EASYCARD Corporation (6035) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of EASYCARD Corporation TWD 71.72, price TWD 51.40, upside +39.5%, 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
45‑month range 48.47 TWD – 125.26 TWD · fair‑value band 51.09 TWD – 94.57 TWD · the 51.40 TWD price screens below the 71.72 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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EASYCARD Corporation engages in the prepaid card sales and electronic payment clearing business in Taiwan and Japan. The company provides contactless smartcards for electronic transport ticket systems.
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EASYCARD Corporation engages in the prepaid card sales and electronic payment clearing business in Taiwan and Japan. The company provides contactless smartcards for electronic transport ticket systems. Its smartcards are used as a tool for small-value payments at shops, such as convenience stores, supermarkets, and restaurants, as well as used at leisure facilities, hospitals, government agencies, and library self-checkout kiosks. The company was formerly known as Taipei Smart Card Corporation and changed its name to EASYCARD Corporation in August 2008. The company was founded in 1990 and is based in Taipei, Taiwan. EASYCARD Corporation operates as a subsidiary of EasyCard Investment Holding Co., Ltd.
Stock analysis
EASYCARD Corporation (6035) currently trades at 51.40 TWD, while our model-based Fair Value estimate is 71.72 TWD, implying the stock looks roughly 28.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 91.79 TWD per share, and 16 of the 25 models we run sit above the 51.40 TWD price.
Bear case: the Asset-Based group reads lowest at 12.25 TWD, and 9 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: 51.09 TWD (bear) to 94.57 TWD (bull), the price of 51.40 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 Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
EASYCARD Corporation reported revenue of 2.0B TWD in FY2025 versus 1.6B TWD in FY2021, a compound +5.0%/yr. Reported net income was 297M TWD in FY2025, compounding +64.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 3.6B TWD (≈ $115M) · P/E ratio 12.4 · P/S ratio 1.87 · EPS (TTM) 4.13 TWD · Dividend yield 4.4% · Net margin 15.1% · Return on equity 23.7% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at 40%, 6035 screens cheaper than that median.
Fair Value models
Bear 51.09 TWDFair Value 71.72 TWDBull 94.57 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 (1.35 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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.5%
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.
+6.0%
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.
+5.8%
Start year 2020 (pandemic)
Revenue growth 6 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.
+3.1%
’19
’20
’21
’22
’23
’24
’25
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.
+25.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.2%
Dividend (yield on the price)4.4%
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.6% → 15%
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's 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.Software - Infrastructure · 383 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+40% · Top 25%
Profitability
Return on equity (TTM)24% · Top 25%
Return on assets0% · Below median
Net margin (TTM)15% · Top 25%
Operating margin (TTM)−2% · Below median
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)4.4% · Top 25%
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
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). "EASYCARD Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6035
Frequently asked questions
Is EASYCARD Corporation (6035) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 71.72 TWD versus a price of 51.40 TWD, about +40% upside (undervalued).
What is the fair value of 6035?
Our model-based fair value for EASYCARD Corporation is 71.72 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 51.40 TWD.
What is the quality score of 6035?
EASYCARD Corporation 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 EASYCARD Corporation (6035)?
Our model-based price target is the fair value of 71.72 TWD (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 51.09 TWD, optimistic scenario 94.57 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the EASYCARD Corporation stock forecast for 2026?
Our models put fair value at 71.72 TWD, about +40% upside versus a price of 51.40 TWD (undervalued). Cautious scenario 51.09 TWD, optimistic scenario 94.57 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of EASYCARD Corporation (6035)?
EASYCARD Corporation reported trailing-twelve-month revenue of about 2.0B TWD (latest available figure, as of Sep 24, 2026).
Does EASYCARD Corporation pay a dividend?
EASYCARD Corporation currently shows a dividend yield of about 4.44% relative to its recent price (as of Sep 24, 2026).
What growth is priced into EASYCARD Corporation (6035)?
For today's price to be fair in a discounted-cash-flow model, EASYCARD Corporation would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6035 use?
Our models discount EASYCARD Corporation at 13.3 %: a base by market capitalisation (micro), 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 EASYCARD Corporation that is less than minus 40 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has EASYCARD Corporation (6035) delivered so far?
