Parade Technologies Ltd (4966) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Parade Technologies Ltd TWD 824, price TWD 564, upside +46.1%, quality 75 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Parade Technologies, Ltd., operates as a fabless semiconductor company in South Korea, China, Taiwan, Japan, and internationally.
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Parade Technologies, Ltd., operates as a fabless semiconductor company in South Korea, China, Taiwan, Japan, and internationally. It engages in research and development, and marketing, and sale of high-speed interface standards, and touch controller and display processing integrated circuit (IC) chips for products used in computers, consumer electronics, and display panels. The company's products portfolio comprises datacenter active copper cables, high-speed interface ICs, including PCI Express/SATA, USBs, DisplayPorts, HDMIs, and protocol converters; display and touch integrated system ICs, such as touch embedded TCONs and source drivers, touch and gate level shifters, embedded DisplayPort timing controllers, display panel source drivers, Tcons with embedded source drivers and touch, touch and display driver integrated products, and DisplayPort LCD monitor controllers; truetouch touch screen controllers; and automotive ICs, such as touch with embedded drivers, USB, display protocol converters, display Tcons, source drivers, and touch, PCI express interface, HDMI interface, and display interface. Parade Technologies, Ltd. was incorporated in 2005 and is based in Grand Cayman, Cayman Islands.
Stock analysis
Parade Technologies Ltd (4966) currently trades at 564.00 TWD, while our model-based Fair Value estimate is 823.77 TWD, implying the stock looks roughly 31.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 959.66 TWD per share, and 18 of the 26 models we run sit above the 564.00 TWD price.
Bear case: the Asset-Based group reads lowest at 193.72 TWD, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 576.64 TWD (bear) to 1,115 TWD (bull), the price of 564.00 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 75/100 (high quality), in the Technology sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Parade Technologies Ltd reported revenue of 16.5B TWD in FY2025 versus 20.0B TWD in FY2021, a compound −4.6%/yr. Reported net income was 2.7B TWD in FY2025, compounding −15.1%/yr from FY2021.
Key figures
Market cap 44.0B TWD (≈ $1.4B) · P/E ratio 17.2 · P/S ratio 2.84 · EPS (TTM) 32.70 TWD · Dividend yield 3.1% · Net margin 16.5% · Return on equity 11.7% · Return on assets (EBIT) 16.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at 46%, 4966 screens cheaper than that median.
Fair Value models
Bear 576.64 TWDFair Value 823.77 TWDBull 1,115 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 (11.00 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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+1.8%
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.
−6.2%
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.
+1.6%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 16 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.
+21.7%
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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.
−1.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.4%
Dividend (yield on the price)3.1%
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 8%, slowing
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.24% → 16%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less 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).
+3.4%
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.
+8.6%
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 +1.8% a year for the price and +6.9% for the forecasts.
Compare Parade Technologies 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.Semiconductors · 340 stocks
Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score75 · Top 25%
Fair Value upside+46% · Top 25%
Profitability
Return on equity (TTM)12% · Above median
Return on assets6% · Top 25%
Net margin (TTM)16% · Above median
Operating margin (TTM)14% · Above median
Growth and dividend
Revenue growth−4% · Bottom 25%
Dividend yield (TTM)3.1% · Top 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Is Parade Technologies Ltd (4966) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 823.77 TWD versus a price of 564.00 TWD, about +46% upside (undervalued).
What is the fair value of 4966?
Our model-based fair value for Parade Technologies Ltd is 823.77 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 564.00 TWD.
What is the quality score of 4966?
Parade Technologies Ltd has a Quality Score of 75/100. 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 Parade Technologies Ltd (4966)?
Our model-based price target is the fair value of 823.77 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 576.64 TWD, optimistic scenario 1,115 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Parade Technologies Ltd stock forecast for 2026?
Our models put fair value at 823.77 TWD, about +46% upside versus a price of 564.00 TWD (undervalued). Cautious scenario 576.64 TWD, optimistic scenario 1,115 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Parade Technologies Ltd (4966)?
Parade Technologies Ltd reported trailing-twelve-month revenue of about 16.4B TWD (latest available figure, as of Sep 24, 2026).
Does Parade Technologies Ltd pay a dividend?
Parade Technologies Ltd currently shows a dividend yield of about 3.13% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Parade Technologies Ltd (4966)?
For today's price to be fair in a discounted-cash-flow model, Parade Technologies Ltd would have to grow free cash flow by +3.4 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4966 use?
