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Est Global Apparel Co (4413) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 446M TWD

EG Est Global Apparel Co 4413 · TWO
Price15.30 TWD
Fair Value8.93 TWD
Upside-41.6%
Quality72/100
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Healthy Growth
Thin margins · 3.4% net margin
Low debt · generates free cash flow
2.11% dividend yield
Trails peers (4/14)
Narrow moat 34/100
Evidence: High Range 8.05 TWD – 11.16 TWD Share as image

Fair value as of: Jul 23, 2026

From 23 valuation models · updated 18 days ago

Share price +4.8% over the past month.

A solid business, but screening 42% overvalued on our models.

What matters now

  • A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (11.16 TWD). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

28.49 TWD 10.06 TWD Fair Value 8.93 TWD Feb 2021 Aug 2026

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 10.06 TWD – 28.49 TWD · fair‑value band 8.05 TWD – 11.16 TWD · the 15.30 TWD price screens above the 8.93 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Est Global Apparel Co (4413) currently trades at 15.30 TWD, while our model-based Fair Value estimate is 8.93 TWD, implying the stock looks roughly 41.6% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical 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: high).

Over the trailing twelve months, Est Global Apparel Co generated revenue of 850M TWD at a net margin of 3.4%. Revenue declined 9.2% year over year. It earns a return on equity of 8.5%. The balance sheet holds a net cash position of 123M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 8.05 TWD (bear case) to 11.16 TWD (bull case); at 15.30 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 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at -42%, 4413 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.

Model 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
Highest evidence
Growth DCF 24.03 TWD 42.48 TWD 68.52 TWD 80
Residual Income 7.99 TWD 7.86 TWD 6.87 TWD 76
Rev-Margin DCF 21.45 TWD 37.29 TWD 59.70 TWD 74
All 23 models by family
DCF Models
FCF DCF 24.88 TWD 40.31 TWD 76.41 TWD 38
Owner Earnings 10.41 TWD 18.09 TWD 31.38 TWD 31
5Y Revenue Exit 21.45 TWD 37.91 TWD 61.29 TWD 39
5Y EBITDA Exit 10.50 TWD 13.28 TWD 16.15 TWD 41
5Y P/E Exit 15.20 TWD 23.84 TWD 33.99 TWD 38
10Y Revenue Exit 21.83 TWD 37.67 TWD 63.37 TWD 36
10Y EBITDA Exit 15.50 TWD 20.32 TWD 26.62 TWD 37
10Y P/E Exit 18.46 TWD 27.76 TWD 41.49 TWD 35
Earnings-Based
Graham-Dodd 3.57 TWD 21.76 TWD 30.35 TWD 54
Lynch FV 6.23 TWD 8.89 TWD 11.56 TWD 50
PEG = 1.0 6.23 TWD 8.89 TWD 11.56 TWD 46
Dividend Discount
Gordon GGM 1.55 TWD 2.80 TWD 3.85 TWD 70
DDM Multi-Stage 1.55 TWD 2.56 TWD 2.99 TWD 61
Multiples
P/E Multiple 8.66 TWD 11.55 TWD 14.44 TWD 63
P/S Multiple 6.69 TWD 8.93 TWD 11.16 TWD 58
P/B Multiple 6.69 TWD 8.93 TWD 11.16 TWD 55
EV/EBITDA 3.00 TWD 3.35 TWD 3.70 TWD 54
EV/Revenue 19.52 TWD 27.05 TWD 34.58 TWD 43
Asset-Based
NCAV (Graham) 5.58 TWD 7.47 TWD 11.16 TWD 50
Growth DCF
Growth DCF 24.03 TWD 42.48 TWD 68.52 TWD 80
Rev-Margin DCF 21.45 TWD 37.29 TWD 59.70 TWD 74
Economic Profit
Residual Income 7.99 TWD 7.86 TWD 6.87 TWD 76
Growth Earnings
Growth-Adj P/E 9.19 TWD 13.12 TWD 17.06 TWD 68

