Primax Electronics Ltd (4915) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Primax Electronics Ltd TWD 115, price TWD 64.10, upside +79.5%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Primax Electronics Ltd., together with its subsidiaries, manufactures and sells computer peripherals and non-computer peripherals in China, Europe, the United States, and internationally. Primax Electronics Ltd. was founded in 1984 and is headquartered in Taipei, Taiwan.
Stock analysis
Primax Electronics Ltd (4915) currently trades at 64.10 TWD, while our model-based Fair Value estimate is 115.05 TWD, implying the stock looks roughly 44.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 122.39 TWD per share, and 17 of the 24 models we run sit above the 64.10 TWD price.
Bear case: the Asset-Based group reads lowest at 29.14 TWD, and 7 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 75.92 TWD (bear) to 159.11 TWD (bull), the price of 64.10 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 58/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Primax Electronics Ltd reported revenue of 60.2B TWD in FY2025 versus 71.6B TWD in FY2021, a compound −4.3%/yr. Reported net income was 2.6B TWD in FY2025, compounding +3.4%/yr from FY2021.
Key figures
Market cap 29.5B TWD (≈ $926M) · P/E ratio 11.4 · P/S ratio 0.50 · EPS (TTM) 5.63 TWD · Dividend yield 7.1% · Net margin 4.4% · Return on equity 11.6% · Return on assets (EBIT) 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −37% fair-value upside, at 79%, 4915 screens cheaper than that median.
Fair Value models
Bear 75.92 TWDFair Value 115.05 TWDBull 159.11 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 (0.7769 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.24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+3.3%
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.
−8.8%
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.
−2.5%
Start year 2020 (pandemic). Over 10 years: −0.9% a year
Revenue growth 25 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.
+6.4%
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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.
+10.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.7%
Dividend (yield on the price)7.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4% vs 4%, steady
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.4% → 5%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+16.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +14.5% a year for the price and +5.3% for the forecasts.
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.Consumer Electronics · 127 stocks
Beats the industry median on 14/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+80% · Top 25%
Profitability
Return on equity (TTM)12% · Above median
Return on assets3% · Above median
Net margin (TTM)4% · Above median
Operating margin (TTM)4% · Above median
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)7.1% · Top 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Consumer Electronics median · lower = cheaper
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Is Primax Electronics Ltd (4915) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 115.05 TWD versus a price of 64.10 TWD, about +79% upside (undervalued).
What is the fair value of 4915?
Our model-based fair value for Primax Electronics Ltd is 115.05 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 64.10 TWD.
What is the quality score of 4915?
Primax Electronics Ltd has a Quality Score of 58/100. 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 Primax Electronics Ltd (4915)?
Our model-based price target is the fair value of 115.05 TWD (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 75.92 TWD, optimistic scenario 159.11 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Primax Electronics Ltd stock forecast for 2026?
Our models put fair value at 115.05 TWD, about +79% upside versus a price of 64.10 TWD (undervalued). Cautious scenario 75.92 TWD, optimistic scenario 159.11 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Primax Electronics Ltd (4915)?
Primax Electronics Ltd reported trailing-twelve-month revenue of about 61.3B TWD (latest available figure, as of Sep 23, 2026).
Does Primax Electronics Ltd pay a dividend?
Primax Electronics Ltd currently shows a dividend yield of about 7.13% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Primax Electronics Ltd (4915)?
For today's price to be fair in a discounted-cash-flow model, Primax Electronics Ltd would have to grow free cash flow by +16.3 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 4915 use?
Our models discount Primax Electronics Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.24, 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 Primax Electronics Ltd that is +16.3 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Primax Electronics Ltd (4915) delivered so far?
Over the past 5 years revenue at Primax Electronics Ltd grew -2.5 % a year. The price currently implies +16.3 % 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 Primax Electronics Ltd (4915) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Primax Electronics Ltd (+16.3 % 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 Primax Electronics Ltd (4915)?