Our models discount Parade Technologies Ltd at 12.1 %: a base by market capitalisation (small), damped by beta 1.11, 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 Parade Technologies Ltd that is +3.4 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Parade Technologies Ltd (4966) delivered so far?
Over the past 5 years revenue at Parade Technologies Ltd grew +1.6 % a year. The price currently implies +3.4 % 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 Parade Technologies Ltd (4966) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Parade Technologies Ltd (+3.4 % 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 Parade Technologies Ltd (4966)?
The free-cash-flow yield on the price is 7.44 %: that much free cash flow Parade Technologies Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Parade Technologies Ltd (4966)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Parade Technologies Ltd it is 823.77 TWD per share (as of Sep 24, 2026), against a price of 564.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Parade Technologies Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4966 trades below its calculated fair value: price 564.00 TWD, fair value 823.77 TWD, a gap of about +46% (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 4966?
No. The price is what the market pays today (564.00 TWD); the fair value is what the company's own numbers justify (823.77 TWD). For Parade Technologies Ltd the two are 259.77 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Parade Technologies Ltd worth?
The market values Parade Technologies Ltd at about 44.0B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 564.00 TWD; our models calculate a fair value of 823.77 TWD per share.
What do the bullish and bearish scenarios say about 4966?
Our models span a range for Parade Technologies Ltd: cautious scenario 576.64 TWD, base 823.77 TWD, optimistic 1,115 TWD per share (as of Sep 24, 2026, price 564.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4966?
Parade Technologies Ltd trades at a price-to-earnings ratio of 17.2 (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 823.77 TWD is built from several models across several years. Other multiples: P/B 2.0, P/S 2.7, EV/EBITDA 10.4.
How solid is the balance sheet of Parade Technologies Ltd (4966)?
Balance-sheet figures for Parade Technologies Ltd (as of Sep 24, 2026): return on equity 11.7%. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is 4966 from its 52-week high?
Parade Technologies Ltd trades at 564.00 TWD, about 35% below its 52-week high of 870.00 TWD and 22% above the low of 463.50 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 823.77 TWD is for.
Which stocks are comparable to Parade Technologies Ltd?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, SK hynix 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 Parade Technologies Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 564.00 TWD, calculated fair value 823.77 TWD (+46%), Quality Score 75/100, from 26 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 4966 calculated?
We run Parade Technologies Ltd through 26 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 823.77 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. Parade Technologies Ltd currently trades 46 % 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 Parade Technologies Ltd (4966)?
The closing price on Sep 23, 2026 was 564.00 TWD. Our model-based fair value is 823.77 TWD, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Parade Technologies Ltd right now?
The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (576.64 TWD). The market is more pessimistic than our downside scenario. A fairly wide model range (576.64 TWD to 1,115 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Parade Technologies Ltd (4966) come from?
Earnings per share at Parade Technologies Ltd grew +15.2 % a year from 2012 to 2023. Broken into its drivers: revenue per share +14.2 %, EBIT margin +0.3 %, tax rate +0.4 %, residual (interest, one-offs) +0.2 %. 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 Parade Technologies Ltd
How large is the market capitalisation of Parade Technologies Ltd (4966)?
The market capitalisation of Parade Technologies Ltd is 44.0B TWD (≈ $1.4B). 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 Parade Technologies Ltd (4966)?
The price-to-sales ratio of Parade Technologies Ltd is 2.84 (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 Parade Technologies Ltd (4966)?
Earnings per share at Parade Technologies Ltd are 32.70 TWD (price ÷ EPS = P/E 17.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Parade Technologies Ltd (4966)?
The dividend yield of Parade Technologies Ltd is 3.1% (payout 54.0%). 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 Parade Technologies Ltd (4966)?
The net margin of Parade Technologies Ltd is 16.5% (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 Parade Technologies Ltd (4966)?
The return on equity (ROE) of Parade Technologies Ltd is 11.7% (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 Parade Technologies Ltd (4966)?
On an EBIT basis the return on assets of Parade Technologies Ltd is 16.4% (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 Parade Technologies Ltd (4966)?
The operating margin of Parade Technologies Ltd is 13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Parade Technologies Ltd (4966)?
Revenue at Parade Technologies Ltd is growing −3.9% versus a year earlier (3y avg −6.2%). 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 Parade Technologies Ltd (4966)?
Earnings per share at Parade Technologies Ltd are growing −19.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Parade Technologies Ltd (4966) hold?
Parade Technologies Ltd holds more cash than debt, 8.2B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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