Cayenne Entertainment Technology Co. Ltd. (4946) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Cayenne Entertainment Technology Co. Ltd. TWD 129, price TWD 98.00, upside +31.3%, quality 83 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 31.43 TWD – 257.00 TWD · fair‑value band 68.64 TWD – 167.22 TWD · the 98.00 TWD price screens below the 128.63 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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. 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 98.00 TWD, while our model-based Fair Value estimate is 128.63 TWD, implying the stock looks roughly 23.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 128.63 TWD per share, and 9 of the 24 models we run sit above the 98.00 TWD price.
Bear case: the Economic Profit group reads lowest at 30.29 TWD, and 15 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 68.64 TWD (bear) to 167.22 TWD (bull), the price of 98.00 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 83/100 (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 765M TWD (≈ $24.1M) · P/E ratio 31.2 · P/S ratio 2.16 · EPS (TTM) 3.14 TWD · Net margin 6.9% · Return on equity 8.0% · Return on assets (EBIT) −35.3% · Operating margin −4.9%.
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 39% below its 52-week high and 40% 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 31%, 4946 screens richer than that median.
Fair Value models
Bear 68.64 TWDFair Value 128.63 TWDBull 167.22 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 (2.31 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.90/100
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%
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.
+33.3%
Start year 2020 (pandemic)
Revenue growth 6 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.
+0.8%
’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).
+2.7%
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 +1.1% a year for the price.
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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 · 149 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 Sep 24, 2026, our model estimates a fair value of 128.63 TWD versus a price of 98.00 TWD, about +31% upside (undervalued).
What is the fair value of 4946?
Our model-based fair value for Cayenne Entertainment Technology Co. Ltd. is 128.63 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 98.00 TWD.
What is the quality score of 4946?
Cayenne Entertainment Technology Co. Ltd. has a Quality Score of 83/100. 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 128.63 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 68.64 TWD, optimistic scenario 167.22 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 128.63 TWD, about +31% upside versus a price of 98.00 TWD (undervalued). Cautious scenario 68.64 TWD, optimistic scenario 167.22 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 316M TWD (latest available figure, as of Sep 24, 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 +2.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4946 use?
Our models discount Cayenne Entertainment Technology Co. Ltd. at 9.6 %: a base by market capitalisation (nano), damped by beta 0.72, 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 +2.7 % per year a year over ten years, using the same discount rate (9.6 %) 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 +2.7 % 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 Cayenne Entertainment Technology Co. Ltd. (4946) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Cayenne Entertainment Technology Co. Ltd. (+2.7 % 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The free-cash-flow yield on the price is 6.53 %: 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 (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of 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 128.63 TWD per share (as of Sep 24, 2026), against a price of 98.00 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Cayenne Entertainment Technology Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4946 trades below its calculated fair value: price 98.00 TWD, fair value 128.63 TWD, a gap of about +31% (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 4946?
No. The price is what the market pays today (98.00 TWD); the fair value is what the company's own numbers justify (128.63 TWD). For Cayenne Entertainment Technology Co. Ltd. the two are 30.63 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 765M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 98.00 TWD; our models calculate a fair value of 128.63 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 68.64 TWD, base 128.63 TWD, optimistic 167.22 TWD per share (as of Sep 24, 2026, price 98.00 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 31.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 128.63 TWD is built from several models across several years. Other multiples: P/B 11.9, P/S 2.4, EV/EBITDA 92.5.
How solid is the balance sheet of Cayenne Entertainment Technology Co. Ltd. (4946)?
Balance-sheet figures for Cayenne Entertainment Technology Co. Ltd. (as of Sep 24, 2026): return on equity 8.0%. They feed the Quality Score of 83/100, 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 98.00 TWD, about 39% below its 52-week high of 160.00 TWD and 40% above the low of 70.10 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 128.63 TWD is for.
Which stocks are comparable to Cayenne Entertainment Technology Co. Ltd.?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Sep 24, 2026: price 98.00 TWD, calculated fair value 128.63 TWD (+31%), Quality Score 83/100, 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 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 128.63 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 14.0 % above its aggregate fair value. Cayenne Entertainment Technology Co. Ltd. currently trades 31 % 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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The closing price on Sep 24, 2026 was 98.00 TWD. Our model-based fair value is 128.63 TWD, about +31% upside (undervalued). 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 rarer combination: high quality (83/100) AND below fair value. That earns a closer look rather than a quick verdict. A fairly wide model range (68.64 TWD to 167.22 TWD) leaves room in how you read the outcome.
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 765M TWD (≈ $24.1M). 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 2.16 (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 Cayenne Entertainment Technology Co. Ltd. (4946)?
Earnings per share at Cayenne Entertainment Technology Co. Ltd. are 3.14 TWD (price ÷ EPS = P/E 31.2). 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 6.9% (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 Cayenne Entertainment Technology Co. Ltd. (4946)?
The return on equity (ROE) of Cayenne Entertainment Technology Co. Ltd. is 8.0% (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 −4.9% (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 −32.6% 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 −82.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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