Excelsior Medical Co Ltd (4104) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Excelsior Medical Co Ltd stock TWD 45.80, price TWD 72.00, that is 36.4% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 49.83 TWD – 98.90 TWD · fair‑value band 36.46 TWD – 57.70 TWD · the 72.00 TWD price screens above the 45.80 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Excelsior Medical Co., Ltd., together with its subsidiaries, sells medical supplies and equipment, medicines, and home medical devices in Taiwan, Hong Kong, China, the Philippines, Malaysia, and Indonesia. It operates in four segments: Excelsior, Dynamic, Arich, and Other.
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The company offers hemodialysis/plasma exchange; blood bags; artificial stomas; and health appliances.
It is also involved in the sale, maintenance, and lease of laser medical equipment for beauty treatment; sale of lifestyle and medical beauty products, cosmetic health care products, precision instruments, and real estate; manufacture of medical equipment; provision of logistics and medical management consultancy services; and investment businesses.
The company was formerly known as Enfield Medical Co. Ltd. and changed its name to Excelsior Medical Co., Ltd. in July 2009. Excelsior Medical Co., Ltd. was incorporated in 1988 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Excelsior Medical Co Ltd (4104) currently trades at 72.00 TWD, while our model-based Fair Value estimate is 45.80 TWD, 36% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 82.14 TWD per share, and 6 of the 17 models we run sit above the 72.00 TWD price.
Bear case: the Earnings-Based group reads lowest at 31.80 TWD, and 11 of the 17 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 36.46 TWD (bear) to 57.70 TWD (bull), the price of 72.00 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 46/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Excelsior Medical Co Ltd reported revenue of 8.8B TWD in FY2025 versus 6.6B TWD in FY2021, a compound +7.5%/yr. Reported net income was 806M TWD in FY2025, compounding +7.3%/yr from FY2021.
Key figures
Market cap 15.1B TWD (≈ $459M) Small · P/E ratio 14.6 · P/S ratio 1.64 · EPS (TTM) 4.92 TWD · Dividend yield 6.0% · Net margin 9.7% · Return on equity 8.6% · Return on assets (EBIT) 4.4% (5-year average).
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 14% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 33% fair-value upside, at −36%, 4104 screens richer than that median.
Fair Value models
Bear36.46 TWDFair Value 45.80 TWDBull57.70 TWD
Price 72.00 TWD · Downside -36.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5317 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. 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.Coverage ⓘCoverage = 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.38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.9%
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.
+6.9%
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.
+5.7%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 23 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.
+8.7%
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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.
+8.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.0%
Dividend (yield on the price)6.0%
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.2.0% vs 3.6%, steady
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.13% → 8%
Compare Excelsior Medical Co Ltd with another stock
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.Medical Distribution · 77 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−36.4% · Bottom 25%
Profitability
Return on equity (12 months)8.6% · Above median
Return on assets4.3% · Above median
Net margin (12 months)9.7% · Top 25%
Operating margin (12 months)8.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)10.1% · Above median
Dividend yield (12 months)6.0% · Top 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Medical Distribution median · lower = cheaper
P/E (12 months)14.6× · Cheaper than median
P/B1.64× · Priciest 25%
P/S (12 months)1.64× · Priciest 25%
EV/EBITDA13.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)51· sector 24
PAST (return on equity)34· sector 28
HEALTH (low debt)98· sector 97
DIVIDEND (yield)100· sector 54
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). "Excelsior Medical Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/4104
Frequently asked questions
Is Excelsior Medical Co Ltd (4104) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 45.80 TWD versus a price of 72.00 TWD, about 36% lower (overvalued).
What is the fair value of 4104?
Our model-based fair value for Excelsior Medical Co Ltd is 45.80 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 72.00 TWD.
What is the quality score of 4104?
Excelsior Medical Co Ltd has a Quality Score of 46/100. 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 Excelsior Medical Co Ltd (4104)?
Our model-based price target is the fair value of 45.80 TWD (as of Nov 5, 2026) from 17 valuation models. Cautious scenario 36.46 TWD, optimistic scenario 57.70 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Excelsior Medical Co Ltd stock forecast for 2026?
Our models put fair value at 45.80 TWD, about 36% lower versus a price of 72.00 TWD (overvalued). Cautious scenario 36.46 TWD, optimistic scenario 57.70 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Excelsior Medical Co Ltd (4104)?
Excelsior Medical Co Ltd reported trailing-twelve-month revenue of about 9.2B TWD (latest available figure, as of Nov 5, 2026).
Does Excelsior Medical Co Ltd pay a dividend?
