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Shenzhen Ellassay Fashion Co (603808) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 3.3B CNY

SE Shenzhen Ellassay Fashion Co 603808 · SHG
Price¥8.05
Fair Value¥9.97
Upside+23.9%
Quality69/100
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Mixed Growth
Thin margins · 5.7% net margin
Low debt · generates free cash flow
2.01% dividend yield
Ranks above peers (10/14)
Moderate moat 47/100
Evidence: Medium Range ¥7.48 – ¥12.47 Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from ¥10.16 to ¥9.97 (−1.9%) since Jun 24, 2026. Share price +5.2% over the past month.

A solid business, screening 24% undervalued on our models.

What matters now

  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from ¥7.48 (bear) to ¥12.47 (bull), base ¥9.97. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 69/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥16.62 ¥5.83 Fair Value ¥9.97 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 ¥5.83 – ¥16.62 · fair‑value band ¥7.48 – ¥12.47 · the ¥8.05 price screens below the ¥9.97 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Shenzhen Ellassay Fashion Co (603808) currently trades at ¥8.05, while our model-based Fair Value estimate is ¥9.97, implying the stock looks roughly 23.9% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Shenzhen Ellassay Fashion Co generated revenue of 2.9B CNY at a net margin of 5.7%. Revenue grew 7.8% year over year. It earns a return on equity of 8.2%. The balance sheet holds a net cash position of 269M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥7.48 (bear case) to ¥12.47 (bull case); at ¥8.05, 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 29% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 24%, 603808 screens cheaper 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 ¥19.20 ¥29.31 ¥44.82 80
Residual Income ¥5.58 ¥5.73 ¥5.79 76
Rev-Margin DCF ¥12.58 ¥17.62 ¥23.86 74
All 26 models by family
DCF Models
FCF DCF ¥19.18 ¥29.86 ¥46.65 38
Owner Earnings ¥12.83 ¥19.40 ¥29.73 31
5Y Revenue Exit ¥12.58 ¥17.50 ¥23.74 39
5Y EBITDA Exit ¥15.69 ¥23.63 ¥33.10 41
5Y P/E Exit ¥12.82 ¥17.98 ¥23.50 38
10Y Revenue Exit ¥14.60 ¥19.82 ¥26.90 36
10Y EBITDA Exit ¥16.79 ¥24.09 ¥34.24 37
10Y P/E Exit ¥14.96 ¥20.15 ¥26.71 35
Earnings-Based
Graham-Dodd ¥3.08 ¥12.06 ¥16.37 54
Lynch FV ¥2.97 ¥4.24 ¥5.52 50
PEG = 1.0 ¥2.97 ¥4.24 ¥5.52 46
EPV ¥9.14 ¥10.16 ¥11.05 59
Dividend Discount
Gordon GGM ¥0.4500 ¥0.8900 ¥1.35 70
DDM Multi-Stage ¥0.4500 ¥0.7700 ¥0.9400 61
Multiples
P/E Multiple ¥7.48 ¥9.97 ¥12.47 63
P/S Multiple ¥5.78 ¥7.71 ¥9.63 58
P/B Multiple ¥5.78 ¥7.71 ¥9.63 55
EV/EBIT ¥13.35 ¥16.90 ¥20.45 53
EV/EBITDA ¥15.01 ¥19.13 ¥23.24 54
EV/Revenue ¥9.28 ¥12.11 ¥14.93 43
Asset-Based
NCAV (Graham) ¥3.58 ¥4.80 ¥7.16 50
Growth DCF
Growth DCF ¥19.20 ¥29.31 ¥44.82 80
Rev-Margin DCF ¥12.58 ¥17.62 ¥23.86 74
Economic Profit
Residual Income ¥5.58 ¥5.73 ¥5.79 76
ROIC Compounder ¥9.71 ¥11.85 ¥14.59 72
Growth Earnings
Growth-Adj P/E ¥5.45 ¥7.79 ¥10.13 68

