Desiccant Technology Corporation (5292) fair value: what the stock is really worth
We calculate from audited financials what Desiccant Technology Corporation is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Desiccant Technology Corporation, together with its subsidiaries, manufactures and sells industrial dehumidification, drying, and pollution control equipment in Taiwan and China. The company also offers air purification and processing, air treatment equipment, plastic processing, and energy-saving equipment, as well as its spare parts.
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Desiccant Technology Corporation, together with its subsidiaries, manufactures and sells industrial dehumidification, drying, and pollution control equipment in Taiwan and China. The company also offers air purification and processing, air treatment equipment, plastic processing, and energy-saving equipment, as well as its spare parts. In addition, it provides volatile organic gases exhaust abatement systems, rotary regenerative and catalytic thermal oxidizers, waste liquid/wastewater thermal oxidizer systems; organic solvent recovery equipment, heat exchangers, ultra-low dew-point desiccant adsorption equipment, chemical filters, and sludge thermal oxidizers and drying systems. Further, the company engages in investment and international trade activities. Desiccant Technology Corporation was founded in 1978 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
Desiccant Technology Corporation (5292) currently trades at 217.00 TWD, while our model-based Fair Value estimate is 238.70 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 255.39 TWD per share, and 11 of the 26 models we run sit above the 217.00 TWD price.
Bear case: the Asset-Based group reads lowest at 27.82 TWD, and 15 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 167.09 TWD (bear) to 388.93 TWD (bull), the price of 217.00 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 63/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Desiccant Technology Corporation reported revenue of 2.9B TWD in FY2025 versus 1.5B TWD in FY2021, a compound +18.1%/yr. Reported net income was 418M TWD in FY2025, compounding +30.3%/yr from FY2021.
Key figures
Market cap 9.1B TWD (≈ $288M) · P/E ratio 21.9 · P/S ratio 3.21 · EPS (TTM) 9.89 TWD · Dividend yield 2.3% · Net margin 14.6% · Return on equity 24.9% · Return on assets (EBIT) 11.5%.
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 20% below its 52-week high and 60% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at 10%, 5292 screens cheaper than that median.
Fair Value models
Bear 167.09 TWDFair Value 238.70 TWDBull 388.93 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 8 months old). Earnings retained since then (2.81 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.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+27.3%
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.
+12.4%
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.
+20.8%
Revenue growth 14 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.
+17.1%
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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.
+27.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.2%
Dividend (yield on the price)2.3%
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.25% vs 20%, picking up
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.14% → 17%
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.
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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.Pollution & Treatment Controls · 93 stocks
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Is Desiccant Technology Corporation (5292) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 238.70 TWD versus a price of 217.00 TWD, about +10% upside (undervalued).
What is the fair value of 5292?
Our model-based fair value for Desiccant Technology Corporation is 238.70 TWD (as of Sep 13, 2026), built from audited fundamentals. The current price: 217.00 TWD.
What is the quality score of 5292?
Desiccant Technology Corporation has a Quality Score of 63/100. 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 Desiccant Technology Corporation (5292)?
Our model-based price target is the fair value of 238.70 TWD (as of Sep 13, 2026) from 26 valuation models. Cautious scenario 167.09 TWD, optimistic scenario 388.93 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Desiccant Technology Corporation stock forecast for 2026?
Our models put fair value at 238.70 TWD, about +10% upside versus a price of 217.00 TWD (undervalued). Cautious scenario 167.09 TWD, optimistic scenario 388.93 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Desiccant Technology Corporation (5292)?
Desiccant Technology Corporation reported trailing-twelve-month revenue of about 2.8B TWD (latest available figure, as of Sep 13, 2026).
Does Desiccant Technology Corporation pay a dividend?
Desiccant Technology Corporation currently shows a dividend yield of about 2.30% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Desiccant Technology Corporation (5292)?
For today's price to be fair in a discounted-cash-flow model, Desiccant Technology Corporation would have to grow free cash flow by -1.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.8 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 5292 use?
Our models discount Desiccant Technology Corporation at 11.8 %: a base by market capitalisation (micro), damped by beta 0.10, 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 Desiccant Technology Corporation that is -1.4 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Desiccant Technology Corporation (5292) delivered so far?
