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GFC. LTD., (4506) Fair Value & Analysis

Industrials · TW · Market cap 21.2B TWD

GL GFC. LTD., 4506 · TWO
Price122.50 TWD
Fair Value114.00 TWD
Upside-6.9%
Quality77/100
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Healthy Growth
Solidly profitable · 19.7% net margin
generates free cash flow
4.38% dividend yield
Ranks above peers (11/13)
Wide moat 73/100
Evidence: High Range 88.81 TWD – 146.22 TWD Share as image

Fair value as of: Jul 23, 2026

From 25 valuation models · updated 18 days ago

Share price +4.4% over the past month.

A strong business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 88.81 TWD (bear) to 146.22 TWD (bull), base 114.00 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 77/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

126.88 TWD 44.01 TWD Fair Value 114.00 TWD Mar 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 44.01 TWD – 126.88 TWD · fair‑value band 88.81 TWD – 146.22 TWD · the 122.50 TWD price screens above the 114.00 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

GFC. LTD., (4506) currently trades at 122.50 TWD, while our model-based Fair Value estimate is 114.00 TWD, implying the stock looks roughly 6.9% fairly valued today. The Quality Score stands at 77/100 (high quality), in the Industrials 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, GFC. LTD., generated revenue of 6.2B TWD at a net margin of 19.7%. Revenue grew 14.2% year over year. It earns a return on equity of 20.5%. The balance sheet holds a net cash position of 2.3B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 88.81 TWD (bear case) to 146.22 TWD (bull case); at 122.50 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 8% below its 52-week high and 15% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -7%, 4506 screens cheaper 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 BearBaseBull Evidence
Highest evidence
Residual Income 40.91 TWD 50.25 TWD 127.17 TWD 76
Growth DCF 112.82 TWD 151.53 TWD 204.76 TWD 72
Gordon GGM 41.32 TWD 75.57 TWD 121.11 TWD 70
All 25 models by family
DCF Models
FCF DCF 110.30 TWD 152.26 TWD 212.68 TWD 38
Owner Earnings 91.02 TWD 124.11 TWD 171.76 TWD 31
5Y Revenue Exit 77.71 TWD 101.09 TWD 129.26 TWD 39
5Y EBITDA Exit 94.35 TWD 130.90 TWD 171.52 TWD 41
5Y P/E Exit 109.56 TWD 158.15 TWD 206.77 TWD 38
10Y Revenue Exit 87.79 TWD 111.10 TWD 139.07 TWD 36
10Y EBITDA Exit 99.46 TWD 131.32 TWD 170.07 TWD 37
10Y P/E Exit 108.99 TWD 149.81 TWD 195.93 TWD 35
Earnings-Based
Graham-Dodd 44.34 TWD 108.91 TWD 140.98 TWD 54
PEG = 1.0 19.58 TWD 27.98 TWD 36.37 TWD 46
EPV 77.56 TWD 87.32 TWD 95.85 TWD 59
Dividend Discount
Gordon GGM 41.32 TWD 75.57 TWD 121.11 TWD 70
DDM Multi-Stage 41.32 TWD 62.16 TWD 84.88 TWD 61
Multiples
P/E Multiple 102.71 TWD 136.94 TWD 171.18 TWD 63
P/S Multiple 51.02 TWD 68.03 TWD 85.03 TWD 58
P/B Multiple 83.14 TWD 110.86 TWD 138.57 TWD 55
EV/EBIT 112.97 TWD 144.28 TWD 175.59 TWD 53
EV/EBITDA 94.61 TWD 119.81 TWD 145.00 TWD 54
EV/Revenue 61.89 TWD 80.25 TWD 98.62 TWD 43
Asset-Based
NCAV (Graham) 16.50 TWD 22.12 TWD 33.01 TWD 50
Growth DCF
Growth DCF 112.82 TWD 151.53 TWD 204.76 TWD 72
Rev-Margin DCF 77.71 TWD 102.46 TWD 129.72 TWD 67
Economic Profit
Residual Income 40.91 TWD 50.25 TWD 127.17 TWD 76
ROIC Compounder 79.56 TWD 92.09 TWD 104.77 TWD 67
Growth Earnings
Growth-Adj P/E 78.74 TWD 112.48 TWD 146.22 TWD 68

