiwan and internationally. The company offers single player games on PC, massive multiplayer online role-playing games, web and mobile games, console games, and AR/VR games. USERJOY Technology Co.,Ltd. was incorporated in 1995 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Userjoy Technology Co Ltd (3546) currently trades at 73.10 TWD, while our model-based Fair Value estimate is 29.55 TWD, implying the stock looks roughly 147.4% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 35.10 TWD per share, and 0 of the 25 models we run sit above the 73.10 TWD price.
Bear case: the Earnings-Based group reads lowest at 15.56 TWD, and 25 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: 20.83 TWD (bear) to 40.12 TWD (bull), the price of 73.10 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 59/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Userjoy Technology Co Ltd reported revenue of 1.4B TWD in FY2025 versus 1.7B TWD in FY2021, a compound −4.3%/yr. Reported net income was 115M TWD in FY2025, compounding −20.6%/yr from FY2021.
Key figures
Market cap 4.3B TWD (≈ $134M) · P/E ratio 39.1 · P/S ratio 3.16 · EPS (TTM) 1.87 TWD · Dividend yield 2.6% · Net margin 8.1% · Return on equity 12.0% · Return on assets (EBIT) 12.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 73% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −60%, 3546 screens richer than that median.
Fair Value models
Bear 20.83 TWDFair Value 29.55 TWDBull 40.12 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.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.
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
+2.1%
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.
−3.5%
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.
−1.7%
Start year 2020 (pandemic). Over 10 years: +8.3% a year
Revenue growth 17 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.
+6.3%
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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.
−17.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.0%
Dividend (yield on the price)2.6%
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.22% → 11%
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).
+29.9%
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 +27.9% a year for the price.
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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.Electronic Gaming & Multimedia · 149 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). "Userjoy Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3546
Frequently asked questions
Is Userjoy Technology Co Ltd (3546) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 29.55 TWD versus a price of 73.10 TWD, about −60% upside (overvalued).
What is the fair value of 3546?
Our model-based fair value for Userjoy Technology Co Ltd is 29.55 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 73.10 TWD.
What is the quality score of 3546?
Userjoy Technology Co Ltd has a Quality Score of 59/100. 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 Userjoy Technology Co Ltd (3546)?
Our model-based price target is the fair value of 29.55 TWD (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 20.83 TWD, optimistic scenario 40.12 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Userjoy Technology Co Ltd stock forecast for 2026?
Our models put fair value at 29.55 TWD, about −60% upside versus a price of 73.10 TWD (overvalued). Cautious scenario 20.83 TWD, optimistic scenario 40.12 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Userjoy Technology Co Ltd (3546)?
Userjoy Technology Co Ltd reported trailing-twelve-month revenue of about 1.6B TWD (latest available figure, as of Sep 24, 2026).
Does Userjoy Technology Co Ltd pay a dividend?
Userjoy Technology Co Ltd currently shows a dividend yield of about 2.61% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Userjoy Technology Co Ltd (3546)?
For today's price to be fair in a discounted-cash-flow model, Userjoy Technology Co Ltd would have to grow free cash flow by +29.9 % 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 -1.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3546 use?
Our models discount Userjoy Technology Co Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.12, 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 Userjoy Technology Co Ltd that is +29.9 % 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 Userjoy Technology Co Ltd (3546) delivered so far?
Over the past 5 years revenue at Userjoy Technology Co Ltd grew -1.7 % a year. The price currently implies +29.9 % 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 Userjoy Technology Co Ltd (3546) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Userjoy Technology Co Ltd (+29.9 % 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 Userjoy Technology Co Ltd (3546)?
The free-cash-flow yield on the price is 2.21 %: that much free cash flow Userjoy Technology Co Ltd 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 Userjoy Technology Co Ltd (3546)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Userjoy Technology Co Ltd it is 29.55 TWD per share (as of Sep 24, 2026), against a price of 73.10 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Userjoy Technology Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3546 trades above its calculated fair value: price 73.10 TWD, fair value 29.55 TWD, a gap of about −60% (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 3546?
No. The price is what the market pays today (73.10 TWD); the fair value is what the company's own numbers justify (29.55 TWD). For Userjoy Technology Co Ltd the two are 43.55 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Userjoy Technology Co Ltd worth?
The market values Userjoy Technology Co Ltd at about 4.3B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 73.10 TWD; our models calculate a fair value of 29.55 TWD per share.
What do the bullish and bearish scenarios say about 3546?
Our models span a range for Userjoy Technology Co Ltd: cautious scenario 20.83 TWD, base 29.55 TWD, optimistic 40.12 TWD per share (as of Sep 24, 2026, price 73.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3546?
Userjoy Technology Co Ltd trades at a price-to-earnings ratio of 39.1 (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 29.55 TWD is built from several models across several years. Other multiples: P/B 2.8, P/S 2.7, EV/EBITDA 15.7.
How solid is the balance sheet of Userjoy Technology Co Ltd (3546)?
Balance-sheet figures for Userjoy Technology Co Ltd (as of Sep 24, 2026): return on equity 12.0%, debt of 0.22 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 3546 from its 52-week high?
Userjoy Technology Co Ltd trades at 73.10 TWD, about 73% below its 52-week high of 272.35 TWD and 21% above the low of 60.53 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 29.55 TWD is for.
Which stocks are comparable to Userjoy Technology Co Ltd?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Userjoy Technology Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 73.10 TWD, calculated fair value 29.55 TWD (−60%), Quality Score 59/100, from 25 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 3546 calculated?
We run Userjoy Technology Co Ltd through 25 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 29.55 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 14.0 % above its aggregate fair value. Userjoy Technology Co Ltd 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 Userjoy Technology Co Ltd (3546)?
The closing price on Sep 24, 2026 was 73.10 TWD. Our model-based fair value is 29.55 TWD, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Userjoy Technology Co Ltd right now?
The price sits above even our optimistic bull case (40.12 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (20.83 TWD to 40.12 TWD) leaves room in how you read the outcome.
Key figures of Userjoy Technology Co Ltd
How large is the market capitalisation of Userjoy Technology Co Ltd (3546)?
The market capitalisation of Userjoy Technology Co Ltd is 4.3B TWD (≈ $134M). 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 Userjoy Technology Co Ltd (3546)?
The price-to-sales ratio of Userjoy Technology Co Ltd is 3.16 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Userjoy Technology Co Ltd (3546)?
Earnings per share at Userjoy Technology Co Ltd are 1.87 TWD (price ÷ EPS = P/E 39.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Userjoy Technology Co Ltd (3546)?
The dividend yield of Userjoy Technology Co Ltd is 2.6% (payout 102%). 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 Userjoy Technology Co Ltd (3546)?
The net margin of Userjoy Technology Co Ltd is 8.1% (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 Userjoy Technology Co Ltd (3546)?
The return on equity (ROE) of Userjoy Technology Co Ltd is 12.0% (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 Userjoy Technology Co Ltd (3546)?
On an EBIT basis the return on assets of Userjoy Technology Co Ltd is 12.4% (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 Userjoy Technology Co Ltd (3546)?
The operating margin of Userjoy Technology Co Ltd is 28.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Userjoy Technology Co Ltd (3546)?
Revenue at Userjoy Technology Co Ltd is growing +50.1% versus a year earlier (3y avg −3.5%). 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 Userjoy Technology Co Ltd (3546)?
Earnings per share at Userjoy Technology Co Ltd are growing +159% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Userjoy Technology Co Ltd (3546) carry?
The net debt of Userjoy Technology Co Ltd is 3.2M TWD (fiscal year 2024, ≈ 0.0 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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