Yuanta Futures Co Ltd (6023) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Yuanta Futures Co Ltd TWD 44.90, price TWD 87.60, upside -48.7%, quality 38 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 31.04 TWD – 1,343 TWD · fair‑value band 33.68 TWD – 56.13 TWD · the 87.60 TWD price screens above the 44.90 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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Yuanta Futures Co., Ltd., together with its subsidiaries, engages in the futures brokerage business in Taiwan, Asia, Europe, the United States, and internationally. It operates through Brokers and Dealers segments.
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Yuanta Futures Co., Ltd., together with its subsidiaries, engages in the futures brokerage business in Taiwan, Asia, Europe, the United States, and internationally. It operates through Brokers and Dealers segments. The company offers onshore and offshore futures brokerage, futures dealing, futures consulting, securities dealing, leverage transaction merchant, and other various futures-related services. It also provides information technology services. The company was founded in 1986 and is headquartered in Taipei, Taiwan. Yuanta Futures Co., Ltd. is a subsidiary of Yuanta Financial Holding Co., Ltd.
Stock analysis
Yuanta Futures Co Ltd (6023) currently trades at 87.60 TWD, while our model-based Fair Value estimate is 44.90 TWD, implying the stock looks roughly 95.1% overvalued today.
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Valuation
How firm this estimate is: it rests on 16 models at a data quality of 95/100, which puts the evidence level at high.
Scenario range: 33.68 TWD (bear) to 56.13 TWD (bull), the price of 87.60 TWD sits above 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 38/100 (below-average quality), in the Financial Services sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Yuanta Futures Co Ltd reported revenue of 3.8B TWD in FY2025 versus 3.9B TWD in FY2021, a compound −0.7%/yr. Reported net income was 2.7B TWD in FY2025, compounding +32.5%/yr from FY2021.
Key figures
Market cap 31.9B TWD (≈ $1.0B) · P/E ratio 11.9 · P/S ratio 8.40 · EPS (TTM) 7.34 TWD · Dividend yield 4.0% · Net margin 70.4% · Return on equity 14.0% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 23% 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 −49%, 6023 screens richer than that median.
Fair Value models
Bear 33.68 TWDFair Value 44.90 TWDBull 56.13 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 (2.83 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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−6.5%
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.
−1.2%
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.
+0.0%
Start year 2020 (pandemic). Over 10 years: +2.7% a year
Revenue growth 10 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.
+2.7%
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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.
+18.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.4%
Dividend (yield on the price)4.0%
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.33% → −7%
⚠ Revenue per share shrinking 3.2%/yr over ~6Y (margins eroding too) ⓘ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
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).
+18.5%
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 +16.6% 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.Capital Markets · 463 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−49% · Bottom 25%
Profitability
Return on equity (TTM)14% · Above median
Return on assets1% · Below median
Net margin (TTM)82% · Top 25%
Operating margin (TTM)−20% · Bottom 25%
Growth and dividend
Revenue growth44% · Above median
Dividend yield (TTM)4.0% · Above median
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (TTM)11.9× · Cheaper than median
P/B1.64× · Pricier than median
P/S (TTM)9.62× · Priciest 25%
P/FCF1.7× · Pricier than median
EV/EBITDA7.1× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)100· sector 91
PAST (return on equity)56· sector 30
HEALTH (low debt)96· sector 95
DIVIDEND (yield)79· sector 41
VALUE 0: the price sits above our fair-value range.
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). "Yuanta Futures Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6023
Frequently asked questions
Is Yuanta Futures Co Ltd (6023) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 44.90 TWD versus a price of 87.60 TWD, about −49% upside (overvalued).
What is the fair value of 6023?
Our model-based fair value for Yuanta Futures Co Ltd is 44.90 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 87.60 TWD.
What is the quality score of 6023?
Yuanta Futures Co Ltd has a Quality Score of 38/100. 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 Yuanta Futures Co Ltd (6023)?
Our model-based price target is the fair value of 44.90 TWD (as of Sep 24, 2026) from 2 valuation models. Cautious scenario 33.68 TWD, optimistic scenario 56.13 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Yuanta Futures Co Ltd stock forecast for 2026?
Our models put fair value at 44.90 TWD, about −49% upside versus a price of 87.60 TWD (overvalued). Cautious scenario 33.68 TWD, optimistic scenario 56.13 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Yuanta Futures Co Ltd (6023)?
Yuanta Futures Co Ltd reported trailing-twelve-month revenue of about 3.3B TWD (latest available figure, as of Sep 24, 2026).
Does Yuanta Futures Co Ltd pay a dividend?