Widest divergence: DCF Models (¥19.82) versus Dividend Discount (¥0.7700). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 2.9B CNY
Revenue growth (YoY) +7.8%
Net margin 5.7%
Return on equity 8.2%
Free cash flow 521M CNY FY2025
P/E ratio 20.2
More key figures
Operating margin 16.1%
EPS (TTM) ¥0.4500
Dividend yield 2.0%
Net cash 269M CNY FY2024

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 69 · Market factors (momentum, volatility) 40

Profitability 46
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 61
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

Shenzhen Ellassay Fashion Co.,Ltd. engages in the research and development, production, and sales of clothing products in China, Hong Kong, Macao, Taiwan, and internationally. The company provides clothing, accessories, underwear, and other, as well as skirts, jackets, coats, and pants for men and women; and women's shoes.

Full company description

Shenzhen Ellassay Fashion Co.,Ltd. engages in the research and development, production, and sales of clothing products in China, Hong Kong, Macao, Taiwan, and internationally. The company provides clothing, accessories, underwear, and other, as well as skirts, jackets, coats, and pants for men and women; and women's shoes. It offers its products under the ELLASSAY, Laurel, IRO Paris, Ed Hardy, nobis, and self-portrait brand names through its retail outlets and franchise stores. The company was founded in 1996 and is headquartered in Shenzhen, China. Shenzhen Ellassay Fashion Co.,Ltd. operates as a subsidiary of Shenzhen Ellassay Investment Management Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shenzhen Ellassay Fashion Co reported revenue of ¥2.9B in FY2025 versus ¥2.4B in FY2021, a compound +4.9%/yr. Reported net income was ¥165M in FY2025, compounding −14.2%/yr from FY2021.

Growth Quality 70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.9B CNY
Latest YoY
−5.9%
Avg. growth/yr (3Y)
+6.1%
Avg. growth/yr (5Y)
+7.8%
Avg. growth/yr (14Y)
+13.3%
Revenue +4.9%/yr
FY21 ¥2.4B
FY22 ¥2.4B
FY23 ¥2.9B
FY24 ¥3.0B
FY25 ¥2.9B
Net income −14.2%/yr
FY21 ¥304M
FY22 ¥20.5M
FY23 ¥106M
FY24 −¥310M
FY25 ¥165M

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Cite: Fair Value Calculator (2026). "Shenzhen Ellassay Fashion Co Fair Value". https://www.fairvalue-calculator.com/stock/603808

Peer Group

Apparel Manufacturing · 212 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 69 · Top 25%
Fair Value upside +24% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 5% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 16% · Top 25%
Revenue growth 8% · Above median
Dividend yield (TTM) 2.0% · Below median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 20.2× · Pricier than median
P/B 1.27× · Pricier than median
P/S (TTM) 1.14× · Pricier than median
P/FCF 0.9× · Cheaper than median
EV/EBITDA 6.9× · Cheaper 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 65 · sector 33
FUTURE 39 · sector 4
PAST 33 · sector 21
HEALTH 100 · sector 98
DIVIDEND 40 · sector 49

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is Shenzhen Ellassay Fashion Co (603808) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥9.97 versus a price of ¥8.05, about +24% (undervalued).
What is the fair value of 603808?
Our model-based fair value for Shenzhen Ellassay Fashion Co is ¥9.97 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥8.05.
What is the quality score of 603808?
Shenzhen Ellassay Fashion Co has a Quality Score of 69/100. 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 Shenzhen Ellassay Fashion Co (603808)?
Shenzhen Ellassay Fashion Co reported trailing-twelve-month revenue of about 2.9B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603808?
The net profit margin of Shenzhen Ellassay Fashion Co is about 5.7%, meaning it keeps roughly 5.7% of revenue as net income. Based on the latest reported figures.
Does Shenzhen Ellassay Fashion Co pay a dividend?
Shenzhen Ellassay Fashion Co currently shows a dividend yield of about 2.01% 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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