Excelsior Medical Co Ltd currently shows a dividend yield of 5.97% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Excelsior Medical Co Ltd (4104) and when is the ex-dividend date?
Excelsior Medical Co Ltd pays a dividend of 4.30 TWD per share a year, a dividend yield of 6.0%. The last ex-dividend date was Apr 23, 2026. The payout ratio is 87.4% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Excelsior Medical Co Ltd (4104)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Excelsior Medical Co Ltd it is 45.80 TWD per share (as of Nov 5, 2026), against a price of 72.00 TWD. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Excelsior Medical Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 4104 trades above its calculated fair value: price 72.00 TWD, fair value 45.80 TWD, a gap of about −36% (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 4104?
No. The price is what the market pays today (72.00 TWD); the fair value is what the company's own numbers justify (45.80 TWD). For Excelsior Medical Co Ltd the two are 26.20 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Excelsior Medical Co Ltd worth?
The market values Excelsior Medical Co Ltd at about 15.1B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 72.00 TWD; our models calculate a fair value of 45.80 TWD per share.
What do the bullish and bearish scenarios say about 4104?
Our models span a range for Excelsior Medical Co Ltd: cautious scenario 36.46 TWD, base 45.80 TWD, optimistic 57.70 TWD per share (as of Nov 5, 2026, price 72.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4104?
Excelsior Medical Co Ltd trades at a price-to-earnings ratio of 14.6 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 45.80 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 1.6, EV/EBITDA 13.8.
How solid is the balance sheet of Excelsior Medical Co Ltd (4104)?
Balance-sheet figures for Excelsior Medical Co Ltd (as of Nov 5, 2026): return on equity 8.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 4104 from its 52-week high?
Excelsior Medical Co Ltd trades at 72.00 TWD, about 14% below its 52-week high of 83.90 TWD and 6% above the low of 68.10 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 45.80 TWD is for.
Which stocks are comparable to Excelsior Medical Co Ltd?
From the same area (Healthcare) we also value McKesson Corporation, Cencora, Inc, Cardinal Health, Inc, Henry Schein, 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 Excelsior Medical Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price 72.00 TWD, calculated fair value 45.80 TWD (−36%), Quality Score 46/100, from 17 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 4104 calculated?
We run Excelsior Medical Co Ltd through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 45.80 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Excelsior Medical 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 Excelsior Medical Co Ltd (4104)?
The closing price on Nov 9, 2026 was 72.00 TWD. Our model-based fair value is 45.80 TWD, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Excelsior Medical Co Ltd right now?
The price sits above even our optimistic bull case (57.70 TWD). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Excelsior Medical Co Ltd (4104) come from?
Earnings per share at Excelsior Medical Co Ltd grew +5.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.4 %, EBIT margin +4.3 %, tax rate −0.1 %, residual (interest, one-offs) +0.9 %. 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 Excelsior Medical Co Ltd
How large is the market capitalisation of Excelsior Medical Co Ltd (4104)?
The market capitalisation of Excelsior Medical Co Ltd is 15.1B TWD (≈ $459M). 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 Excelsior Medical Co Ltd (4104)?
The price-to-sales ratio of Excelsior Medical Co Ltd is 1.64 (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 Excelsior Medical Co Ltd (4104)?
Earnings per share at Excelsior Medical Co Ltd are 4.92 TWD (price ÷ EPS = P/E 14.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Excelsior Medical Co Ltd (4104)?
The dividend yield of Excelsior Medical Co Ltd is 6.0% (payout 87.4%). 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 Excelsior Medical Co Ltd (4104)?
The net margin of Excelsior Medical Co Ltd is 9.7% (last twelve months). 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 Excelsior Medical Co Ltd (4104)?
The return on equity (ROE) of Excelsior Medical Co Ltd is 8.6% (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 Excelsior Medical Co Ltd (4104)?
On an EBIT basis the return on assets of Excelsior Medical Co Ltd is 4.4% (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 Excelsior Medical Co Ltd (4104)?
The operating margin of Excelsior Medical Co Ltd is 8.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Excelsior Medical Co Ltd (4104)?
Revenue at Excelsior Medical Co Ltd is growing +10.1% versus a year earlier (3y avg +6.9%). 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 Excelsior Medical Co Ltd (4104)?
Earnings per share at Excelsior Medical Co Ltd are growing +18.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Excelsior Medical Co Ltd (4104) generate?
The free cash flow of Excelsior Medical Co Ltd is −1.3B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Excelsior Medical Co Ltd (4104) hold?
Excelsior Medical Co Ltd holds more cash than debt, 687M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 5, 2026