Pancolour Ink Co., Ltd. (4765) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Pancolour Ink Co., Ltd. TWD 7.15, price TWD 15.00, upside -52.3%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Pancolour Ink Co., Ltd. manufactures and sells UV curable inks, coatings, and adhesives in Taiwan.
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Pancolour Ink Co., Ltd. manufactures and sells UV curable inks, coatings, and adhesives in Taiwan. It offers UV curable printing inks for IC chips, optical discs, and plastic and paper products; UV curable adhesives for bonding needs of metal, glass, and other materials that are applied in handicraft and electronic industries; and UV curable coatings for use in plastic flexible tubes and paper spot varnish for screen print, etc. In addition, it provides 3D printing resin and passive component pastes. The company provides its products under the PANOVA, PANCURE, PANOLEN, and RADITHO names. Pancolour Ink Co., Ltd. was founded in 1998 and is based in Taoyuan City, Taiwan.
Stock analysis
Pancolour Ink Co., Ltd. (4765) currently trades at 15.00 TWD, while our model-based Fair Value estimate is 7.15 TWD, implying the stock looks roughly 109.8% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 9.92 TWD per share, and 0 of the 11 models we run sit above the 15.00 TWD price.
Bear case: the Multiples group reads lowest at 5.49 TWD, and 11 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 5.76 TWD (bear) to 8.59 TWD (bull), the price of 15.00 TWD sits above 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 55/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Pancolour Ink Co., Ltd. reported revenue of 307M TWD in FY2024 versus 517M TWD in FY2020, a compound −12.2%/yr. Reported net income was −1.6M TWD in FY2024.
Key figures
Market cap 482M TWD (≈ $15.2M) · P/S ratio 1.92 · EPS (TTM) −0.8200 TWD · Net margin −0.5% · Return on equity −7.7% · Return on assets (EBIT) −0.9% · Operating margin −13.8% · Revenue (TTM) 253M TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Basic Materials peers we cover trades at −54% fair-value upside, at −52%, 4765 screens cheaper than that median.
Fair Value models
Bear 5.76 TWDFair Value 7.15 TWDBull 8.59 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.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.16/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+9.5%
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.
−7.6%
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.
−16.9%
’19
’20
’21
’22
’23
’24
Profit margin (trend) ⓘ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.
19.1% (2019) → −0.1% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+32.8%
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 +30.7% a year for the price.
Compare Pancolour Ink Co., Ltd. with another stock
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.Specialty Chemicals · 710 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−52.3% · Below median
Profitability
Return on assets−2.1% · Bottom 25%
Net margin (TTM)−14.0% · Bottom 25%
Operating margin (TTM)−13.8% · Bottom 25%
Growth and dividend
Revenue growth−18.4% · Bottom 25%
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/S (TTM)0.06× · Cheapest 25%
P/FCF1.5× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 27
PAST (return on equity)0· sector 23
HEALTH (low debt)94· sector 95
DIVIDEND (yield)0· sector 29
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Pancolour Ink Co., Ltd. (4765) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 7.15 TWD versus a price of 15.00 TWD, about −52% upside (overvalued).
What is the fair value of 4765?
Our model-based fair value for Pancolour Ink Co., Ltd. is 7.15 TWD (as of Sep 27, 2026), built from audited fundamentals. The current price: 15.00 TWD.
What is the quality score of 4765?
Pancolour Ink Co., Ltd. has a Quality Score of 55/100. 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 Pancolour Ink Co., Ltd. (4765)?
Our model-based price target is the fair value of 7.15 TWD (as of Sep 27, 2026) from 11 valuation models. Cautious scenario 5.76 TWD, optimistic scenario 8.59 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Pancolour Ink Co., Ltd. stock forecast for 2026?
Our models put fair value at 7.15 TWD, about −52% upside versus a price of 15.00 TWD (overvalued). Cautious scenario 5.76 TWD, optimistic scenario 8.59 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Pancolour Ink Co., Ltd. (4765)?
Pancolour Ink Co., Ltd. reported trailing-twelve-month revenue of about 253M TWD (latest available figure, as of Sep 27, 2026).
What growth is priced into Pancolour Ink Co., Ltd. (4765)?
