RichWave Technology Corp (4968) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of RichWave Technology Corp TWD 102, price TWD 92.50, upside +10.0%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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RichWave Technology Corporation designs, develops, and sells radio frequency (RF) integrated circuits in Taiwan, China, Korea, and internationally.
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RichWave Technology Corporation designs, develops, and sells radio frequency (RF) integrated circuits in Taiwan, China, Korea, and internationally. It offers a portfolio of RF front-end components for Wi-Fi, such as power amplifiers, low noise amplifiers, switches, and front-end modules; mobility switches, and mobility and GPS LNA products; Internet of Things (IoT) low noise amplifiers and switches; automotive front-end modules and switches; cable network switches; radar sensors; and GPS/WiFi, cellular SAW, IoT SAW, and dual SAW filters. The company also provides single-chip broadcast IC tuners, as well as a line of wireless video/audio transmission chipsets for various ISM bands. Its products are used in various applications, including networking, mobile, smart home, internet of things, wireless media, broadcasting, and automotive. The company was founded in 2004 and is headquartered in Taipei, Taiwan.
Stock analysis
RichWave Technology Corp (4968) currently trades at 92.50 TWD, while our model-based Fair Value estimate is 101.75 TWD, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 71.56 TWD per share, and 0 of the 26 models we run sit above the 92.50 TWD price.
Bear case: the Dividend Discount group reads lowest at 12.13 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 79.10 TWD (bear) to 127.76 TWD (bull), the price of 92.50 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 70/100 (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.
RichWave Technology Corp reported revenue of 3.8B TWD in FY2025 versus 5.3B TWD in FY2021, a compound −8.3%/yr. Reported net income was 245M TWD in FY2025, compounding −14.8%/yr from FY2021.
Key figures
Market cap 9.4B TWD (≈ $294M) · P/E ratio 31.4 · P/S ratio 2.04 · EPS (TTM) 2.95 TWD · Dividend yield 1.7% · Net margin 6.5% · Return on equity 10.0% · Return on assets (EBIT) 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 6% 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 10%, 4968 screens cheaper than that median.
Fair Value models
Bear 79.10 TWDFair Value 101.75 TWDBull 127.76 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 (0.9912 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
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.2%
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.
+3.1%
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.
−6.8%
Start year 2020 (pandemic). Over 10 years: +8.2% 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.
+13.4%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
−25.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−27.0%
Dividend (yield on the price)1.7%
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.−13% vs 4%, 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.19% → 6%
2025 sits 127% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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.
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).
+15.0%
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 +13.2% a year for the price.
Compare RichWave Technology Corp 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 · 339 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+10% · Top 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets5% · Above median
Net margin (TTM)7% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth10% · Below median
Dividend yield (TTM)1.7% · Above median
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Is RichWave Technology Corp (4968) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 101.75 TWD versus a price of 92.50 TWD, about +10% upside (undervalued).
What is the fair value of 4968?
Our model-based fair value for RichWave Technology Corp is 101.75 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 92.50 TWD.
What is the quality score of 4968?
RichWave Technology Corp has a Quality Score of 70/100. 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 RichWave Technology Corp (4968)?
Our model-based price target is the fair value of 101.75 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 79.10 TWD, optimistic scenario 127.76 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the RichWave Technology Corp stock forecast for 2026?
Our models put fair value at 101.75 TWD, about +10% upside versus a price of 92.50 TWD (undervalued). Cautious scenario 79.10 TWD, optimistic scenario 127.76 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of RichWave Technology Corp (4968)?
RichWave Technology Corp reported trailing-twelve-month revenue of about 3.8B TWD (latest available figure, as of Sep 24, 2026).
Does RichWave Technology Corp pay a dividend?
RichWave Technology Corp currently shows a dividend yield of about 1.73% relative to its recent price (as of Sep 24, 2026).
What growth is priced into RichWave Technology Corp (4968)?
For today's price to be fair in a discounted-cash-flow model, RichWave Technology Corp would have to grow free cash flow by +15.0 % per year for five years (discount rate 14.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4968 use?
Our models discount RichWave Technology Corp at 14.6 %: a base by market capitalisation (micro), damped by beta 1.40, 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 RichWave Technology Corp that is +15.0 % per year a year over ten years, using the same discount rate (14.6 %) and the same formula as our fair value.
