Gold Rain Enterprises (4503) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Gold Rain Enterprises TWD 41.28, price TWD 24.10, upside +71.3%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Gold Rain Enterprises Corp. research and develops, manufactures, and sells vending machines in Taiwan, China, Japan, the United States, and the Southeast Asian countries. The company offers beverage, food, and lifting vending machines and OEM/ODM products; OEM GoStation; and OEM IGT lottery machines.
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Gold Rain Enterprises Corp. research and develops, manufactures, and sells vending machines in Taiwan, China, Japan, the United States, and the Southeast Asian countries. The company offers beverage, food, and lifting vending machines and OEM/ODM products; OEM GoStation; and OEM IGT lottery machines. It also provides supply services, such as customer product design, system, integration, development module, volume test, mass production, quality control, and after-sales services; and a range of services for various mechanical foundry and assembly operations. The company offers its products under the ALONA brand name. Gold Rain Enterprises Corp. was founded in 1969 and is based in Changhua, Taiwan.
Stock analysis
Gold Rain Enterprises (4503) currently trades at 24.10 TWD, while our model-based Fair Value estimate is 41.28 TWD, implying the stock looks roughly 41.6% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 48.95 TWD per share, and 17 of the 24 models we run sit above the 24.10 TWD price.
Bear case: the Asset-Based group reads lowest at 13.79 TWD, and 7 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 29.66 TWD (bear) to 63.63 TWD (bull), the price of 24.10 TWD sits below 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 63/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Gold Rain Enterprises reported revenue of 665M TWD in FY2025 versus 134M TWD in FY2021, a compound +49.1%/yr. Reported net income was 107M TWD in FY2025.
Key figures
Market cap 2.1B TWD (≈ $64.5M) · P/E ratio 6.5 · P/S ratio 1.05 · EPS (TTM) 3.71 TWD · Net margin 16.2% · Return on equity 17.3% · Return on assets (EBIT) −4.1% · Operating margin 24.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 57% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −50% fair-value upside, at 71%, 4503 screens cheaper than that median.
Fair Value models
Bear 29.66 TWDFair Value 41.28 TWDBull 63.63 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 (2.72 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+92.0%
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.
+55.9%
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.
+27.0%
Start year 2020 (pandemic)
Revenue growth 8 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.
+8.5%
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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.
+15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.5%
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.−8% → 10%
⚠ Revenue per share shrinking 10.4%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less 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).
+5.2%
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 +3.6% 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.Business Equipment & Supplies · 75 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+72% · Top 25%
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets4% · Above median
Net margin (TTM)41% · Top 25%
Operating margin (TTM)24% · Top 25%
Growth and dividend
Revenue growth0% · Below median
Balance sheet
Debt / equity0.00× · Below median
Valuation Multiplesvs Business Equipment & Supplies median · lower = cheaper
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Is Gold Rain Enterprises (4503) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 41.28 TWD versus a price of 24.10 TWD, about +71% upside (undervalued).
What is the fair value of 4503?
Our model-based fair value for Gold Rain Enterprises is 41.28 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 24.10 TWD.
What is the quality score of 4503?
Gold Rain Enterprises has a Quality Score of 63/100. 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 Gold Rain Enterprises (4503)?
Our model-based price target is the fair value of 41.28 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 29.66 TWD, optimistic scenario 63.63 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Gold Rain Enterprises stock forecast for 2026?
Our models put fair value at 41.28 TWD, about +71% upside versus a price of 24.10 TWD (undervalued). Cautious scenario 29.66 TWD, optimistic scenario 63.63 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Gold Rain Enterprises (4503)?
Gold Rain Enterprises reported trailing-twelve-month revenue of about 707M TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Gold Rain Enterprises (4503)?
For today's price to be fair in a discounted-cash-flow model, Gold Rain Enterprises would have to grow free cash flow by +5.2 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4503 use?
Our models discount Gold Rain Enterprises at 11.8 %: a base by market capitalisation (micro), damped by beta 0.18, 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 Gold Rain Enterprises that is +5.2 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Gold Rain Enterprises (4503) delivered so far?
