Excelsior Medical Co (4104) Fair Value & Analysis
Healthcare · TW · Market cap 13.5B TWD
Fair value as of: Jul 21, 2026
From 17 valuation models · updated 20 days ago
Share price +2.0% over the past month.
Below-average quality, and screening another 25% overvalued on our models.
What matters now
- Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (35.60 TWD to 77.27 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 48.52 TWD – 98.90 TWD · fair‑value band 35.60 TWD – 77.27 TWD · the 71.20 TWD price screens above the 53.49 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Excelsior Medical Co (4104) currently trades at 71.20 TWD, while our model-based Fair Value estimate is 53.49 TWD, implying the stock looks roughly 24.9% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Healthcare 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, Excelsior Medical Co generated revenue of 9.0B TWD at a net margin of 9.1%. Revenue grew 9.0% year over year. It earns a return on equity of 8.4%. The balance sheet holds a net cash position of 687M TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 35.60 TWD (bear case) to 77.27 TWD (bull case); at 71.20 TWD, the current price sits within 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 19% 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 2% fair-value upside, at -25%, 4104 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 17 models by family
Widest divergence: DCF Models (108.27 TWD) versus Earnings-Based (26.74 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 38 · Market factors (momentum, volatility) 48
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
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Excelsior Medical Co 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.
of which total revenue +3.8 pp · buybacks/dilution −3.4 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
4104 screens 25% overvalued. Compare with McKesson Corporation →
Peer Group
Medical Distribution · 81 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 Medical Distribution 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 Medical Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| McKesson Corporation MCK | $805.96 | $819.31 | +2% |
| Cencora, Inc COR | $303.44 | $175.74 | -42% |
| Cardinal Health, Inc CAH | $224.94 | $141.77 | -37% |
| Henry Schein, Inc HSIC | $87.82 | $74.67 | -15% |
| Shanghai Pharmaceuticals Holding 601607 | ¥16.70 | ¥33.96 | +103% |
| Sinopharm Group 1099 | HK$16.74 | HK$61.33 | +266% |
| Galenica AG GALE | CHF 87.05 | CHF 61.79 | -29% |
| Guangzhou Baiyunshan Pharmaceutical Holdings 600332 | ¥21.50 | ¥28.65 | +33% |
| Jointown Pharmaceutical Group 600998 | ¥4.99 | ¥9.84 | +97% |
| Asker Healthcare Group ASKER | kr 79.45 | kr 25.69 | -68% |
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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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