How much growth has RichWave Technology Corp (4968) delivered so far?
Over the past 5 years revenue at RichWave Technology Corp grew -6.8 % a year. The price currently implies +15.0 % 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 RichWave Technology Corp (4968) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into RichWave Technology Corp (+15.0 % 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 RichWave Technology Corp (4968)?
The free-cash-flow yield on the price is 5.57 %: that much free cash flow RichWave Technology Corp produces per unit of market value. When it exceeds the discount rate of our models (14.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of RichWave Technology Corp (4968)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RichWave Technology Corp it is 101.75 TWD per share (as of Sep 24, 2026), against a price of 92.50 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is RichWave Technology Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4968 trades below its calculated fair value: price 92.50 TWD, fair value 101.75 TWD, a gap of about +10% (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 4968?
No. The price is what the market pays today (92.50 TWD); the fair value is what the company's own numbers justify (101.75 TWD). For RichWave Technology Corp the two are 9.25 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is RichWave Technology Corp worth?
The market values RichWave Technology Corp at about 9.4B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 92.50 TWD; our models calculate a fair value of 101.75 TWD per share.
What do the bullish and bearish scenarios say about 4968?
Our models span a range for RichWave Technology Corp: cautious scenario 79.10 TWD, base 101.75 TWD, optimistic 127.76 TWD per share (as of Sep 24, 2026, price 92.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4968?
RichWave Technology Corp trades at a price-to-earnings ratio of 31.4 (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 101.75 TWD is built from several models across several years. Other multiples: P/B 3.4, P/S 2.4, EV/EBITDA 25.3.
How solid is the balance sheet of RichWave Technology Corp (4968)?
Balance-sheet figures for RichWave Technology Corp (as of Sep 24, 2026): return on equity 10.0%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 4968 from its 52-week high?
RichWave Technology Corp trades at 92.50 TWD, about 44% below its 52-week high of 164.11 TWD and 6% above the low of 87.60 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 101.75 TWD is for.
Which stocks are comparable to RichWave Technology Corp?
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 RichWave Technology Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 92.50 TWD, calculated fair value 101.75 TWD (+10%), Quality Score 70/100, 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 4968 calculated?
We run RichWave Technology Corp 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 101.75 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 13.2 % above its aggregate fair value. RichWave Technology Corp currently trades 10 % 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 RichWave Technology Corp (4968)?
The closing price on Sep 24, 2026 was 92.50 TWD. Our model-based fair value is 101.75 TWD, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RichWave Technology Corp right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of RichWave Technology Corp (4968) come from?
Earnings per share at RichWave Technology Corp grew +4.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.4 %, EBIT margin −6.0 %, tax rate −0.6 %, residual (interest, one-offs) +4.5 %. 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 RichWave Technology Corp
How large is the market capitalisation of RichWave Technology Corp (4968)?
The market capitalisation of RichWave Technology Corp is 9.4B TWD (≈ $294M). 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 RichWave Technology Corp (4968)?
The price-to-sales ratio of RichWave Technology Corp is 2.04 (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 RichWave Technology Corp (4968)?
Earnings per share at RichWave Technology Corp are 2.95 TWD (price ÷ EPS = P/E 31.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of RichWave Technology Corp (4968)?
The dividend yield of RichWave Technology Corp is 1.7% (payout 54.2%). 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 RichWave Technology Corp (4968)?
The net margin of RichWave Technology Corp is 6.5% (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 RichWave Technology Corp (4968)?
The return on equity (ROE) of RichWave Technology Corp is 10.0% (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 RichWave Technology Corp (4968)?
On an EBIT basis the return on assets of RichWave Technology Corp is 3.5% (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 RichWave Technology Corp (4968)?
The operating margin of RichWave Technology Corp is 2.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RichWave Technology Corp (4968)?
Revenue at RichWave Technology Corp is growing +9.5% versus a year earlier (3y avg +3.1%). 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 RichWave Technology Corp (4968)?
Earnings per share at RichWave Technology Corp are growing +107% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does RichWave Technology Corp (4968) hold?
RichWave Technology Corp holds more cash than debt, 628M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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