Horizon Securities Co Ltd (6015) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Horizon Securities Co Ltd TWD 27.94, price TWD 17.60, upside +58.8%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 7.65 TWD – 22.90 TWD · fair‑value band 9.64 TWD – 39.47 TWD · the 17.60 TWD price screens below the 27.94 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Horizon Securities Co., Ltd., an integrated securities firm, provides financial services in Taiwan. It is involved in stock brokerage, proprietary trading, underwriting, and future trading. The company was incorporated in 1961 and is based in Taipei, Taiwan.
Stock analysis
Horizon Securities Co Ltd (6015) currently trades at 17.60 TWD, while our model-based Fair Value estimate is 27.94 TWD, implying the stock looks roughly 37.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 29.63 TWD per share, and 7 of the 13 models we run sit above the 17.60 TWD price.
Bear case: the Dividend Discount group reads lowest at 5.52 TWD, and 6 of the 13 models stay below the price. Evidence for this calculation is low.
Scenario range: 9.64 TWD (bear) to 39.47 TWD (bull), the price of 17.60 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 56/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Horizon Securities Co Ltd reported revenue of 1.7B TWD in FY2025 versus 3.0B TWD in FY2021, a compound −13.8%/yr. Reported net income was 299M TWD in FY2025, compounding −29.9%/yr from FY2021.
Key figures
Market cap 6.9B TWD (≈ $216M) · P/E ratio 24.8 · P/S ratio 4.41 · EPS (TTM) 0.7100 TWD · Dividend yield 3.1% · Net margin 17.8% · Return on equity 13.7% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 78% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 59%, 6015 screens cheaper than that median.
Fair Value models
Bear 9.64 TWDFair Value 27.94 TWDBull 39.47 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 (0.1175 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.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.7%
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.
+4.0%
Start year 2020 (pandemic). Over 10 years: −30.6% 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.
−22.8%
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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.
−5.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.1%
Dividend (yield on the price)3.1%
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.−8% vs 7%, 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% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 28.6%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
−11.1%
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 −12.5% a year for the 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.Capital Markets · 458 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+57% · Above median
Profitability
Return on equity (TTM)14% · Above median
Return on assets4% · Above median
Net margin (TTM)35% · Above median
Operating margin (TTM)43% · Above median
Growth and dividend
Revenue growth386% · Top 25%
Dividend yield (TTM)3.1% · Above median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Horizon Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6015
Frequently asked questions
Is Horizon Securities Co Ltd (6015) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 27.94 TWD versus a price of 17.60 TWD, about +59% upside (undervalued).
What is the fair value of 6015?
Our model-based fair value for Horizon Securities Co Ltd is 27.94 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 17.60 TWD.
What is the quality score of 6015?
Horizon Securities Co Ltd has a Quality Score of 56/100. 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 Horizon Securities Co Ltd (6015)?
Our model-based price target is the fair value of 27.94 TWD (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 9.64 TWD, optimistic scenario 39.47 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Horizon Securities Co Ltd stock forecast for 2026?
Our models put fair value at 27.94 TWD, about +59% upside versus a price of 17.60 TWD (undervalued). Cautious scenario 9.64 TWD, optimistic scenario 39.47 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Horizon Securities Co Ltd (6015)?
Horizon Securities Co Ltd reported trailing-twelve-month revenue of about 2.1B TWD (latest available figure, as of Sep 24, 2026).
Does Horizon Securities Co Ltd pay a dividend?
Horizon Securities Co Ltd currently shows a dividend yield of about 3.13% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Horizon Securities Co Ltd (6015)?
For today's price to be fair in a discounted-cash-flow model, Horizon Securities Co Ltd would have to grow free cash flow by -11.1 % per year for five years (discount rate 13.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6015 use?
Our models discount Horizon Securities Co Ltd at 13.7 %: a base by market capitalisation (micro), damped by beta 1.14, 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 Horizon Securities Co Ltd that is -11.1 % per year a year over ten years, using the same discount rate (13.7 %) and the same formula as our fair value.
How much growth has Horizon Securities Co Ltd (6015) delivered so far?
