Mustang Industrial (5460) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Mustang Industrial stock TWD 15.14, price TWD 16.65, that is 9.1% below the price, quality 57 out of 100. Rating: fairly valued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 10.25 TWD – 22.70 TWD · fair‑value band 12.06 TWD – 18.72 TWD · the 16.65 TWD price screens above the 15.14 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Mustang Industrial Corp. engages in the manufacture and sale of progressive die molds and stamping products in Taiwan.
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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 16.65 TWD, while our model-based Fair Value estimate is 15.14 TWD, so the stock looks roughly fairly valued today (gap 10.0%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of 8.55 TWD per share, and 0 of the 11 models we run sit above the 16.65 TWD price.
Bear case: the DCF Models group reads lowest at 7.79 TWD, and 11 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: 12.06 TWD (bear) to 18.72 TWD (bull), the price of 16.65 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 57/100 (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 991M TWD (≈ $30.2M) Micro · P/E ratio 92.5 · P/S ratio 4.17 · EPS (TTM) 0.1800 TWD · Net margin 4.1% · Return on equity 1.4% · Return on assets (EBIT) −1.3% (5-year average) · Operating margin −2.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −38% fair-value upside, at −9%, 5460 screens cheaper than that median.
Fair Value models
Bear12.06 TWDFair Value 15.14 TWDBull18.72 TWD
Price 16.65 TWD · Downside -9.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.1544 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF6.50 TWD8.75 TWD12.93 TWD79
Growth DCF6.76 TWD8.95 TWD12.70 TWD76
Owner Earnings6.88 TWD9.29 TWD13.76 TWD74
All 11 models by family
DCF Models
FCF DCF6.50 TWD8.75 TWD12.93 TWD79
Owner Earnings6.88 TWD9.29 TWD13.76 TWD74
5Y Revenue Exit5.79 TWD8.00 TWD11.22 TWD70
5Y EBITDA Exit4.91 TWD6.49 TWD8.58 TWD73
10Y Revenue Exit5.89 TWD7.57 TWD9.36 TWD66
10Y EBITDA Exit5.49 TWD6.63 TWD7.81 TWD67
Multiples
EV/EBITDA6.03 TWD7.27 TWD8.50 TWD64
EV/Revenue7.33 TWD9.48 TWD11.62 TWD52
Asset-Based
NCAV (Graham)5.41 TWD8.20 TWD10.25 TWD52
Growth DCF
Growth DCF6.76 TWD8.95 TWD12.70 TWD76
Rev-Margin DCF5.79 TWD8.14 TWD11.03 TWD71
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.37/100
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).
+2.9%
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 +1.3% 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 · 260 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−12.5% · Above median
Profitability
Return on equity (12 months)1.4% · Below median
Return on assets−1.3% · Bottom 25%
Net margin (12 months)4.1% · Above median
Operating margin (12 months)−2.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)2.7% · Below median
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
P/E (12 months)92.5× · Priciest 25%
P/B1.42× · Cheaper than median
P/S (12 months)4.17× · Priciest 25%
Price / free cash flow (fiscal year)29.7× · Pricier than median
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). "Mustang Industrial Fair Value". https://www.fairvalue-calculator.com/stock/5460
Frequently asked questions
Is Mustang Industrial (5460) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 15.14 TWD versus a price of 16.65 TWD, about 9% lower (fairly valued).
What is the fair value of 5460?
Our model-based fair value for Mustang Industrial is 15.14 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 16.65 TWD.
What is the quality score of 5460?
Mustang Industrial has a Quality Score of 57/100. 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 15.14 TWD (as of Nov 3, 2026) from 11 valuation models. Cautious scenario 12.06 TWD, optimistic scenario 18.72 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 15.14 TWD, about 9% lower versus a price of 16.65 TWD (fairly valued). Cautious scenario 12.06 TWD, optimistic scenario 18.72 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 247M TWD (latest available figure, as of Nov 3, 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 +2.9 % 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 Nov 3, 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 0.21, 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 +2.9 % per year for five years, then slowing evenly to 2 % by year ten, 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 free-cash-flow growth of +2.9 % per 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 +7.8 % a year. That is the yardstick for the growth priced into Mustang Industrial (+2.9 % per 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 3.54 %: 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 15.14 TWD per share (as of Nov 3, 2026), against a price of 16.65 TWD. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Mustang Industrial stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 5460 trades above its calculated fair value: price 16.65 TWD, fair value 15.14 TWD, a gap of about −9% (fairly valued). 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 (16.65 TWD); the fair value is what the company's own numbers justify (15.14 TWD). For Mustang Industrial the two are 1.51 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 991M TWD (market capitalisation, as of Nov 3, 2026). Per share that is 16.65 TWD; our models calculate a fair value of 15.14 TWD per share.
What do the bullish and bearish scenarios say about 5460?
Our models span a range for Mustang Industrial: cautious scenario 12.06 TWD, base 15.14 TWD, optimistic 18.72 TWD per share (as of Nov 3, 2026, price 16.65 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5460?
Mustang Industrial trades at a price-to-earnings ratio of 92.5 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 15.14 TWD is built from several models across several years. Other multiples: P/B 1.4, P/S 4.2, EV/EBITDA 36.5.
How solid is the balance sheet of Mustang Industrial (5460)?
Balance-sheet figures for Mustang Industrial (as of Nov 3, 2026): return on equity 1.4%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 5460 from its 52-week high?
Mustang Industrial trades at 16.65 TWD, about 26% below its 52-week high of 22.65 TWD and 21% above the low of 13.80 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 15.14 TWD is for.
Which stocks are comparable to Mustang Industrial?
From the same area (Industrials) we also value ATI Inc, Carpenter Technology Corporation, Mueller Industries, Inc, Bharat Forge Limited, 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 Nov 3, 2026: price 16.65 TWD, calculated fair value 15.14 TWD (−9%), Quality Score 57/100, 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 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of 15.14 TWD builds on their evidence-weighted average, 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 13.3% 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 Nov 9, 2026 was 16.65 TWD. Our model-based fair value is 15.14 TWD, about 9% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mustang Industrial right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 991M TWD (≈ $30.2M). 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 4.17 (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 0.1800 TWD (price ÷ EPS = P/E 92.5). 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 4.1% (last twelve months). 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 1.4% (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 −2.0% (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 +2.7% 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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Thin data
Nov 3, 2026