CALB Co. Ltd. (3931) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of CALB Co. Ltd. HK$16.53, price HK$17.36, upside -4.8%, quality 43 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 27, 2026.
How to read this chart
48‑month range HK$11.26 – HK$38.00 · fair‑value band HK$13.20 – HK$20.67 · the HK$17.36 price screens above the HK$16.53 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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CALB Group Co., Ltd., a new energy technology company, engages in the design, research, development, production, and sale of electric vehicle batteries and energy storage system products in Mainland China, Europe, Asia, the United States, and internationally.
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CALB Group Co., Ltd., a new energy technology company, engages in the design, research, development, production, and sale of electric vehicle batteries and energy storage system products in Mainland China, Europe, Asia, the United States, and internationally. The company is also involved in research, production, sales and market application development of lithium batteries, battery management systems, and related integrated products, as well as materials for lithium batteries; and research and development, manufacturing, and sales of automotive parts and accessories. It also offers UP, ZHIYUAN, Boundless, and ZHIJIU batteries. The company serves passenger and commercial vehicle, energy storage, ship, low altitude, and robot markets. CALB Group Co., Ltd. was incorporated in 2022 and is headquartered in Changzhou, the People's Republic of China.
Stock analysis
CALB Co. Ltd. (3931) currently trades at HK$17.36, while our model-based Fair Value estimate is HK$16.53, so the stock looks roughly fairly valued today (gap 5.0%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$44.54 per share, and 7 of the 14 models we run sit above the HK$17.36 price.
Bear case: the Economic Profit group reads lowest at HK$3.30, and 7 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: HK$13.20 (bear) to HK$20.67 (bull), the price of HK$17.36 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 43/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CALB Co. Ltd. reported revenue of 44.4B CNY in FY2025 versus 6.8B CNY in FY2021, a compound +59.8%/yr. Reported net income was 1.5B CNY in FY2025, compounding +80.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap HK$30.8B (≈ $3.9B) · P/E ratio 24.0 · P/S ratio 0.80 · EPS (TTM) HK$0.2500 · Net margin 3.3% · Return on equity 4.4% · Return on assets (EBIT) 1.0% · Operating margin 7.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 54% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −38% fair-value upside, at −5%, 3931 screens cheaper than that median.
Fair Value models
Bear HK$13.20Fair Value HK$16.53Bull HK$20.67
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 (HK$0.1877 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+60.0%
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.
+29.6%
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.
+73.5%
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.
+71.7%
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What shareholders gained per year (last 5 years) ⓘ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.
≈ +82.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+82.6%
Dividend (yield on the price)0.0%
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.2% → 7%
⚠ Approximate: the rate leans on 2025, which sits 150% above its own trend.
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.Electrical Equipment & Parts · 545 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score43 · Below median
Fair Value upside−4.8% · Above median
Profitability
Return on equity (TTM)4.4% · Below median
Return on assets1.8% · Below median
Net margin (TTM)4.7% · Below median
Operating margin (TTM)7.7% · Above median
Growth and dividend
Revenue growth71.2% · Top 25%
Balance sheet
Debt / equity0.88× · Highest 25%
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
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Is CALB Co. Ltd. (3931) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$16.53 versus a price of HK$17.36, about −5% upside (fairly valued).
What is the fair value of 3931?
Our model-based fair value for CALB Co. Ltd. is HK$16.53 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$17.36.
What is the quality score of 3931?
CALB Co. Ltd. has a Quality Score of 43/100. 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 CALB Co. Ltd. (3931)?
Our model-based price target is the fair value of HK$16.53 (as of Sep 27, 2026) from 14 valuation models. Cautious scenario HK$13.20, optimistic scenario HK$20.67. It is a calculation from audited fundamentals, not an analyst target.
What is the CALB Co. Ltd. stock forecast for 2026?
Our models put fair value at HK$16.53, about −5% upside versus a price of HK$17.36 (fairly valued). Cautious scenario HK$13.20, optimistic scenario HK$20.67. The calculation is refreshed regularly with new filings.