Over the past 5 years revenue at Horizon Securities Co Ltd grew +4.0 % a year. The price currently implies -11.1 % 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 Horizon Securities Co Ltd (6015) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Horizon Securities Co Ltd (-11.1 % 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 Horizon Securities Co Ltd (6015)?
The free-cash-flow yield on the price is 6.96 %: that much free cash flow Horizon Securities Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Horizon Securities Co Ltd (6015)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Horizon Securities Co Ltd it is 27.94 TWD per share (as of Sep 24, 2026), against a price of 17.60 TWD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Horizon Securities Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6015 trades below its calculated fair value: price 17.60 TWD, fair value 27.94 TWD, a gap of about +59% (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 6015?
No. The price is what the market pays today (17.60 TWD); the fair value is what the company's own numbers justify (27.94 TWD). For Horizon Securities Co Ltd the two are 10.34 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Horizon Securities Co Ltd worth?
The market values Horizon Securities Co Ltd at about 6.9B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 17.60 TWD; our models calculate a fair value of 27.94 TWD per share.
What do the bullish and bearish scenarios say about 6015?
Our models span a range for Horizon Securities Co Ltd: cautious scenario 9.64 TWD, base 27.94 TWD, optimistic 39.47 TWD per share (as of Sep 24, 2026, price 17.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6015?
Horizon Securities Co Ltd trades at a price-to-earnings ratio of 24.8 (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 27.94 TWD is built from several models across several years. Other multiples: P/B 1.3, P/S 3.3, EV/EBITDA 10.4.
How solid is the balance sheet of Horizon Securities Co Ltd (6015)?
Balance-sheet figures for Horizon Securities Co Ltd (as of Sep 24, 2026): return on equity 13.7%, debt of 0.03 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 6015 from its 52-week high?
Horizon Securities Co Ltd trades at 17.60 TWD, about 23% below its 52-week high of 22.90 TWD and 78% above the low of 9.88 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 27.94 TWD is for.
Which stocks are comparable to Horizon Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Horizon Securities Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 17.60 TWD, calculated fair value 27.94 TWD (+59%), Quality Score 56/100, from 13 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 6015 calculated?
We run Horizon Securities Co Ltd through 13 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 27.94 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. Horizon Securities Co Ltd currently trades 59 % 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 Horizon Securities Co Ltd (6015)?
The closing price on Sep 24, 2026 was 17.60 TWD. Our model-based fair value is 27.94 TWD, about +59% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Horizon Securities Co Ltd right now?
The model range is unusually wide (9.64 TWD to 39.47 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Horizon Securities Co Ltd
How large is the market capitalisation of Horizon Securities Co Ltd (6015)?
The market capitalisation of Horizon Securities Co Ltd is 6.9B TWD (≈ $216M). 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 Horizon Securities Co Ltd (6015)?
The price-to-sales ratio of Horizon Securities Co Ltd is 4.41 (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 Horizon Securities Co Ltd (6015)?
Earnings per share at Horizon Securities Co Ltd are 0.7100 TWD (price ÷ EPS = P/E 24.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Horizon Securities Co Ltd (6015)?
The dividend yield of Horizon Securities Co Ltd is 3.1% (payout 77.5%). 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 Horizon Securities Co Ltd (6015)?
The net margin of Horizon Securities Co Ltd is 17.8% (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 Horizon Securities Co Ltd (6015)?
The return on equity (ROE) of Horizon Securities Co Ltd is 13.7% (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 Horizon Securities Co Ltd (6015)?
On an EBIT basis the return on assets of Horizon Securities Co Ltd is 2.4% (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 Horizon Securities Co Ltd (6015)?
The operating margin of Horizon Securities Co Ltd is 43.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Horizon Securities Co Ltd (6015)?
Revenue at Horizon Securities Co Ltd is growing +386% 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 Horizon Securities Co Ltd (6015)?
Earnings per share at Horizon Securities Co Ltd are growing +104% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Horizon Securities Co Ltd (6015) carry?
The net debt of Horizon Securities Co Ltd is 1.3B TWD (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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