Cayenne Entertainment Technology Co. Ltd. (4946) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Cayenne Entertainment Technology Co. Ltd. stock TWD 87.89, price TWD 87.80, upside +0.1%, quality 88 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 31.43 TWD – 257.00 TWD · fair‑value band 69.63 TWD – 113.45 TWD · the 87.80 TWD price screens below the 87.89 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Cayenne Entertainment Technology Co., Ltd. provides various casual gaming services to online entertainment community in Taiwan. It also offers information software; data processing services, and general advertising services; and game agency services.
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Cayenne Entertainment Technology Co., Ltd. was founded in 2006 and is based in Taipei City, Taiwan.
Stock analysis
Cayenne Entertainment Technology Co. Ltd. (4946) currently trades at 87.80 TWD, while our model-based Fair Value estimate is 87.89 TWD, so the stock looks roughly fairly valued today (gap 0.1%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of 92.84 TWD per share, and 6 of the 24 models we run sit above the 87.80 TWD price.
Bear case: the Economic Profit group reads lowest at 25.82 TWD, and 18 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 69.63 TWD (bear) to 113.45 TWD (bull), the price of 87.80 TWD sits inside 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 88/100 (high quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Cayenne Entertainment Technology Co. Ltd. reported revenue of 355M TWD in FY2025 versus 41.6M TWD in FY2021, a compound +70.9%/yr. Reported net income was 24.5M TWD in FY2025, compounding +0.0%/yr from FY2021.
Key figures
Market cap 795M TWD (≈ $24.2M) Micro · P/E ratio 38.2 · P/S ratio 2.39 · EPS (TTM) 2.30 TWD · Net margin 6.8% · Return on equity 16.1% · Return on assets (EBIT) −35.3% (5-year average) · Operating margin −10.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (medium confidence).
What moves the price
The share trades about 45% below its 52-week high and 30% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 0%, 4946 screens richer than that median.
Fair Value models
Bear69.63 TWDFair Value 87.89 TWDBull113.45 TWD
Price 87.80 TWD · Upside +0.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.97 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. 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.Coverage ⓘCoverage = 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+786.3%
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.
+46.0%
’19
’20
’21
’22
’23
’24
’25
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.
+4.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
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.−67% → 7%
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).
+1.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −0.2% a year for the price.
Compare Cayenne Entertainment Technology 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.Electronic Gaming & Multimedia · 164 stocks
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.
Cite: Fair Value Calculator (2026). "Cayenne Entertainment Technology Co. Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/4946
Frequently asked questions
Is Cayenne Entertainment Technology Co. Ltd. (4946) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 87.89 TWD versus a price of 87.80 TWD, about +0% upside (fairly valued).
What is the fair value of 4946?
Our model-based fair value for Cayenne Entertainment Technology Co. Ltd. is 87.89 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 87.80 TWD.
What is the quality score of 4946?
Cayenne Entertainment Technology Co. Ltd. has a Quality Score of 88/100. 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
Our model-based price target is the fair value of 87.89 TWD (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 69.63 TWD, optimistic scenario 113.45 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Cayenne Entertainment Technology Co. Ltd. stock forecast for 2026?
Our models put fair value at 87.89 TWD, about +0% upside versus a price of 87.80 TWD (fairly valued). Cautious scenario 69.63 TWD, optimistic scenario 113.45 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Cayenne Entertainment Technology Co. Ltd. (4946)?
Cayenne Entertainment Technology Co. Ltd. reported trailing-twelve-month revenue of about 303M TWD (latest available figure, as of Nov 9, 2026).
What growth is priced into Cayenne Entertainment Technology Co. Ltd. (4946)?
For today's price to be fair in a discounted-cash-flow model, Cayenne Entertainment Technology Co. Ltd. would have to grow free cash flow by +1.4 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.3 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 4946 use?
Our models discount Cayenne Entertainment Technology Co. Ltd. at 9.9 %: a base by market capitalisation (nano), damped by beta 0.87, 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 Cayenne Entertainment Technology Co. Ltd. that is +1.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Cayenne Entertainment Technology Co. Ltd. (4946) delivered so far?
Over the past 5 years revenue at Cayenne Entertainment Technology Co. Ltd. grew +33.3 % a year. The price currently implies free-cash-flow growth of +1.4 % per 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 Cayenne Entertainment Technology Co. Ltd. (4946) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Cayenne Entertainment Technology Co. Ltd. (+1.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cayenne Entertainment Technology Co. Ltd. (4946)?
