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Fine Blanking & Tool Co (4535) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.1B TWD

FB Fine Blanking & Tool Co 4535 · TWO
Price29.30 TWD
Fair Value38.76 TWD
Upside+32.3%
Quality69/100
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Mixed Growth
Thin margins · 3.1% net margin
generates free cash flow
2.93% dividend yield
Ranks above peers (10/13)
Narrow moat 37/100
Evidence: Medium Range 34.17 TWD – 48.46 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 28.52 TWD to 38.76 TWD (+35.9%) since Jun 25, 2026. Share price +1.9% over the past month.

A solid business, screening 32% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (34.17 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

40.20 TWD 26.26 TWD Fair Value 38.76 TWD Jan 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 26.26 TWD – 40.20 TWD · fair‑value band 34.17 TWD – 48.46 TWD · the 29.30 TWD price screens below the 38.76 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Fine Blanking & Tool Co (4535) currently trades at 29.30 TWD, while our model-based Fair Value estimate is 38.76 TWD, implying the stock looks roughly 32.3% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Fine Blanking & Tool Co generated revenue of 2.5B TWD at a net margin of 3.1%. Revenue declined 7.5% year over year. It earns a return on equity of 6.1%. The balance sheet holds a net cash position of 976M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 34.17 TWD (bear case) to 48.46 TWD (bull case); at 29.30 TWD, the current price sits below 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 7% below its 52-week high and 10% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at 32%, 4535 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 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
Residual Income 24.25 TWD 24.24 TWD 21.79 TWD 76
Growth DCF 62.98 TWD 79.09 TWD 105.77 TWD 72
Gordon GGM 23.72 TWD 25.85 TWD 29.07 TWD 70
All 24 models by family
DCF Models
FCF DCF 61.05 TWD 77.77 TWD 107.77 TWD 38
Owner Earnings 38.17 TWD 46.52 TWD 61.51 TWD 31
5Y Revenue Exit 49.00 TWD 61.51 TWD 79.63 TWD 39
5Y EBITDA Exit 58.85 TWD 78.56 TWD 104.68 TWD 41
5Y P/E Exit 44.59 TWD 53.88 TWD 65.10 TWD 38
10Y Revenue Exit 52.85 TWD 62.45 TWD 72.46 TWD 36
10Y EBITDA Exit 59.40 TWD 72.76 TWD 86.83 TWD 37
10Y P/E Exit 50.94 TWD 57.84 TWD 64.13 TWD 35
Earnings-Based
Graham-Dodd 8.82 TWD 10.77 TWD 12.12 TWD 54
EPV 37.13 TWD 40.57 TWD 43.53 TWD 59
Dividend Discount
Gordon GGM 23.72 TWD 25.85 TWD 29.07 TWD 70
DDM Multi-Stage 23.72 TWD 29.31 TWD 36.94 TWD 61
Multiples
P/E Multiple 21.39 TWD 28.52 TWD 35.65 TWD 63
P/S Multiple 16.53 TWD 22.04 TWD 27.55 TWD 58
P/B Multiple 16.53 TWD 22.04 TWD 27.55 TWD 55
EV/EBIT 65.50 TWD 82.21 TWD 98.93 TWD 53
EV/EBITDA 64.46 TWD 80.83 TWD 97.21 TWD 54
EV/Revenue 43.31 TWD 55.29 TWD 67.28 TWD 43
Asset-Based
NCAV (Graham) 16.36 TWD 21.93 TWD 32.73 TWD 50
Growth DCF
Growth DCF 62.98 TWD 79.09 TWD 105.77 TWD 72
Rev-Margin DCF 49.00 TWD 62.61 TWD 79.62 TWD 67
Economic Profit
Residual Income 24.25 TWD 24.24 TWD 21.79 TWD 76
ROIC Compounder 37.13 TWD 41.34 TWD 45.76 TWD 67
Growth Earnings
Growth-Adj P/E 15.08 TWD 21.54 TWD 28.00 TWD 68

Widest divergence: Growth DCF (62.61 TWD) versus Earnings-Based (10.77 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.5B TWD
Revenue growth (YoY) -7.5%
Net margin 3.1%
Return on equity 6.1%
Free cash flow 373M TWD FY2025
P/E ratio 21.2
More key figures
Operating margin 8.9%
EPS (TTM) 1.30 TWD
Dividend yield 2.9%
EPS growth (YoY) -49.6%
Net cash 976M TWD FY2023

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 70 · Market factors (momentum, volatility) 58

Profitability 34
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 46
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

Fine Blanking & Tool Co., Ltd manufactures and trades automobiles, motorcycle parts, and various molds in Taiwan. Its primary products include precision stamping products, motorcycles and bicycles disc brakes, car seat recliners, car hand brake parts, car safety shackles, and automobile and motorcycle seats.