Over the past 5 years revenue at Gold Rain Enterprises grew +27.0 % a year. The price currently implies +5.2 % 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 Gold Rain Enterprises (4503) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Gold Rain Enterprises (+5.2 % 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 Gold Rain Enterprises (4503)?
The free-cash-flow yield on the price is 6.88 %: that much free cash flow Gold Rain Enterprises produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gold Rain Enterprises (4503)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gold Rain Enterprises it is 41.28 TWD per share (as of Sep 24, 2026), against a price of 24.10 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Gold Rain Enterprises stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4503 trades below its calculated fair value: price 24.10 TWD, fair value 41.28 TWD, a gap of about +71% (undervalued). 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 4503?
No. The price is what the market pays today (24.10 TWD); the fair value is what the company's own numbers justify (41.28 TWD). For Gold Rain Enterprises the two are 17.18 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Gold Rain Enterprises worth?
The market values Gold Rain Enterprises at about 2.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 24.10 TWD; our models calculate a fair value of 41.28 TWD per share.
What do the bullish and bearish scenarios say about 4503?
Our models span a range for Gold Rain Enterprises: cautious scenario 29.66 TWD, base 41.28 TWD, optimistic 63.63 TWD per share (as of Sep 24, 2026, price 24.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4503?
Gold Rain Enterprises trades at a price-to-earnings ratio of 6.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 41.28 TWD is built from several models across several years. Other multiples: P/B 1.3, P/S 2.9, EV/EBITDA 7.0.
How solid is the balance sheet of Gold Rain Enterprises (4503)?
Balance-sheet figures for Gold Rain Enterprises (as of Sep 24, 2026): return on equity 17.3%, debt of 0.00 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 4503 from its 52-week high?
Gold Rain Enterprises trades at 24.10 TWD, about 57% below its 52-week high of 56.00 TWD and 9% above the low of 22.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 41.28 TWD is for.
Which stocks are comparable to Gold Rain Enterprises?
From the same area (Industrials) we also value GRG Banking Equipment Co, Shanghai M&G Stationery Inc, XGD Inc, DOMS Industries Limited, 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 Gold Rain Enterprises stock attractive at the current price?
The data as of Sep 24, 2026: price 24.10 TWD, calculated fair value 41.28 TWD (+71%), Quality Score 63/100, from 24 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 4503 calculated?
We run Gold Rain Enterprises through 24 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 41.28 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 13.0 % above its aggregate fair value. Gold Rain Enterprises currently trades 71 % below its own fair value, and the market average says nothing about that. 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 Gold Rain Enterprises (4503)?
The closing price on Sep 24, 2026 was 24.10 TWD. Our model-based fair value is 41.28 TWD, about +71% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gold Rain Enterprises right now?
The price is below even our cautious bear case (29.66 TWD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (29.66 TWD to 63.63 TWD) leaves room in how you read the outcome.
Key figures of Gold Rain Enterprises
How large is the market capitalisation of Gold Rain Enterprises (4503)?
The market capitalisation of Gold Rain Enterprises is 2.1B TWD (≈ $64.5M). 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 Gold Rain Enterprises (4503)?
The price-to-sales ratio of Gold Rain Enterprises is 1.05 (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 Gold Rain Enterprises (4503)?
Earnings per share at Gold Rain Enterprises are 3.71 TWD (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Gold Rain Enterprises (4503)?
The net margin of Gold Rain Enterprises is 16.2% (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 Gold Rain Enterprises (4503)?
The return on equity (ROE) of Gold Rain Enterprises is 17.3% (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 Gold Rain Enterprises (4503)?
On an EBIT basis the return on assets of Gold Rain Enterprises is −4.1% (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 Gold Rain Enterprises (4503)?
The operating margin of Gold Rain Enterprises is 24.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gold Rain Enterprises (4503)?
Revenue at Gold Rain Enterprises is growing +0.2% versus a year earlier (3y avg +55.9%). 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 Gold Rain Enterprises (4503)?
Earnings per share at Gold Rain Enterprises are growing +192% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Gold Rain Enterprises (4503) hold?
Gold Rain Enterprises holds more cash than debt, 190M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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