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Taiwan FamilyMart Co (5903) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 42.2B TWD

TF Taiwan FamilyMart Co 5903 · TWO
Price183.50 TWD
Fair Value159.55 TWD
Upside-13.1%
Quality57/100
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Healthy Growth
Thin margins · 1.4% net margin
Low debt · generates free cash flow
3.44% dividend yield
Mixed vs. peers (6/14)
Narrow moat 39/100
Evidence: High Range 119.66 TWD – 199.43 TWD Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 29 days ago

Share price −2.9% over the past month.

A solid business, but screening 13% overvalued on our models.

What matters now

  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 119.66 TWD (bear) to 199.43 TWD (bull), base 159.55 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 57/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

231.44 TWD 157.33 TWD Fair Value 159.55 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 157.33 TWD – 231.44 TWD · fair‑value band 119.66 TWD – 199.43 TWD · the 183.50 TWD price screens above the 159.55 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Taiwan FamilyMart Co (5903) currently trades at 183.50 TWD, while our model-based Fair Value estimate is 159.55 TWD, implying the stock looks roughly 13.1% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Taiwan FamilyMart Co generated revenue of 113B TWD at a net margin of 1.4%. Revenue grew 9.8% year over year. It earns a return on equity of 17.6%. The stock trades on a trailing P/E of 25.0. Fundamentals as of Jul 11, 2026

Our scenario range runs from 119.66 TWD (bear case) to 199.43 TWD (bull case); at 183.50 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 50% fair-value upside, at -13%, 5903 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 329.11 TWD 485.09 TWD 711.75 TWD 80
Residual Income 48.18 TWD 58.51 TWD 125.13 TWD 76
Rev-Margin DCF 174.44 TWD 234.49 TWD 306.42 TWD 74
All 26 models by family
DCF Models
FCF DCF 324.96 TWD 503.42 TWD 781.04 TWD 38
Owner Earnings 380.31 TWD 591.48 TWD 919.99 TWD 31
5Y Revenue Exit 174.44 TWD 230.46 TWD 297.74 TWD 39
5Y EBITDA Exit 424.68 TWD 705.29 TWD 1,037 TWD 41
5Y P/E Exit 197.12 TWD 273.49 TWD 352.23 TWD 38
10Y Revenue Exit 223.28 TWD 288.14 TWD 369.21 TWD 36
10Y EBITDA Exit 386.05 TWD 620.38 TWD 941.01 TWD 37
10Y P/E Exit 240.15 TWD 318.24 TWD 411.35 TWD 35
Earnings-Based
Graham-Dodd 51.66 TWD 172.05 TWD 230.31 TWD 54
Lynch FV 38.98 TWD 55.69 TWD 72.40 TWD 50
PEG = 1.0 38.98 TWD 55.69 TWD 72.40 TWD 46
EPV 90.24 TWD 101.45 TWD 111.26 TWD 59
Dividend Discount
Gordon GGM 105.59 TWD 219.55 TWD 348.29 TWD 70
DDM Multi-Stage 105.59 TWD 180.12 TWD 230.42 TWD 61
Multiples
P/E Multiple 119.66 TWD 159.55 TWD 199.43 TWD 63
P/S Multiple 96.87 TWD 129.16 TWD 161.45 TWD 58
P/B Multiple 96.87 TWD 129.16 TWD 161.45 TWD 55
EV/EBIT 128.91 TWD 164.22 TWD 199.52 TWD 53
EV/EBITDA 530.64 TWD 699.86 TWD 869.08 TWD 54
EV/Revenue 98.58 TWD 130.98 TWD 163.39 TWD 43
Asset-Based
NCAV (Graham) 21.05 TWD 28.21 TWD 42.11 TWD 50
Growth DCF
Growth DCF 329.11 TWD 485.09 TWD 711.75 TWD 80
Rev-Margin DCF 174.44 TWD 234.49 TWD 306.42 TWD 74
Economic Profit
Residual Income 48.18 TWD 58.51 TWD 125.13 TWD 76
ROIC Compounder 94.63 TWD 112.05 TWD 131.23 TWD 72
Growth Earnings
Growth-Adj P/E 101.33 TWD 144.76 TWD 188.19 TWD 68

Widest divergence: DCF Models (318.24 TWD) versus Asset-Based (28.21 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 113B TWD
Revenue growth (YoY) +9.8%
Net margin 1.4%
Return on equity 17.6%
Free cash flow 5.8B TWD FY2025
P/E ratio 25.0
More key figures
Operating margin 1.0%
EPS (TTM) 7.56 TWD
Dividend yield 3.4%
EPS growth (YoY) -34.2%

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 49

Profitability 61
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Taiwan FamilyMart Co., Ltd., together with its subsidiaries, operates a chain of convenience stores in Taiwan. It operates through Retail, Logistics, and Others segments. The company retails food products, household merchandise, books, and magazines; and operates loyalty programs.

