Horizon Securities Co (6015) Fair Value & Analysis
Financial Services · TW · Market cap 6.4B TWD
Fair value as of: Jul 21, 2026
From 13 valuation models · updated 20 days ago
Share price −15.3% over the past month.
A solid business, but screening 14% overvalued on our models.
What matters now
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 7.65 TWD – 22.90 TWD · fair‑value band 9.70 TWD – 16.16 TWD · the 14.95 TWD price screens above the 12.93 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Horizon Securities Co (6015) currently trades at 14.95 TWD, while our model-based Fair Value estimate is 12.93 TWD, implying the stock looks roughly 13.5% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Financial Services 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, Horizon Securities Co generated revenue of 2.1B TWD at a net margin of 35.5%. It earns a return on equity of 13.7%. Net debt stands at 1.3B TWD. The stock trades on a trailing P/E of 26.1. Fundamentals as of Jul 21, 2026
Our scenario range runs from 9.70 TWD (bear case) to 16.16 TWD (bull case); at 14.95 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 38% below its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at -14%, 6015 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.
All 13 models by family
Widest divergence: DCF Models (33.06 TWD) versus Dividend Discount (7.54 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 62
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
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Horizon Securities Co 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.
6015 screens 14% overvalued. Compare with Huatai Securities Co →
Peer Group
Capital Markets · 423 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.
Valuation Multiples vs Capital Markets median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Huatai Securities Co HTSC | $0.2700 | $0.0400 | -85% |
| Mirae Asset Securities Co 006800 | 38,750 KRW | 31,645 KRW | -18% |
| Meritz Financial Group 138040 | 117,000 KRW | 87,706 KRW | -25% |
| Korea Investment Holdings 071050 | 239,000 KRW | 318,825 KRW | +33% |
| NH Investment & Securities Co 005940 | 31,000 KRW | 37,133 KRW | +20% |
| Samsung Securities Co 016360 | 107,700 KRW | 126,487 KRW | +17% |
| Motilal Oswal Financial Services Limited MOTILALOFS | ₹967.00 | ₹299.65 | -69% |
| Kiwoom Securities Co 039490 | 322,000 KRW | 358,091 KRW | +11% |
| SSI Securities Corporation SSI | 24,250 VND | 28,021 VND | +16% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 120.22 ARS | -62% |
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Frequently asked questions
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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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