The free-cash-flow yield on the price is 1.95 %: that much free cash flow Primax Electronics Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Primax Electronics Ltd (4915)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Primax Electronics Ltd it is 115.05 TWD per share (as of Sep 23, 2026), against a price of 64.10 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Primax Electronics Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 4915 trades below its calculated fair value: price 64.10 TWD, fair value 115.05 TWD, a gap of about +79% (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 4915?
No. The price is what the market pays today (64.10 TWD); the fair value is what the company's own numbers justify (115.05 TWD). For Primax Electronics Ltd the two are 50.95 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Primax Electronics Ltd worth?
The market values Primax Electronics Ltd at about 29.5B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 64.10 TWD; our models calculate a fair value of 115.05 TWD per share.
What do the bullish and bearish scenarios say about 4915?
Our models span a range for Primax Electronics Ltd: cautious scenario 75.92 TWD, base 115.05 TWD, optimistic 159.11 TWD per share (as of Sep 23, 2026, price 64.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4915?
Primax Electronics Ltd trades at a price-to-earnings ratio of 11.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 115.05 TWD is built from several models across several years. Other multiples: PEG 1.2, P/B 1.4, P/S 0.5, EV/EBITDA 4.6.
What is the PEG ratio of 4915?
The PEG ratio of Primax Electronics Ltd is 1.22 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Primax Electronics Ltd (4915)?
Balance-sheet figures for Primax Electronics Ltd (as of Sep 23, 2026): return on equity 11.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 4915 from its 52-week high?
Primax Electronics Ltd trades at 64.10 TWD, about 28% below its 52-week high of 88.90 TWD and 8% above the low of 59.40 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 115.05 TWD is for.
Which stocks are comparable to Primax Electronics Ltd?
From the same area (Technology) we also value Samsung Electronics Co, Sony Group, Xiaomi Corporation, LG Electronics 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 Primax Electronics Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 64.10 TWD, calculated fair value 115.05 TWD (+79%), Quality Score 58/100, 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 4915 calculated?
We run Primax Electronics Ltd 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 115.05 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 14.1 % above its aggregate fair value. Primax Electronics Ltd currently trades 79 % 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 Primax Electronics Ltd (4915)?
The closing price on Sep 24, 2026 was 64.10 TWD. Our model-based fair value is 115.05 TWD, about +79% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Primax Electronics Ltd right now?
The price is below even our cautious bear case (75.92 TWD). The market is more pessimistic than our downside scenario. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (75.92 TWD to 159.11 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Primax Electronics Ltd (4915) come from?
Earnings per share at Primax Electronics Ltd grew +3.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.7 %, EBIT margin +3.2 %, tax rate +0.8 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Primax Electronics Ltd
How large is the market capitalisation of Primax Electronics Ltd (4915)?
The market capitalisation of Primax Electronics Ltd is 29.5B TWD (≈ $926M). 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 Primax Electronics Ltd (4915)?
The price-to-sales ratio of Primax Electronics Ltd is 0.50 (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 Primax Electronics Ltd (4915)?
Earnings per share at Primax Electronics Ltd are 5.63 TWD (price ÷ EPS = P/E 11.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Primax Electronics Ltd (4915)?
The dividend yield of Primax Electronics Ltd is 7.1% (payout 81.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Primax Electronics Ltd (4915)?
The net margin of Primax Electronics Ltd is 4.4% (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 Primax Electronics Ltd (4915)?
The return on equity (ROE) of Primax Electronics Ltd is 11.6% (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 Primax Electronics Ltd (4915)?
On an EBIT basis the return on assets of Primax Electronics Ltd is 6.4% (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 Primax Electronics Ltd (4915)?
The operating margin of Primax Electronics Ltd is 4.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Primax Electronics Ltd (4915)?
Revenue at Primax Electronics Ltd is growing +7.8% versus a year earlier (3y avg −8.8%). 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 Primax Electronics Ltd (4915)?
Earnings per share at Primax Electronics Ltd are growing −37.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Primax Electronics Ltd (4915) hold?
Primax Electronics Ltd holds more cash than debt, 6.3B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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