Unizyx Holding Corp (3704) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Unizyx Holding Corp TWD 33.41, price TWD 40.50, upside -17.5%, quality 56 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 23, 2026.
How to read this chart
60‑month range 21.08 TWD – 65.70 TWD · fair‑value band 21.63 TWD – 47.37 TWD · the 40.50 TWD price screens above the 33.41 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Zyxel Group Corporation, together with its subsidiaries, offers networking solutions for telco, SME, and digital home in the United States, France, and internationally. It operates through four segments: Brand Business, Channel Business, Product Business, and Investment.
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Zyxel Group Corporation, together with its subsidiaries, offers networking solutions for telco, SME, and digital home in the United States, France, and internationally. It operates through four segments: Brand Business, Channel Business, Product Business, and Investment. The Brand Business segment provides end-to-end broadband access solutions to telecommunication service providers, and local services to customers. The Channel Business segment is involved in the development of channel business and provides enterprise and home users with products and application services. The Product Business segment develops products for customers and logistic services that manufacture wired and wireless broadband communication networks, internet, multimedia, and digital home applications, including intellectual life. The Investment segment engages in general investment business. It also develops, manufactures, and sells communication and networking products; and provides consultant management, network technology transfer, and technical consulting services, as well as information security products. The company offers its products under the Zyxel and MitraStar DMS brands. The company was formerly known as Unizyx Holding Corporation and changed its name to Zyxel Group Corporation in June 2023. Zyxel Group Corporation was founded in 1989 and is based in Hsinchu City, Taiwan.
Stock analysis
Unizyx Holding Corp (3704) currently trades at 40.50 TWD, while our model-based Fair Value estimate is 33.41 TWD, implying the stock looks roughly 21.2% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 36.44 TWD per share, and 6 of the 25 models we run sit above the 40.50 TWD price.
Bear case: the Dividend Discount group reads lowest at 4.31 TWD, and 19 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: 21.63 TWD (bear) to 47.37 TWD (bull), the price of 40.50 TWD sits inside 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 Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Unizyx Holding Corp reported revenue of 25.3B TWD in FY2025 versus 25.7B TWD in FY2021, a compound −0.4%/yr. Reported net income was 634M TWD in FY2025, compounding −12.8%/yr from FY2021.
Key figures
Market cap 18.4B TWD (≈ $577M) · P/E ratio 26.0 · P/S ratio 0.65 · EPS (TTM) 1.56 TWD · Dividend yield 1.0% · Net margin 2.5% · Return on equity 4.1% · Return on assets (EBIT) 5.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −46% fair-value upside, at −18%, 3704 screens cheaper than that median.
Fair Value models
Bear 21.63 TWDFair Value 33.41 TWDBull 47.37 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 (0.8485 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.
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.37/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.6%
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.
−6.1%
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.
+2.6%
Start year 2020 (pandemic). Over 10 years: +1.7% a year
Revenue growth 25 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.
+8.1%
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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. Basis: EBIT basis. 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.
−5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.9%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6% vs 11%, slowing
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.5% → 3%
Start year 2020 (pandemic)
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).
+56.0%
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 +53.6% 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.Communication Equipment · 308 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−18% · Above median
Profitability
Return on equity (TTM)4% · Above median
Return on assets2% · Above median
Net margin (TTM)2% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−10% · Bottom 25%
Dividend yield (TTM)1.0% · Below median
Valuation Multiplesvs Communication Equipment median · lower = cheaper
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Is Unizyx Holding Corp (3704) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 33.41 TWD versus a price of 40.50 TWD, about −18% upside (overvalued).
What is the fair value of 3704?
Our model-based fair value for Unizyx Holding Corp is 33.41 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 40.50 TWD.
What is the quality score of 3704?
Unizyx Holding Corp 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 Unizyx Holding Corp (3704)?
Our model-based price target is the fair value of 33.41 TWD (as of Sep 23, 2026) from 25 valuation models. Cautious scenario 21.63 TWD, optimistic scenario 47.37 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Unizyx Holding Corp stock forecast for 2026?
Our models put fair value at 33.41 TWD, about −18% upside versus a price of 40.50 TWD (overvalued). Cautious scenario 21.63 TWD, optimistic scenario 47.37 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Unizyx Holding Corp (3704)?
Unizyx Holding Corp reported trailing-twelve-month revenue of about 24.6B TWD (latest available figure, as of Sep 23, 2026).
Does Unizyx Holding Corp pay a dividend?
Unizyx Holding Corp currently shows a dividend yield of about 0.99% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Unizyx Holding Corp (3704)?