Widest divergence: DCF Models (130.90 TWD) versus Asset-Based (22.12 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 6.2B TWD
Revenue growth (YoY) +14.2%
Net margin 19.7%
Return on equity 20.5%
Free cash flow 1.5B TWD FY2025
P/E ratio 18.1
More key figures
Operating margin 23.8%
EPS (TTM) 6.53 TWD
Dividend yield 4.5%
EPS growth (YoY) +25.8%
Net cash 2.3B TWD FY2023

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

Quality Score breakdown

Overall quality 77/100

Of which business quality 76 · Market factors (momentum, volatility) 70

Profitability 57
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 66
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

GFC. LTD., together with its subsidiaries, manufactures and sells elevators, escalators, and generators in Taiwan. It offers escalators/moving walks and pneumatic vacuum elevators.

Full company description

GFC. LTD., together with its subsidiaries, manufactures and sells elevators, escalators, and generators in Taiwan. It offers escalators/moving walks and pneumatic vacuum elevators. The company is also involved in the manufacture and sale of elevators and parts; sale of vacuum pneumatic shuttle elevators; construction and maintenance and power generation products. The company was formerly known as Golden Friends Corporation and changed its name to GFC. LTD. in August 2021. The company was founded in 1974 and is headquartered in Taipei, Taiwan. GFC. LTD. operates as a subsidiary of Changjiang Property Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

GFC. LTD., reported revenue of 6.0B TWD in FY2025 versus 4.6B TWD in FY2021, a compound +6.9%/yr. Reported net income was 1.2B TWD in FY2025, compounding +10.4%/yr from FY2021.

Growth Quality 82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.0B TWD
Latest YoY
+9.7%
Avg. growth/yr (3Y)
+8.3%
Avg. growth/yr (5Y)
+6.5%
Avg. growth/yr (16Y)
+4.6%
Revenue +6.9%/yr
FY21 4.6B TWD
FY22 4.7B TWD
FY23 5.3B TWD
FY24 5.5B TWD
FY25 6.0B TWD
Net income +10.4%/yr
FY21 778M TWD
FY22 848M TWD
FY23 895M TWD
FY24 989M TWD
FY25 1.2B TWD

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Cite: Fair Value Calculator (2026). "GFC. LTD., Fair Value". https://www.fairvalue-calculator.com/stock/4506

Peer Group

Specialty Industrial Machinery · 809 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 77 · Top 25%
Fair Value upside −7% · Above median
Return on equity (TTM) 20% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 4.4% · Top 25%

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 18.4× · Cheaper than 75% of peers
P/B 3.64× · Pricier than median
P/S (TTM) 3.40× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 12.5× · Cheaper than median

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 24 · sector 0
FUTURE 71 · sector 23
PAST 82 · sector 28
HEALTH 0 · sector 96
DIVIDEND 88 · sector 24

Insider activity: 45/100

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.

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Zhejiang Sanhua Intelligent Controls Co 002050 ¥43.20 ¥22.68 -48%
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Frequently asked questions

Is GFC. LTD., (4506) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 114.00 TWD versus a price of 122.50 TWD, about −7% (fairly valued).
What is the fair value of 4506?
Our model-based fair value for GFC. LTD., is 114.00 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 122.50 TWD.
What is the quality score of 4506?
GFC. LTD., has a Quality Score of 77/100. 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 GFC. LTD., (4506)?
GFC. LTD., reported trailing-twelve-month revenue of about 6.2B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4506?
The net profit margin of GFC. LTD., is about 19.7%, meaning it keeps roughly 19.7% of revenue as net income. Based on the latest reported figures.
Does GFC. LTD., pay a dividend?
GFC. LTD., currently shows a dividend yield of about 4.51% 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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