Yuanta Futures Co Ltd currently shows a dividend yield of about 3.97% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Yuanta Futures Co Ltd (6023)?
For today's price to be fair in a discounted-cash-flow model, Yuanta Futures Co Ltd would have to grow free cash flow by +18.5 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6023 use?
Our models discount Yuanta Futures Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.07, 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 Yuanta Futures Co Ltd that is +18.5 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Yuanta Futures Co Ltd (6023) delivered so far?
Over the past 5 years revenue at Yuanta Futures Co Ltd grew +0.0 % a year. The price currently implies +18.5 % 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 Yuanta Futures Co Ltd (6023) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Yuanta Futures Co Ltd (+18.5 % 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 Yuanta Futures Co Ltd (6023)?
The free-cash-flow yield on the price is 2.10 %: that much free cash flow Yuanta Futures Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Yuanta Futures Co Ltd (6023)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yuanta Futures Co Ltd it is 44.90 TWD per share (as of Sep 24, 2026), against a price of 87.60 TWD. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Yuanta Futures Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6023 trades above its calculated fair value: price 87.60 TWD, fair value 44.90 TWD, a gap of about −49% (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 6023?
No. The price is what the market pays today (87.60 TWD); the fair value is what the company's own numbers justify (44.90 TWD). For Yuanta Futures Co Ltd the two are 42.70 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Yuanta Futures Co Ltd worth?
The market values Yuanta Futures Co Ltd at about 31.9B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 87.60 TWD; our models calculate a fair value of 44.90 TWD per share.
What do the bullish and bearish scenarios say about 6023?
Our models span a range for Yuanta Futures Co Ltd: cautious scenario 33.68 TWD, base 44.90 TWD, optimistic 56.13 TWD per share (as of Sep 24, 2026, price 87.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6023?
Yuanta Futures Co Ltd trades at a price-to-earnings ratio of 11.9 (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 44.90 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 9.6, EV/EBITDA 7.1.
How solid is the balance sheet of Yuanta Futures Co Ltd (6023)?
Balance-sheet figures for Yuanta Futures Co Ltd (as of Sep 24, 2026): return on equity 14.0%, debt of 0.08 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 6023 from its 52-week high?
Yuanta Futures Co Ltd trades at 87.60 TWD, about 2% below its 52-week high of 89.84 TWD and 23% above the low of 70.96 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 44.90 TWD is for.
Which stocks are comparable to Yuanta Futures 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 Yuanta Futures Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 87.60 TWD, calculated fair value 44.90 TWD (−49%), Quality Score 38/100, from 2 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 6023 calculated?
We run Yuanta Futures Co Ltd through 2 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 44.90 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 14.1 % above its aggregate fair value. Yuanta Futures Co Ltd 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 Yuanta Futures Co Ltd (6023)?
The closing price on Sep 23, 2026 was 87.60 TWD. Our model-based fair value is 44.90 TWD, about −49% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Yuanta Futures Co Ltd right now?
The price sits above even our optimistic bull case (56.13 TWD). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 Yuanta Futures Co Ltd
How large is the market capitalisation of Yuanta Futures Co Ltd (6023)?
The market capitalisation of Yuanta Futures Co Ltd is 31.9B TWD (≈ $1.0B). 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 Yuanta Futures Co Ltd (6023)?
The price-to-sales ratio of Yuanta Futures Co Ltd is 8.40 (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 Yuanta Futures Co Ltd (6023)?
Earnings per share at Yuanta Futures Co Ltd are 7.34 TWD (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Yuanta Futures Co Ltd (6023)?
The dividend yield of Yuanta Futures Co Ltd is 4.0% (payout 47.4%). 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 Yuanta Futures Co Ltd (6023)?
The net margin of Yuanta Futures Co Ltd is 70.4% (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 Yuanta Futures Co Ltd (6023)?
The return on equity (ROE) of Yuanta Futures Co Ltd is 14.0% (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 Yuanta Futures Co Ltd (6023)?
On an EBIT basis the return on assets of Yuanta Futures Co Ltd is 0.9% (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 Yuanta Futures Co Ltd (6023)?
The operating margin of Yuanta Futures Co Ltd is −20.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yuanta Futures Co Ltd (6023)?
Revenue at Yuanta Futures Co Ltd is growing +44.0% versus a year earlier (3y avg −1.2%). 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 Yuanta Futures Co Ltd (6023)?
Earnings per share at Yuanta Futures Co Ltd are growing +5.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Yuanta Futures Co Ltd (6023) hold?
Yuanta Futures Co Ltd holds more cash than debt, 9.7B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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