Papago Inc (3632) Fair Value & Analysis
Technology · TW · Market cap 174M TWD
Fair value as of: Jul 23, 2026
From 10 valuation models · updated 18 days ago
Fair value updated Jul 23, 2026, revised from 0.5100 TWD to 0.9400 TWD (+84.3%) since Jul 9, 2026. Share price −6.9% over the past month.
Below-average quality, and screening another 88% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1.79 TWD). The favourable scenario is already priced in.
- The model range is unusually wide (0.1880 TWD to 1.79 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.
How to read this chart
60‑month range 7.28 TWD – 17.45 TWD · fair‑value band 0.1880 TWD – 1.79 TWD · the 8.00 TWD price screens above the 0.9400 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Papago Inc (3632) currently trades at 8.00 TWD, while our model-based Fair Value estimate is 0.9400 TWD, implying the stock looks roughly 88.3% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Technology 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: medium).
Over the trailing twelve months, Papago Inc generated revenue of 273M TWD at a net margin of -3.6%. Revenue grew 13.4% year over year. It earns a return on equity of -5.9%. Net debt stands at 54.1M TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 0.1880 TWD (bear case) to 1.79 TWD (bull case); at 8.00 TWD, the current price sits above 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 29% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -88%, 3632 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.
All 10 models by family
Widest divergence: Asset-Based (3.65 TWD) versus Multiples (1.86 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 36
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
3632 screens 88% overvalued. Compare with SAP SE →
Peer Group
Software - Application · 709 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.
Valuation Multiples vs Software - Application median · lower = cheaper
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: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.69 | C$16.26 | +28% |
| Shopify Inc SHOP | C$173.23 | C$20.54 | -88% |
| Uber Technologies, Inc UBER | $72.67 | $51.11 | -30% |
| Salesforce, Inc CRM | $170.77 | $182.10 | +7% |
| ServiceNow, Inc NOW | $107.71 | $33.12 | -69% |
| Cadence Design Systems, Inc CDNS | $384.17 | $80.41 | -79% |
| Snowflake Inc SNOW | $271.87 | $34.04 | -87% |
| Adobe Inc ADBE | $230.61 | $379.48 | +65% |
| Automatic Data Processing, Inc ADP | $241.92 | $177.51 | -27% |
| Intuit Inc INTU | $291.09 | $258.69 | -11% |
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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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