Full company description

Taiwan FamilyMart Co., Ltd., together with its subsidiaries, operates a chain of convenience stores in Taiwan. It operates through Retail, Logistics, and Others segments. The company retails food products, household merchandise, books, and magazines; and operates loyalty programs. It also provides catering; warehousing and packaging; electronic information; system integrated; car freight, cargo handling, and manpower dispatch; and logistics services. In addition, the company engages in the sale and service of computer software and related equipment; and electronic payment enterprise activities. Further, it provides food manufacturing, franchise, agency collection, and related services. Taiwan FamilyMart Co., Ltd. was incorporated in 1988 and is headquartered in Taipei, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Taiwan FamilyMart Co reported revenue of 110B TWD in FY2025 versus 83.7B TWD in FY2021, a compound +7.1%/yr. Reported net income was 1.7B TWD in FY2025, compounding +6.0%/yr from FY2021.

Growth Quality 69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
110B TWD
Latest YoY
+4.7%
Avg. growth/yr (3Y)
+6.6%
Avg. growth/yr (5Y)
+5.2%
Avg. growth/yr (25Y)
+8.3%
Revenue +7.1%/yr
FY21 83.7B TWD
FY22 90.7B TWD
FY23 99.6B TWD
FY24 105B TWD
FY25 110B TWD
Net income +6.0%/yr
FY21 1.3B TWD
FY22 1.8B TWD
FY23 1.6B TWD
FY24 3.8B TWD
FY25 1.7B TWD

5903 screens 13% overvalued. Compare with Falabella S.A →

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Cite: Fair Value Calculator (2026). "Taiwan FamilyMart Co Fair Value". https://www.fairvalue-calculator.com/stock/5903

Peer Group

Department Stores · 127 stocks

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.

Quality Score 57 · Above median
Fair Value upside −13% · Below median
Return on equity (TTM) 18% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Bottom 25%
Revenue growth 10% · Top 25%
Dividend yield (TTM) 3.4% · Top 25%
Debt / equity 0.22× · Higher than median

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 25.0× · Pricier than median
P/B 4.49× · Pricier than 75% of peers
P/S (TTM) 0.38× · Cheaper than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 7.6× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 16 · sector 26
FUTURE 49 · sector 2
PAST 70 · sector 16
HEALTH 89 · sector 96
DIVIDEND 69 · sector 37

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Department Stores stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 5,875 CLP 8,880 CLP +51%
El Puerto de Liverpool, S.A. LIVEPOLC1 99.62 MXN 263.70 MXN +165%
99 Speed Mart Retail Holdings 5326 3.70 MYR 1.45 MYR -61%
Cencosud S.A CENCOSUD 2,040 CLP 2,516 CLP +23%
Vishal Mega Mart Limited VMM ₹113.94 ₹37.39 -67%
SHINSEGAE Inc 004170 610,000 KRW 200,259 KRW -67%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 59.59 MXN +98%
Lotte Shopping Co 023530 155,300 KRW 81,725 KRW -47%
Lojas Renner S.A LREN3 R$14.10 R$33.36 +137%
La Comer, S.A. LACOMERUBC 34.37 MXN 51.49 MXN +50%

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Frequently asked questions

Is Taiwan FamilyMart Co (5903) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 159.55 TWD versus a price of 183.50 TWD, about −13% (overvalued).
What is the fair value of 5903?
Our model-based fair value for Taiwan FamilyMart Co is 159.55 TWD (as of Jul 11, 2026), built from audited fundamentals. The current price is 183.50 TWD.
What is the quality score of 5903?
Taiwan FamilyMart Co 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 revenue of Taiwan FamilyMart Co (5903)?
Taiwan FamilyMart Co reported trailing-twelve-month revenue of about 113B TWD (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 5903?
The net profit margin of Taiwan FamilyMart Co is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does Taiwan FamilyMart Co pay a dividend?
Taiwan FamilyMart Co currently shows a dividend yield of about 3.43% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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