Widest divergence: Growth DCF (37.29 TWD) versus Dividend Discount (2.56 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 850M TWD
Revenue growth (YoY) -9.2%
Net margin 3.4%
Return on equity 8.5%
Free cash flow 60.4M TWD FY2025
P/E ratio 32.3
More key figures
Operating margin 0.4%
EPS (TTM) 0.5200 TWD
Dividend yield 1.9%
EPS growth (YoY) +3,159%
Net cash 123M TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 72 · Market factors (momentum, volatility) 32

Profitability 44
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

Est Global Apparel Co.,Ltd engages in the clothing business in Europe, the United State, South Africa, and Eswatini. The company offers fashion, functional, seamless, and loungewear products.

Full company description

Est Global Apparel Co.,Ltd engages in the clothing business in Europe, the United State, South Africa, and Eswatini. The company offers fashion, functional, seamless, and loungewear products. It also engages in the textiles business including cotton, fleece, satin, stretch fabric, chemical fiber fabric, blended fabric, and polyester-cotton fabric, as well as manufacturing, processing, and trading of textiles; and garment manufacturing and import/export trade. The company was formerly known as Free Power Energy Co.,Ltd and changed its name to Est Global Apparel Co.,Ltd in August 2016. Est Global Apparel Co.,Ltd was founded in 1987 and is based in New Taipei City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Est Global Apparel Co reported revenue of 862M TWD in FY2025 versus 641M TWD in FY2021, a compound +7.7%/yr. Reported net income was 16.4M TWD in FY2025, compounding +27.6%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
862M TWD
Latest YoY
+114.8%
Avg. growth/yr (3Y) ⓘ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.
+7.6%
Avg. growth/yr (5Y) ⓘ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.
+13.9%
Avg. growth/yr (6Y) ⓘ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.
+6.6%
Revenue +7.7%/yr
FY21 641M TWD
FY22 693M TWD
FY23 448M TWD
FY24 401M TWD
FY25 862M TWD
Net income +27.6%/yr
FY21 6.2M TWD
FY22 54.0M TWD
FY23 18.1M TWD
FY24 1.8M TWD
FY25 16.4M TWD

4413 screens 42% overvalued. Compare with H & M Hennes & Mauritz AB →

Run the numbers yourself: free valuation calculators
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Est Global Apparel Co · Fair Value
8.93 TWD −42%Fair Value
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Cite: Fair Value Calculator (2026). "Est Global Apparel Co Fair Value". https://www.fairvalue-calculator.com/stock/4413

Peer Group

Apparel Manufacturing · 212 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.

Quality Score 72 · Top 25%
Fair Value upside −42% · Below median
Return on equity (TTM) 8% · Above median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 2.1% · Below median
Debt / equity 0.23× · Higher than 75% of peers

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 27.4× · Pricier than median
P/B 1.28× · Pricier than median
P/S (TTM) 0.53× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 35.6× · Pricier than 75% of peers

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 · sector 32
FUTURE 0 · sector 4
PAST 34 · sector 21
HEALTH 88 · sector 98
DIVIDEND 42 · sector 49

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.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is Est Global Apparel Co (4413) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 8.93 TWD versus a price of 15.30 TWD, about −42% (overvalued).
What is the fair value of 4413?
Our model-based fair value for Est Global Apparel Co is 8.93 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 15.30 TWD.
What is the quality score of 4413?
Est Global Apparel Co has a Quality Score of 72/100. 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 revenue of Est Global Apparel Co (4413)?
Est Global Apparel Co reported trailing-twelve-month revenue of about 850M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4413?
The net profit margin of Est Global Apparel Co is about 3.4%, meaning it keeps roughly 3.4% of revenue as net income. Based on the latest reported figures.
Does Est Global Apparel Co pay a dividend?
Est Global Apparel Co currently shows a dividend yield of about 1.86% relative to its recent price (as of Jul 23, 2026).

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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