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Azion Corporation (6148) Fair Value & Analysis

Technology · TW · Market cap 1.4B TWD

AC Azion Corporation 6148 · TWO
Price28.60 TWD
Fair Value23.15 TWD
Upside-19.1%
Quality58/100
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Mixed Growth
Thin margins · 6.9% net margin
Low debt · generates free cash flow
4.11% dividend yield
Mixed vs. peers (8/14)
Narrow moat 40/100
Evidence: High Range 13.85 TWD – 28.94 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −12.1% over the past month.

A solid business, but screening 19% overvalued on our models.

What matters now

  • Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (13.85 TWD to 28.94 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

73.70 TWD 10.47 TWD Fair Value 23.15 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 10.47 TWD – 73.70 TWD · fair‑value band 13.85 TWD – 28.94 TWD · the 28.60 TWD price screens above the 23.15 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

Azion Corporation (6148) currently trades at 28.60 TWD, while our model-based Fair Value estimate is 23.15 TWD, implying the stock looks roughly 19.1% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Technology 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, Azion Corporation generated revenue of 853M TWD at a net margin of 6.9%. Revenue declined 30.0% year over year. It earns a return on equity of 10.7%. Net debt stands at 18.2M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 13.85 TWD (bear case) to 28.94 TWD (bull case); at 28.60 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 56% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -19%, 6148 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 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
Highest evidence
Growth DCF 9.37 TWD 11.34 TWD 13.78 TWD 80
Residual Income 11.01 TWD 12.05 TWD 14.55 TWD 76
Rev-Margin DCF 13.33 TWD 19.57 TWD 26.65 TWD 74
All 26 models by family
DCF Models
FCF DCF 9.34 TWD 11.59 TWD 14.57 TWD 38
Owner Earnings 18.31 TWD 24.49 TWD 32.67 TWD 31
5Y Revenue Exit 13.33 TWD 19.66 TWD 27.79 TWD 39
5Y EBITDA Exit 15.03 TWD 22.82 TWD 31.92 TWD 41
5Y P/E Exit 17.05 TWD 26.58 TWD 36.59 TWD 38
10Y Revenue Exit 11.28 TWD 16.32 TWD 23.14 TWD 36
10Y EBITDA Exit 12.59 TWD 18.32 TWD 26.00 TWD 37
10Y P/E Exit 13.77 TWD 20.70 TWD 29.24 TWD 35
Earnings-Based
Graham-Dodd 9.26 TWD 28.23 TWD 37.47 TWD 54
Lynch FV 6.05 TWD 8.65 TWD 11.24 TWD 50
PEG = 1.0 6.05 TWD 8.65 TWD 11.24 TWD 46
EPV 13.46 TWD 14.73 TWD 15.78 TWD 59
Dividend Discount
Gordon GGM 10.72 TWD 19.32 TWD 26.60 TWD 70
DDM Multi-Stage 10.72 TWD 16.53 TWD 20.64 TWD 61
Multiples
P/E Multiple 20.43 TWD 27.24 TWD 34.05 TWD 63
P/S Multiple 17.37 TWD 23.15 TWD 28.94 TWD 58
P/B Multiple 17.37 TWD 23.15 TWD 28.94 TWD 55
EV/EBIT 22.72 TWD 28.90 TWD 35.08 TWD 53
EV/EBITDA 20.79 TWD 26.32 TWD 31.85 TWD 54
EV/Revenue 16.68 TWD 22.03 TWD 27.39 TWD 43
Asset-Based
NCAV (Graham) 6.50 TWD 8.71 TWD 13.00 TWD 50
Growth DCF
Growth DCF 9.37 TWD 11.34 TWD 13.78 TWD 80
Rev-Margin DCF 13.33 TWD 19.57 TWD 26.65 TWD 74
Economic Profit
Residual Income 11.01 TWD 12.05 TWD 14.55 TWD 76
ROIC Compounder 13.56 TWD 15.43 TWD 17.57 TWD 72
Growth Earnings
Growth-Adj P/E 16.86 TWD 24.08 TWD 31.31 TWD 68

Widest divergence: Growth Earnings (24.08 TWD) versus Earnings-Based (8.65 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 853M TWD
Revenue growth (YoY) -30.0%
Net margin 6.9%
Return on equity 10.7%
Free cash flow 25.7M TWD FY2025
P/E ratio 21.5
More key figures
Operating margin 2.9%
EPS (TTM) 1.36 TWD
Dividend yield 4.1%
EPS growth (YoY) -58.8%
Net debt 18.2M TWD FY2019

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 25

Profitability 40
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 78
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

Azion Corporation provides information, communication, network, telecommunications, broadband, traffic control engineering, and cloud applications services in Taiwan.

Full company description

Azion Corporation provides information, communication, network, telecommunications, broadband, traffic control engineering, and cloud applications services in Taiwan. The company's products include DataPilot 10, a handheld digital evidence collection instrument; big data platforms; Cisco data center and virtualization, Cisco cloud collaboration, and Cisco enterprise network services; information security solutions; VAIDIO artificial intelligence security systems; search and exploration engine systems; storage systems; and data protection solutions. Its solutions include information and communication system integration, big data analysis and exploration, information security, digital banking and financial, and smart police solutions. It serves finance, manufacturing, retail, telecommunications, and government agencies. The company was founded in 1980 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Azion Corporation reported revenue of 904M TWD in FY2025 versus 632M TWD in FY2021, a compound +9.4%/yr. Reported net income was 63.5M TWD in FY2025, compounding +9.1%/yr from FY2021.

Growth Quality 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
904M TWD
Latest YoY
+19.8%
Avg. growth/yr (3Y) 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.
+21.5%
Avg. growth/yr (5Y) 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.
+4.1%
Avg. growth/yr (8Y) 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.
+8.1%
Revenue +9.4%/yr
FY21 632M TWD
FY22 504M TWD
FY23 885M TWD
FY24 755M TWD
FY25 904M TWD
Net income +9.1%/yr
FY21 44.7M TWD
FY22 37.9M TWD
FY23 76.0M TWD
FY24 72.0M TWD
FY25 63.5M TWD

6148 screens 19% overvalued. Compare with Cisco Systems, Inc →

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Cite: Fair Value Calculator (2026). "Azion Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6148

Peer Group

Communication Equipment · 286 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 58 · Above median
Fair Value upside −19% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 3% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth -30% · Bottom 25%
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 0.22× · Higher than 75% of peers

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 21.5× · Cheaper than median
P/B 2.25× · Pricier than median
P/S (TTM) 1.60× · Pricier than median
P/FCF 1.6× · Cheaper than median
EV/EBITDA 18.7× · Pricier 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 8 · sector 0
FUTURE 0 · sector 30
PAST 43 · sector 15
HEALTH 89 · sector 98
DIVIDEND 82 · sector 25

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 Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Azion Corporation (6148) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 23.15 TWD versus a price of 28.60 TWD, about −19% (overvalued).
What is the fair value of 6148?
Our model-based fair value for Azion Corporation is 23.15 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 28.60 TWD.
What is the quality score of 6148?
Azion Corporation has a Quality Score of 58/100. 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 Azion Corporation (6148)?
Azion Corporation reported trailing-twelve-month revenue of about 853M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6148?
The net profit margin of Azion Corporation is about 6.9%, meaning it keeps roughly 6.9% of revenue as net income. Based on the latest reported figures.
Does Azion Corporation pay a dividend?
Azion Corporation currently shows a dividend yield of about 3.51% relative to its recent price (as of Jul 23, 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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