The free-cash-flow yield on the price is 7.28 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Cayenne Entertainment Technology Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cayenne Entertainment Technology Co. Ltd. (4946)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cayenne Entertainment Technology Co. Ltd. it is 87.89 TWD per share (as of Nov 9, 2026), against a price of 87.80 TWD. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Cayenne Entertainment Technology Co. Ltd. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 4946 trades below its calculated fair value: price 87.80 TWD, fair value 87.89 TWD, a gap of about +0% (fairly valued). 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 4946?
No. The price is what the market pays today (87.80 TWD); the fair value is what the company's own numbers justify (87.89 TWD). For Cayenne Entertainment Technology Co. Ltd. the two are 0.0900 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Cayenne Entertainment Technology Co. Ltd. worth?
The market values Cayenne Entertainment Technology Co. Ltd. at about 795M TWD (market capitalisation, as of Nov 9, 2026). Per share that is 87.80 TWD; our models calculate a fair value of 87.89 TWD per share.
What do the bullish and bearish scenarios say about 4946?
Our models span a range for Cayenne Entertainment Technology Co. Ltd.: cautious scenario 69.63 TWD, base 87.89 TWD, optimistic 113.45 TWD per share (as of Nov 9, 2026, price 87.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4946?
Cayenne Entertainment Technology Co. Ltd. trades at a price-to-earnings ratio of 38.2 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 87.89 TWD is built from several models across several years. Other multiples: P/B 11.3, P/S 2.4.
How solid is the balance sheet of Cayenne Entertainment Technology Co. Ltd. (4946)?
Balance-sheet figures for Cayenne Entertainment Technology Co. Ltd. (as of Nov 9, 2026): return on equity 16.1%. They feed the Quality Score of 88/100, which measures business quality independently of the share price.
How far is 4946 from its 52-week high?
Cayenne Entertainment Technology Co. Ltd. trades at 87.80 TWD, about 45% below its 52-week high of 160.00 TWD and 30% above the low of 67.40 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 87.89 TWD is for.
Which stocks are comparable to Cayenne Entertainment Technology Co. Ltd.?
From the same area (Communication Services) we also value NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, Zhejiang Century Huatong Group, 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 Cayenne Entertainment Technology Co. Ltd. stock attractive at the current price?
The data as of Nov 9, 2026: price 87.80 TWD, calculated fair value 87.89 TWD (+0%), Quality Score 88/100, 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 4946 calculated?
We run Cayenne Entertainment Technology Co. Ltd. through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 87.89 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Cayenne Entertainment Technology 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The closing price on Nov 9, 2026 was 87.80 TWD. Our model-based fair value is 87.89 TWD, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cayenne Entertainment Technology Co. Ltd. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Cayenne Entertainment Technology Co. Ltd.
How large is the market capitalisation of Cayenne Entertainment Technology Co. Ltd. (4946)?
The market capitalisation of Cayenne Entertainment Technology Co. Ltd. is 795M TWD (≈ $24.2M). 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The price-to-sales ratio of Cayenne Entertainment Technology Co. Ltd. is 2.39 (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 Cayenne Entertainment Technology Co. Ltd. (4946)?
Earnings per share at Cayenne Entertainment Technology Co. Ltd. are 2.30 TWD (price ÷ EPS = P/E 38.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cayenne Entertainment Technology Co. Ltd. (4946)?
The net margin of Cayenne Entertainment Technology Co. Ltd. is 6.8% (last twelve months). 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The return on equity (ROE) of Cayenne Entertainment Technology Co. Ltd. is 16.1% (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 Cayenne Entertainment Technology Co. Ltd. (4946)?
On an EBIT basis the return on assets of Cayenne Entertainment Technology Co. Ltd. is −35.3% (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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The operating margin of Cayenne Entertainment Technology Co. Ltd. is −10.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cayenne Entertainment Technology Co. Ltd. (4946)?
Revenue at Cayenne Entertainment Technology Co. Ltd. is growing −15.5% versus a year earlier (3y avg +46.0%). 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
Earnings per share at Cayenne Entertainment Technology Co. Ltd. are growing +92.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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Nov 9, 2026