For today's price to be fair in a discounted-cash-flow model, Pancolour Ink Co., Ltd. would have to grow free cash flow by +32.8 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -16.9 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 4765 use?
Our models discount Pancolour Ink Co., Ltd. at 9.5 %: a base by market capitalisation (nano), damped by beta 0.70, 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 Pancolour Ink Co., Ltd. that is +32.8 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Pancolour Ink Co., Ltd. (4765) delivered so far?
Over the past 5 years revenue at Pancolour Ink Co., Ltd. grew -16.9 % a year. The price currently implies +32.8 % 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 Pancolour Ink Co., Ltd. (4765) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into Pancolour Ink Co., Ltd. (+32.8 % 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 Pancolour Ink Co., Ltd. (4765)?
The free-cash-flow yield on the price is 2.12 %: that much free cash flow Pancolour Ink Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pancolour Ink Co., Ltd. (4765)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pancolour Ink Co., Ltd. it is 7.15 TWD per share (as of Sep 27, 2026), against a price of 15.00 TWD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Pancolour Ink Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 4765 trades above its calculated fair value: price 15.00 TWD, fair value 7.15 TWD, a gap of about −52% (overvalued). 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 4765?
No. The price is what the market pays today (15.00 TWD); the fair value is what the company's own numbers justify (7.15 TWD). For Pancolour Ink Co., Ltd. the two are 7.85 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Pancolour Ink Co., Ltd. worth?
The market values Pancolour Ink Co., Ltd. at about 482M TWD (market capitalisation, as of Sep 27, 2026). Per share that is 15.00 TWD; our models calculate a fair value of 7.15 TWD per share.
What do the bullish and bearish scenarios say about 4765?
Our models span a range for Pancolour Ink Co., Ltd.: cautious scenario 5.76 TWD, base 7.15 TWD, optimistic 8.59 TWD per share (as of Sep 27, 2026, price 15.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pancolour Ink Co., Ltd. (4765)?
Balance-sheet figures for Pancolour Ink Co., Ltd. (as of Sep 27, 2026): return on equity −7.7%, debt of 0.12 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
Which stocks are comparable to Pancolour Ink Co., Ltd.?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Pancolour Ink Co., Ltd. stock attractive at the current price?
The data as of Sep 27, 2026: price 15.00 TWD, calculated fair value 7.15 TWD (−52%), Quality Score 55/100, from 11 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 4765 calculated?
We run Pancolour Ink Co., Ltd. through 11 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 7.15 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 16.1 % above its aggregate fair value. Pancolour Ink Co., Ltd. itself currently trades above fair value. 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 Pancolour Ink Co., Ltd. (4765)?
The closing price on Sep 24, 2026 was 15.00 TWD. Our model-based fair value is 7.15 TWD, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pancolour Ink Co., Ltd. right now?
The price sits above even our optimistic bull case (8.59 TWD). The favourable scenario is already priced in. 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 but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Pancolour Ink Co., Ltd.
How large is the market capitalisation of Pancolour Ink Co., Ltd. (4765)?
The market capitalisation of Pancolour Ink Co., Ltd. is 482M TWD (≈ $15.2M). 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 Pancolour Ink Co., Ltd. (4765)?
The price-to-sales ratio of Pancolour Ink Co., Ltd. is 1.92 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pancolour Ink Co., Ltd. (4765)?
Earnings per share at Pancolour Ink Co., Ltd. are −0.8200 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pancolour Ink Co., Ltd. (4765)?
The net margin of Pancolour Ink Co., Ltd. is −0.5% (fiscal year 2024). 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 Pancolour Ink Co., Ltd. (4765)?
The return on equity (ROE) of Pancolour Ink Co., Ltd. is −7.7% (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 Pancolour Ink Co., Ltd. (4765)?
On an EBIT basis the return on assets of Pancolour Ink Co., Ltd. is −0.9% (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 Pancolour Ink Co., Ltd. (4765)?
The operating margin of Pancolour Ink Co., Ltd. is −13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pancolour Ink Co., Ltd. (4765)?
Revenue at Pancolour Ink Co., Ltd. is growing −18.4% versus a year earlier (3y avg −7.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Pancolour Ink Co., Ltd. (4765) carry?
The net debt of Pancolour Ink Co., Ltd. is 240M TWD (fiscal year 2024, ≈ 23.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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