Over the past 5 years revenue at Desiccant Technology Corporation grew +20.8 % a year. The price currently implies -1.4 % 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 Desiccant Technology Corporation (5292) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Desiccant Technology Corporation (-1.4 % 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 Desiccant Technology Corporation (5292)?
The free-cash-flow yield on the price is 8.80 %: that much free cash flow Desiccant Technology Corporation produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Desiccant Technology Corporation (5292)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Desiccant Technology Corporation it is 238.70 TWD per share (as of Sep 13, 2026), against a price of 217.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Desiccant Technology Corporation stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 5292 trades below its calculated fair value: price 217.00 TWD, fair value 238.70 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 5292?
No. The price is what the market pays today (217.00 TWD); the fair value is what the company's own numbers justify (238.70 TWD). For Desiccant Technology Corporation the two are 21.70 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Desiccant Technology Corporation worth?
The market values Desiccant Technology Corporation at about 9.1B TWD (market capitalisation, as of Sep 13, 2026). Per share that is 217.00 TWD; our models calculate a fair value of 238.70 TWD per share.
What do the bullish and bearish scenarios say about 5292?
Our models span a range for Desiccant Technology Corporation: cautious scenario 167.09 TWD, base 238.70 TWD, optimistic 388.93 TWD per share (as of Sep 13, 2026, price 217.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5292?
Desiccant Technology Corporation trades at a price-to-earnings ratio of 21.9 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 238.70 TWD is built from several models across several years. Other multiples: P/B 4.1, P/S 2.8, EV/EBITDA 13.7.
How solid is the balance sheet of Desiccant Technology Corporation (5292)?
Balance-sheet figures for Desiccant Technology Corporation (as of Sep 13, 2026): return on equity 24.9%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 5292 from its 52-week high?
Desiccant Technology Corporation trades at 217.00 TWD, about 20% below its 52-week high of 271.50 TWD and 60% above the low of 135.50 TWD (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 238.70 TWD is for.
Which stocks are comparable to Desiccant Technology Corporation?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, Canmax Technologies Co, CECO Environmental Corp, 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 Desiccant Technology Corporation stock attractive at the current price?
The data as of Sep 13, 2026: price 217.00 TWD, calculated fair value 238.70 TWD (+10%), Quality Score 63/100, 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 5292 calculated?
We run Desiccant Technology Corporation 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 238.70 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 15.8 % above its aggregate fair value. Desiccant Technology Corporation 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 should I pay attention to with Desiccant Technology Corporation right now?
A fairly wide model range (167.09 TWD to 388.93 TWD) leaves room in how you read the outcome. 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.
Key figures of Desiccant Technology Corporation
How large is the market capitalisation of Desiccant Technology Corporation (5292)?
The market capitalisation of Desiccant Technology Corporation is 9.1B TWD (≈ $288M). 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 Desiccant Technology Corporation (5292)?
The price-to-sales ratio of Desiccant Technology Corporation is 3.21 (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 Desiccant Technology Corporation (5292)?
Earnings per share at Desiccant Technology Corporation are 9.89 TWD (price ÷ EPS = P/E 21.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Desiccant Technology Corporation (5292)?
The dividend yield of Desiccant Technology Corporation is 2.3% (payout 50.6%). 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 Desiccant Technology Corporation (5292)?
The net margin of Desiccant Technology Corporation is 14.6% (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 Desiccant Technology Corporation (5292)?
The return on equity (ROE) of Desiccant Technology Corporation is 24.9% (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 Desiccant Technology Corporation (5292)?
On an EBIT basis the return on assets of Desiccant Technology Corporation is 11.5% (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 Desiccant Technology Corporation (5292)?
The operating margin of Desiccant Technology Corporation is 20.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Desiccant Technology Corporation (5292)?
Revenue at Desiccant Technology Corporation is growing −13.4% versus a year earlier (3y avg +12.4%). 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 Desiccant Technology Corporation (5292)?
Earnings per share at Desiccant Technology Corporation are growing +7.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Desiccant Technology Corporation (5292) hold?
Desiccant Technology Corporation holds more cash than debt, 590M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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