For today's price to be fair in a discounted-cash-flow model, Unizyx Holding Corp would have to grow free cash flow by +56.0 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 3704 use?
Our models discount Unizyx Holding Corp at 9.1 %: a base by market capitalisation (large), damped by beta 0.73, 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 Unizyx Holding Corp that is +56.0 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Unizyx Holding Corp (3704) delivered so far?
Over the past 5 years revenue at Unizyx Holding Corp grew +2.6 % a year. The price currently implies +56.0 % 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 Unizyx Holding Corp (3704) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Unizyx Holding Corp (+56.0 % 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 Unizyx Holding Corp (3704)?
The free-cash-flow yield on the price is 0.44 %: that much free cash flow Unizyx Holding Corp produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Unizyx Holding Corp (3704)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Unizyx Holding Corp it is 33.41 TWD per share (as of Sep 23, 2026), against a price of 40.50 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Unizyx Holding Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 3704 trades above its calculated fair value: price 40.50 TWD, fair value 33.41 TWD, a gap of about −18% (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 3704?
No. The price is what the market pays today (40.50 TWD); the fair value is what the company's own numbers justify (33.41 TWD). For Unizyx Holding Corp the two are 7.09 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Unizyx Holding Corp worth?
The market values Unizyx Holding Corp at about 18.4B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 40.50 TWD; our models calculate a fair value of 33.41 TWD per share.
What do the bullish and bearish scenarios say about 3704?
Our models span a range for Unizyx Holding Corp: cautious scenario 21.63 TWD, base 33.41 TWD, optimistic 47.37 TWD per share (as of Sep 23, 2026, price 40.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3704?
Unizyx Holding Corp trades at a price-to-earnings ratio of 26.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.41 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 0.7, EV/EBITDA 12.8.
How solid is the balance sheet of Unizyx Holding Corp (3704)?
Balance-sheet figures for Unizyx Holding Corp (as of Sep 23, 2026): return on equity 4.1%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 3704 from its 52-week high?
Unizyx Holding Corp trades at 40.50 TWD, about 20% below its 52-week high of 50.40 TWD and 31% above the low of 30.95 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 33.41 TWD is for.
Which stocks are comparable to Unizyx Holding Corp?
From the same area (Technology) we also value Cisco Systems, Inc, Zhongji Innolight Co, Foxconn Industrial Internet Co, Eoptolink Technology 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 Unizyx Holding Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 40.50 TWD, calculated fair value 33.41 TWD (−18%), Quality Score 56/100, 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 3704 calculated?
We run Unizyx Holding Corp 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 33.41 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 14.1 % above its aggregate fair value. Unizyx Holding Corp 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 Unizyx Holding Corp (3704)?
The closing price on Sep 24, 2026 was 40.50 TWD. Our model-based fair value is 33.41 TWD, about −18% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Unizyx Holding Corp right now?
Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (21.63 TWD to 47.37 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Unizyx Holding Corp (3704) come from?
Earnings per share at Unizyx Holding Corp grew +15.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.6 %, EBIT margin +3.2 %, tax rate +4.5 %, residual (interest, one-offs) +4.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Unizyx Holding Corp
How large is the market capitalisation of Unizyx Holding Corp (3704)?
The market capitalisation of Unizyx Holding Corp is 18.4B TWD (≈ $577M). 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 Unizyx Holding Corp (3704)?
The price-to-sales ratio of Unizyx Holding Corp is 0.65 (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 Unizyx Holding Corp (3704)?
Earnings per share at Unizyx Holding Corp are 1.56 TWD (price ÷ EPS = P/E 26.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Unizyx Holding Corp (3704)?
The dividend yield of Unizyx Holding Corp is 1.0% (payout 25.6%). 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 Unizyx Holding Corp (3704)?
The net margin of Unizyx Holding Corp is 2.5% (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 Unizyx Holding Corp (3704)?
The return on equity (ROE) of Unizyx Holding Corp is 4.1% (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 Unizyx Holding Corp (3704)?
On an EBIT basis the return on assets of Unizyx Holding Corp is 5.5% (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 Unizyx Holding Corp (3704)?
The operating margin of Unizyx Holding Corp is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Unizyx Holding Corp (3704)?
Revenue at Unizyx Holding Corp is growing −10.3% versus a year earlier (3y avg −6.1%). 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 Unizyx Holding Corp (3704)?
Earnings per share at Unizyx Holding Corp are growing −58.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Unizyx Holding Corp (3704) carry?
The net debt of Unizyx Holding Corp is 568M TWD (fiscal year 2025, ≈ 7.9 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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