Mustang Industrial (5460) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Mustang Industrial TWD 14.54, price TWD 16.85, upside -13.7%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Mustang Industrial Corp. engages in the manufacture and sale of progressive die molds and stamping products in Taiwan. The company offers shielding frame and cover assemblies for tuners; metal stamped frames and covers for signal shielding; and large-sized metal stamping products, which include cover and chassis of set-top boxes and satellite receivers.
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Mustang Industrial Corp. engages in the manufacture and sale of progressive die molds and stamping products in Taiwan. The company offers shielding frame and cover assemblies for tuners; metal stamped frames and covers for signal shielding; and large-sized metal stamping products, which include cover and chassis of set-top boxes and satellite receivers. It also provides middle size stamping parts, such as metal frames, brackets, and plates for LCD panels; small size stamping parts comprising springs and contacting fingers for EMC solution; high precision stamping parts, including micro punching/blanking technology to replace chemical etching, as well as terminals, jumpers, and contact springs; and heat spreaders for chip sets and drawn parts. The company was founded in 1972 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Mustang Industrial (5460) currently trades at 16.85 TWD, while our model-based Fair Value estimate is 14.54 TWD, implying the stock looks roughly 15.9% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 8.28 TWD per share, and 0 of the 11 models we run sit above the 16.85 TWD price.
Bear case: the Multiples group reads lowest at 5.69 TWD, and 11 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 11.58 TWD (bear) to 17.98 TWD (bull), the price of 16.85 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 59/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Mustang Industrial reported revenue of 233M TWD in FY2025 versus 500M TWD in FY2021, a compound −17.3%/yr. Reported net income was −10.2M TWD in FY2025.
Key figures
Market cap 990M TWD (≈ $31.1M) · P/S ratio 3.98 · EPS (TTM) −0.1700 TWD · Net margin −4.4% · Return on equity −0.6% · Return on assets (EBIT) −1.3% · Operating margin 1.4% · Revenue (TTM) 245M TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −14%, 5460 screens cheaper than that median.
Fair Value models
Bear 11.58 TWDFair Value 14.54 TWDBull 17.98 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.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.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−15.7%
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.
−15.5%
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.
−17.7%
Start year 2020 (pandemic)
Revenue growth 8 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.
−14.8%
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Profit margin (trend) ⓘ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.
0.4% (2020) → −7.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+3.3%
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 +1.7% a year for the price.
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.Metal Fabrication · 263 stocks
Beats the industry median on 5/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−14% · Above median
Profitability
Return on assets−1% · Bottom 25%
Net margin (TTM)−2% · Bottom 25%
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth21% · Above median
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Mustang Industrial Fair Value". https://www.fairvalue-calculator.com/stock/5460
Frequently asked questions
Is Mustang Industrial (5460) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 14.54 TWD versus a price of 16.85 TWD, about −14% upside (overvalued).
What is the fair value of 5460?
Our model-based fair value for Mustang Industrial is 14.54 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 16.85 TWD.
What is the quality score of 5460?
Mustang Industrial has a Quality Score of 59/100. 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 Mustang Industrial (5460)?
Our model-based price target is the fair value of 14.54 TWD (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 11.58 TWD, optimistic scenario 17.98 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Mustang Industrial stock forecast for 2026?
Our models put fair value at 14.54 TWD, about −14% upside versus a price of 16.85 TWD (overvalued). Cautious scenario 11.58 TWD, optimistic scenario 17.98 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Mustang Industrial (5460)?
Mustang Industrial reported trailing-twelve-month revenue of about 245M TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Mustang Industrial (5460)?
For today's price to be fair in a discounted-cash-flow model, Mustang Industrial would have to grow free cash flow by +3.3 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -17.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5460 use?
Our models discount Mustang Industrial at 9.0 %: a base by market capitalisation (nano), damped by beta 0.25, 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 Mustang Industrial that is +3.3 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Mustang Industrial (5460) delivered so far?
Over the past 5 years revenue at Mustang Industrial grew -17.7 % a year. The price currently implies +3.3 % 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 Mustang Industrial (5460) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Mustang Industrial (+3.3 % 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 Mustang Industrial (5460)?
The free-cash-flow yield on the price is 3.50 %: that much free cash flow Mustang Industrial produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mustang Industrial (5460)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mustang Industrial it is 14.54 TWD per share (as of Sep 24, 2026), against a price of 16.85 TWD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Mustang Industrial stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5460 trades above its calculated fair value: price 16.85 TWD, fair value 14.54 TWD, a gap of about −14% (overvalued). 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 5460?
No. The price is what the market pays today (16.85 TWD); the fair value is what the company's own numbers justify (14.54 TWD). For Mustang Industrial the two are 2.31 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Mustang Industrial worth?
The market values Mustang Industrial at about 990M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 16.85 TWD; our models calculate a fair value of 14.54 TWD per share.
What do the bullish and bearish scenarios say about 5460?
Our models span a range for Mustang Industrial: cautious scenario 11.58 TWD, base 14.54 TWD, optimistic 17.98 TWD per share (as of Sep 24, 2026, price 16.85 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mustang Industrial (5460)?
Balance-sheet figures for Mustang Industrial (as of Sep 24, 2026): return on equity −0.6%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 5460 from its 52-week high?
Mustang Industrial trades at 16.85 TWD, about 13% below its 52-week high of 19.30 TWD and 23% above the low of 13.65 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 14.54 TWD is for.
Which stocks are comparable to Mustang Industrial?
From the same area (Industrials) we also value Carpenter Technology Corporation, ATI Inc, Mueller Industries, Inc, Aurubis AG, 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 Mustang Industrial stock attractive at the current price?
The data as of Sep 24, 2026: price 16.85 TWD, calculated fair value 14.54 TWD (−14%), Quality Score 59/100, from 11 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 5460 calculated?
We run Mustang Industrial through 11 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 14.54 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 13.0 % above its aggregate fair value. Mustang Industrial 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 Mustang Industrial (5460)?
The closing price on Sep 24, 2026 was 16.85 TWD. Our model-based fair value is 14.54 TWD, about −14% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mustang Industrial right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Mustang Industrial
How large is the market capitalisation of Mustang Industrial (5460)?
The market capitalisation of Mustang Industrial is 990M TWD (≈ $31.1M). 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 Mustang Industrial (5460)?
The price-to-sales ratio of Mustang Industrial is 3.98 (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 Mustang Industrial (5460)?
Earnings per share at Mustang Industrial are −0.1700 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Mustang Industrial (5460)?
The net margin of Mustang Industrial is −4.4% (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 Mustang Industrial (5460)?
The return on equity (ROE) of Mustang Industrial is −0.6% (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 Mustang Industrial (5460)?
On an EBIT basis the return on assets of Mustang Industrial is −1.3% (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 Mustang Industrial (5460)?
The operating margin of Mustang Industrial is 1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mustang Industrial (5460)?
Revenue at Mustang Industrial is growing +20.6% versus a year earlier (3y avg −15.5%). 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 Mustang Industrial (5460)?
Earnings per share at Mustang Industrial are growing −75.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Mustang Industrial (5460) hold?
Mustang Industrial holds more cash than debt, 137M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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