Papago Inc. (3632) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Papago Inc. TWD 4.92, price TWD 7.20, upside -31.7%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Papago Inc. develops and sells software and hardware for satellite navigation systems in Taiwan and internationally. The company offers face recognition solutions; electronic signage products; satellite navigation products, such as handheld navigation and car navigation; car-mounted android phone products; smart life products; and driving recorders.
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Papago Inc. develops and sells software and hardware for satellite navigation systems in Taiwan and internationally. The company offers face recognition solutions; electronic signage products; satellite navigation products, such as handheld navigation and car navigation; car-mounted android phone products; smart life products; and driving recorders. It offers its products online, as well as through retail stores. Papago Inc. was founded in 1990 and is based in Taipei, Taiwan.
Stock analysis
Papago Inc. (3632) currently trades at 7.20 TWD, while our model-based Fair Value estimate is 4.92 TWD, implying the stock looks roughly 46.3% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 5.14 TWD per share, and 0 of the 10 models we run sit above the 7.20 TWD price.
Bear case: the Multiples group reads lowest at 3.17 TWD, and 10 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.16 TWD (bear) to 6.52 TWD (bull), the price of 7.20 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 48/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Papago Inc. reported revenue of 265M TWD in FY2025 versus 351M TWD in FY2021, a compound −6.8%/yr. Reported net income was −15.6M TWD in FY2025.
Key figures
Market cap 294M TWD (≈ $9.3M) · P/S ratio 0.64 · EPS (TTM) −0.3800 TWD · Net margin −5.9% · Return on equity −5.9% · Return on assets (EBIT) −9.6% · Operating margin 7.8% · Revenue (TTM) 273M TWD.
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 29% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at −32%, 3632 screens richer than that median.
Fair Value models
Bear 3.16 TWDFair Value 4.92 TWDBull 6.52 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.18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−28.7%
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.
−11.3%
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.
−8.3%
Start year 2020 (pandemic)
Revenue growth 6 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.
−13.3%
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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.
−51.1% (2020) → −5.3% (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).
+14.0%
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 +12.2% 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.Software - Application · 721 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−32% · Below median
Profitability
Return on assets−1% · Below median
Net margin (TTM)−4% · Below median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth13% · Above median
Balance sheet
Debt / equity0.48× · Highest 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
P/B0.08× · Cheapest 25%
P/S (TTM)0.03× · Cheapest 25%
P/FCF0.9× · Cheapest 25%
EV/EBITDA23.3× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)67· sector 38
PAST (return on equity)0· sector 16
HEALTH (low debt)76· sector 97
DIVIDEND (yield)0· sector 30
VALUE 0: the price sits above our fair-value range.
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). "Papago Inc. Fair Value". https://www.fairvalue-calculator.com/stock/3632
Frequently asked questions
Is Papago Inc. (3632) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4.92 TWD versus a price of 7.20 TWD, about −32% upside (overvalued).
What is the fair value of 3632?
Our model-based fair value for Papago Inc. is 4.92 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 7.20 TWD.
What is the quality score of 3632?
Papago Inc. has a Quality Score of 48/100. 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 Papago Inc. (3632)?
Our model-based price target is the fair value of 4.92 TWD (as of Sep 24, 2026) from 10 valuation models. Cautious scenario 3.16 TWD, optimistic scenario 6.52 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Papago Inc. stock forecast for 2026?
Our models put fair value at 4.92 TWD, about −32% upside versus a price of 7.20 TWD (overvalued). Cautious scenario 3.16 TWD, optimistic scenario 6.52 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Papago Inc. (3632)?
Papago Inc. reported trailing-twelve-month revenue of about 273M TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Papago Inc. (3632)?
For today's price to be fair in a discounted-cash-flow model, Papago Inc. would have to grow free cash flow by +14.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -8.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3632 use?
Our models discount Papago Inc. at 9.0 %: a base by market capitalisation (nano), damped by beta 0.05, 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 Papago Inc. that is +14.0 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Papago Inc. (3632) delivered so far?
Over the past 5 years revenue at Papago Inc. grew -8.3 % a year. The price currently implies +14.0 % 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 Papago Inc. (3632) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Papago Inc. (+14.0 % 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 Papago Inc. (3632)?
The free-cash-flow yield on the price is 3.63 %: that much free cash flow Papago Inc. produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Papago Inc. (3632)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Papago Inc. it is 4.92 TWD per share (as of Sep 24, 2026), against a price of 7.20 TWD. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Papago Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3632 trades above its calculated fair value: price 7.20 TWD, fair value 4.92 TWD, a gap of about −32% (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 3632?
No. The price is what the market pays today (7.20 TWD); the fair value is what the company's own numbers justify (4.92 TWD). For Papago Inc. the two are 2.28 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Papago Inc. worth?
The market values Papago Inc. at about 294M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 7.20 TWD; our models calculate a fair value of 4.92 TWD per share.
What do the bullish and bearish scenarios say about 3632?
Our models span a range for Papago Inc.: cautious scenario 3.16 TWD, base 4.92 TWD, optimistic 6.52 TWD per share (as of Sep 24, 2026, price 7.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Papago Inc. (3632)?
Balance-sheet figures for Papago Inc. (as of Sep 24, 2026): return on equity −5.9%, debt of 0.48 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 3632 from its 52-week high?
Papago Inc. trades at 7.20 TWD, about 29% below its 52-week high of 10.20 TWD and 2% above the low of 7.07 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 4.92 TWD is for.
Which stocks are comparable to Papago Inc.?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, 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 Papago Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price 7.20 TWD, calculated fair value 4.92 TWD (−32%), Quality Score 48/100, from 10 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 3632 calculated?
We run Papago Inc. through 10 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 4.92 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. Papago Inc. 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 Papago Inc. (3632)?
The closing price on Sep 24, 2026 was 7.20 TWD. Our model-based fair value is 4.92 TWD, about −32% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Papago Inc. right now?
The price sits above even our optimistic bull case (6.52 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 (48/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (3.16 TWD to 6.52 TWD) leaves room in how you read the outcome.
Key figures of Papago Inc.
How large is the market capitalisation of Papago Inc. (3632)?
The market capitalisation of Papago Inc. is 294M TWD (≈ $9.3M). 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 Papago Inc. (3632)?
The price-to-sales ratio of Papago Inc. is 0.64 (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 Papago Inc. (3632)?
Earnings per share at Papago Inc. are −0.3800 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Papago Inc. (3632)?
The net margin of Papago Inc. is −5.9% (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 Papago Inc. (3632)?
The return on equity (ROE) of Papago Inc. is −5.9% (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 Papago Inc. (3632)?
On an EBIT basis the return on assets of Papago Inc. is −9.6% (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 Papago Inc. (3632)?
The operating margin of Papago Inc. is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Papago Inc. (3632)?
Revenue at Papago Inc. is growing +13.4% versus a year earlier (3y avg −11.3%). 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 Papago Inc. (3632)?
Earnings per share at Papago Inc. are growing +100% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Papago Inc. (3632) carry?
The net debt of Papago Inc. is 54.1M TWD (fiscal year 2025, ≈ 5.1 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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