Over the past 5 years revenue at EASYCARD Corporation grew +5.8 % a year. The price currently implies less than minus 40 % 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 EASYCARD Corporation (6035) growing?
The median revenue growth in the sector is +3.4 % a year. That is the yardstick for the growth priced into EASYCARD Corporation (less than minus 40 % 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 EASYCARD Corporation (6035)?
The free-cash-flow yield on the price is 7.23 %: that much free cash flow EASYCARD Corporation produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of EASYCARD Corporation (6035)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EASYCARD Corporation it is 71.72 TWD per share (as of Sep 24, 2026), against a price of 51.40 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is EASYCARD Corporation stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6035 trades below its calculated fair value: price 51.40 TWD, fair value 71.72 TWD, a gap of about +40% (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 6035?
No. The price is what the market pays today (51.40 TWD); the fair value is what the company's own numbers justify (71.72 TWD). For EASYCARD Corporation the two are 20.32 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is EASYCARD Corporation worth?
The market values EASYCARD Corporation at about 3.6B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 51.40 TWD; our models calculate a fair value of 71.72 TWD per share.
What do the bullish and bearish scenarios say about 6035?
Our models span a range for EASYCARD Corporation: cautious scenario 51.09 TWD, base 71.72 TWD, optimistic 94.57 TWD per share (as of Sep 24, 2026, price 51.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6035?
EASYCARD Corporation trades at a price-to-earnings ratio of 12.4 (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 71.72 TWD is built from several models across several years. Other multiples: P/B 2.8, P/S 1.8, EV/EBITDA 29.4.
How solid is the balance sheet of EASYCARD Corporation (6035)?
Balance-sheet figures for EASYCARD Corporation (as of Sep 24, 2026): return on equity 23.7%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 6035 from its 52-week high?
EASYCARD Corporation trades at 51.40 TWD, about 20% below its 52-week high of 64.18 TWD and 6% above the low of 48.47 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 71.72 TWD is for.
Which stocks are comparable to EASYCARD Corporation?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, Inc, 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 EASYCARD Corporation stock attractive at the current price?
The data as of Sep 24, 2026: price 51.40 TWD, calculated fair value 71.72 TWD (+40%), Quality Score 56/100, from 25 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 6035 calculated?
We run EASYCARD Corporation through 25 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 71.72 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 14.0 % above its aggregate fair value. EASYCARD Corporation currently trades 40 % 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 EASYCARD Corporation (6035)?
The closing price on Sep 24, 2026 was 51.40 TWD. Our model-based fair value is 71.72 TWD, about +40% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EASYCARD Corporation right now?
Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (51.09 TWD to 94.57 TWD) leaves room in how you read the outcome.
Key figures of EASYCARD Corporation
How large is the market capitalisation of EASYCARD Corporation (6035)?
The market capitalisation of EASYCARD Corporation is 3.6B TWD (≈ $115M). 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 EASYCARD Corporation (6035)?
The price-to-sales ratio of EASYCARD Corporation is 1.87 (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 EASYCARD Corporation (6035)?
Earnings per share at EASYCARD Corporation are 4.13 TWD (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of EASYCARD Corporation (6035)?
The dividend yield of EASYCARD Corporation is 4.4% (payout 55.2%). 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 EASYCARD Corporation (6035)?
The net margin of EASYCARD Corporation is 15.1% (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 EASYCARD Corporation (6035)?
The return on equity (ROE) of EASYCARD Corporation is 23.7% (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 EASYCARD Corporation (6035)?
On an EBIT basis the return on assets of EASYCARD Corporation 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 EASYCARD Corporation (6035)?
The operating margin of EASYCARD Corporation is −2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EASYCARD Corporation (6035)?
Revenue at EASYCARD Corporation is growing +5.1% versus a year earlier (3y avg +6.0%). 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 EASYCARD Corporation (6035)?
Earnings per share at EASYCARD Corporation are growing +92.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does EASYCARD Corporation (6035) hold?
EASYCARD Corporation holds more cash than debt, 665M TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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