What is the revenue of CALB Co. Ltd. (3931)?
CALB Co. Ltd. reported trailing-twelve-month revenue of about 49.3B CNY (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of CALB Co. Ltd. (3931)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CALB Co. Ltd. it is HK$16.53 per share (as of Sep 27, 2026), against a price of HK$17.36. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is CALB Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 3931 trades above its calculated fair value: price HK$17.36, fair value HK$16.53, a gap of about −5% (fairly valued). 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 3931?
No. The price is what the market pays today (HK$17.36); the fair value is what the company's own numbers justify (HK$16.53). For CALB Co. Ltd. the two are HK$0.8300 per share apart. That gap is exactly why we show both numbers side by side.
How much is CALB Co. Ltd. worth?
The market values CALB Co. Ltd. at about HK$30.8B (market capitalisation, as of Sep 27, 2026). Per share that is HK$17.36; our models calculate a fair value of HK$16.53 per share.
What do the bullish and bearish scenarios say about 3931?
Our models span a range for CALB Co. Ltd.: cautious scenario HK$13.20, base HK$16.53, optimistic HK$20.67 per share (as of Sep 27, 2026, price HK$17.36). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3931?
CALB Co. Ltd. trades at a price-to-earnings ratio of 24.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$16.53 is built from several models across several years. Other multiples: PEG 0.6, P/B 0.7, P/S 0.8, EV/EBITDA 8.3.
What is the PEG ratio of 3931?
The PEG ratio of CALB Co. Ltd. is 0.61 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of CALB Co. Ltd. (3931)?
Balance-sheet figures for CALB Co. Ltd. (as of Sep 27, 2026): return on equity 4.4%, debt of 0.88 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 3931 from its 52-week high?
CALB Co. Ltd. trades at HK$17.36, about 54% below its 52-week high of HK$37.82 and 8% above the low of HK$16.12 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$16.53 is for.
Which stocks are comparable to CALB Co. Ltd.?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, 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 CALB Co. Ltd. stock attractive at the current price?
The data as of Sep 27, 2026: price HK$17.36, calculated fair value HK$16.53 (−5%), Quality Score 43/100, from 14 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 3931 calculated?
We run CALB Co. Ltd. through 14 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 HK$16.53, 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 14.7 % above its aggregate fair value. CALB 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 CALB Co. Ltd. (3931)?
The closing price on Sep 30, 2026 was HK$17.36. Our model-based fair value is HK$16.53, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CALB Co. Ltd. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of CALB Co. Ltd.
How large is the market capitalisation of CALB Co. Ltd. (3931)?
The market capitalisation of CALB Co. Ltd. is HK$30.8B (≈ $3.9B). 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 CALB Co. Ltd. (3931)?
The price-to-sales ratio of CALB Co. Ltd. is 0.80 (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 CALB Co. Ltd. (3931)?
Earnings per share at CALB Co. Ltd. are HK$0.2500 (price ÷ EPS = P/E 24.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CALB Co. Ltd. (3931)?
The net margin of CALB Co. Ltd. is 3.3% (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 CALB Co. Ltd. (3931)?
The return on equity (ROE) of CALB Co. Ltd. is 4.4% (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 CALB Co. Ltd. (3931)?
On an EBIT basis the return on assets of CALB Co. Ltd. is 1.0% (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 CALB Co. Ltd. (3931)?
The operating margin of CALB Co. Ltd. is 7.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CALB Co. Ltd. (3931)?
Revenue at CALB Co. Ltd. is growing +71.2% versus a year earlier (3y avg +29.6%). 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 CALB Co. Ltd. (3931)?
Earnings per share at CALB Co. Ltd. are growing +62.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CALB Co. Ltd. (3931) generate?
The free cash flow of CALB Co. Ltd. is −6.6B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CALB Co. Ltd. (3931) carry?
The net debt of CALB Co. Ltd. is 48.7B CNY (fiscal year 2025). 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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