Full company description

Fine Blanking & Tool Co., Ltd manufactures and trades automobiles, motorcycle parts, and various molds in Taiwan. Its primary products include precision stamping products, motorcycles and bicycles disc brakes, car seat recliners, car hand brake parts, car safety shackles, and automobile and motorcycle seats. It also provides tubes, seat belt reels, tongues, recliner, tappet and shims, frames for airbag, hand brakes, blanking gears, seat assy, sectors and latches, side stand, seat assembly, foot support and rest, saddles, handle bar, and clamps, triple clamps, one way, brake discs and ABS phonic wheels, slope plates, bicycle parts, and engine gears and other high precision metal components. In addition, the company offers clutch and gas brake pedal, RAEV, push and pull mechanism, steering assembly, and rack and pinion. Blanking & Tool Co., Ltd was founded in 1977 and is based in Changhua, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fine Blanking & Tool Co reported revenue of 2.5B TWD in FY2025 versus 2.8B TWD in FY2021, a compound −2.3%/yr. Reported net income was 98.1M TWD in FY2025, compounding −14.2%/yr from FY2021.

Growth Quality 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.5B TWD
Latest YoY
−13.4%
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.
−7.1%
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.
+3.6%
Avg. growth/yr (8Y) 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.
−2.8%
Revenue −2.3%/yr
FY21 2.8B TWD
FY22 3.1B TWD
FY23 2.9B TWD
FY24 2.9B TWD
FY25 2.5B TWD
Net income −14.2%/yr
FY21 181M TWD
FY22 213M TWD
FY23 181M TWD
FY24 185M TWD
FY25 98.1M TWD

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Cite: Fair Value Calculator (2026). "Fine Blanking & Tool Co Fair Value". https://www.fairvalue-calculator.com/stock/4535

Peer Group

Auto Parts · 641 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 69 · Top 25%
Fair Value upside +32% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 5% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 9% · Above median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 2.9% · Above median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 21.2× · Cheaper than median
P/B 0.84× · Cheaper than median
P/S (TTM) 0.84× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 2.6× · Cheaper 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 76 · sector 16
FUTURE 0 · sector 24
PAST 25 · sector 26
HEALTH 0 · sector 95
DIVIDEND 59 · sector 30

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 Auto Parts stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
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Magna International Inc MGAN 1,122 MXN 1,172 MXN +4%
Samvardhana Motherson International Limited MOTHERSON ₹144.17 ₹80.63 -44%
Bosch Limited BOSCHLTD ₹41,110 ₹14,004 -66%
Bharat Forge Limited BHARATFORG ₹2,117 ₹441.74 -79%
Uno Minda Limited UNOMINDA ₹1,158 ₹426.57 -63%
Schaeffler India Limited SCHAEFFLER ₹4,135 ₹1,412 -66%
Hankook Tire & Technology Co 161390 73,600 KRW 196,479 KRW +167%
MRF Limited MRF ₹131,025 ₹125,849 -4%
Sona BLW Precision Forgings Limited SONACOMS ₹792.00 ₹207.06 -74%

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Frequently asked questions

Is Fine Blanking & Tool Co (4535) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 38.76 TWD versus a price of 29.30 TWD, about +32% (undervalued).
What is the fair value of 4535?
Our model-based fair value for Fine Blanking & Tool Co is 38.76 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 29.30 TWD.
What is the quality score of 4535?
Fine Blanking & Tool Co has a Quality Score of 69/100. 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 Fine Blanking & Tool Co (4535)?
Fine Blanking & Tool Co reported trailing-twelve-month revenue of about 2.5B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4535?
The net profit margin of Fine Blanking & Tool Co is about 3.1%, meaning it keeps roughly 3.1% of revenue as net income. Based on the latest reported figures.
Does Fine Blanking & Tool Co pay a dividend?
Fine Blanking & Tool Co currently shows a dividend yield of about 2.96% 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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