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V-TAC Technology Co (6229) Fair Value & Analysis

Technology · TW · Market cap 955M TWD

VT V-TAC Technology Co 6229 · TWO
Price23.55 TWD
Fair Value37.68 TWD
Upside+60.0%
Quality42/100
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Expensive Growth
Thin margins · 0.2% net margin
Low debt · negative free cash flow
2.58% dividend yield
Mixed vs. peers (6/13)
Narrow moat 24/100
Evidence: High Range 26.33 TWD – 48.61 TWD Share as image

Fair value as of: Jul 21, 2026

From 15 valuation models · updated 20 days ago

Share price −8.0% over the past month.

Below-average quality, screening 60% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (26.33 TWD). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (26.33 TWD to 48.61 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

44.54 TWD 18.70 TWD Fair Value 37.68 TWD Mar 2021 Aug 2026

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 18.70 TWD – 44.54 TWD · fair‑value band 26.33 TWD – 48.61 TWD · the 23.55 TWD price screens below the 37.68 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.

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Analysis

V-TAC Technology Co (6229) currently trades at 23.55 TWD, while our model-based Fair Value estimate is 37.68 TWD, implying the stock looks roughly 60.0% undervalued today. The Quality Score stands at 42/100 (below-average quality), in the Technology 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: high), always confirm before acting.

Over the trailing twelve months, V-TAC Technology Co generated revenue of 2.4B TWD at a net margin of 0.2%. Revenue grew 44.6% year over year. It earns a return on equity of 0.5%. Net debt stands at 339M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 26.33 TWD (bear case) to 48.61 TWD (bull case); at 23.55 TWD, the current price sits below 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 25% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 60%, 6229 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (0.6100 TWD to 11.60 TWD). Read the values as a conservative anchor, not as a price target.
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
Residual Income 10.86 TWD 9.67 TWD 6.07 TWD 76
ROIC Compounder 4.27 TWD 4.41 TWD 4.52 TWD 72
Growth-Adj P/E 0.6500 TWD 0.9300 TWD 1.20 TWD 68
All 15 models by family
DCF Models
Owner Earnings 5.36 TWD 6.80 TWD 9.03 TWD 31
Earnings-Based
Graham-Dodd 0.3300 TWD 1.59 TWD 2.19 TWD 54
Lynch FV 0.4300 TWD 0.6100 TWD 0.7900 TWD 50
PEG = 1.0 0.4300 TWD 0.6100 TWD 0.7900 TWD 46
EPV 4.27 TWD 4.41 TWD 4.52 TWD 59
Multiples
P/E Multiple 0.7400 TWD 0.9800 TWD 1.23 TWD 63
P/S Multiple 0.6200 TWD 0.8300 TWD 1.04 TWD 58
P/B Multiple 0.6200 TWD 0.8300 TWD 1.04 TWD 55
EV/EBIT 5.15 TWD 5.78 TWD 6.41 TWD 53
EV/EBITDA 6.40 TWD 7.44 TWD 8.48 TWD 54
EV/Revenue 4.54 TWD 5.08 TWD 5.63 TWD 43
Asset-Based
NCAV (Graham) 8.65 TWD 11.60 TWD 17.31 TWD 50
Economic Profit
Residual Income 10.86 TWD 9.67 TWD 6.07 TWD 76
ROIC Compounder 4.27 TWD 4.41 TWD 4.52 TWD 72
Growth Earnings
Growth-Adj P/E 0.6500 TWD 0.9300 TWD 1.20 TWD 68

Widest divergence: Asset-Based (11.60 TWD) versus Earnings-Based (0.6100 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.4B TWD
Revenue growth (YoY) +44.6%
Net margin 0.2%
Return on equity 0.5%
Free cash flow −125M TWD FY2025
P/E ratio 527.0
More key figures
EPS (TTM) 0.0500 TWD
EPS growth (YoY) +44.9%
Net debt 339M TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 42/100

Of which business quality 40 · Market factors (momentum, volatility) 48

Profitability 34
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 62
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

V-TAC Technology Co.,Ltd. provides professional services for the semiconductor industry in Taiwan. It offers various types of MCUs, voice and sound effects, sensor IC, imaging, HMI, PCBA modules, TFT modules, optical modules, and computer peripherals, as well as CMOS, G-sensors, Wifi or BLE modules, LED, SD cards, IR modules, DC motors, memory, and LDO and …

Full company description

V-TAC Technology Co.,Ltd. provides professional services for the semiconductor industry in Taiwan. It offers various types of MCUs, voice and sound effects, sensor IC, imaging, HMI, PCBA modules, TFT modules, optical modules, and computer peripherals, as well as CMOS, G-sensors, Wifi or BLE modules, LED, SD cards, IR modules, DC motors, memory, and LDO and power IC products. The company also provides image and video processing, human and machine interface, PC and mobile peripheral, interactive toy and game, audio and sound effects, power management, wireless and IoT, and edge AI solutions. V-TAC Technology Co.,Ltd. was founded in 1992 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

V-TAC Technology Co reported revenue of 2.2B TWD in FY2025 versus 2.1B TWD in FY2021, a compound +0.5%/yr. Reported net income was 2.0M TWD in FY2025, compounding −66.7%/yr from FY2021.

Growth Quality 35/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.2B 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.
+10.3%
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.
+4.3%
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.
+2.7%
Revenue +0.5%/yr
FY21 2.1B TWD
FY22 1.6B TWD
FY23 1.1B TWD
FY24 1.8B TWD
FY25 2.2B TWD
Net income −66.7%/yr
FY21 160M TWD
FY22 79.1M TWD
FY23 1.9M TWD
FY24 21.7M TWD
FY25 2.0M TWD

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Cite: Fair Value Calculator (2026). "V-TAC Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/6229

Peer Group

Semiconductors · 318 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 42 · Bottom 25%
Fair Value upside +59% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 0% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 45% · Top 25%
Dividend yield (TTM) 2.6% · Top 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 473.0× · Pricier than 75% of peers
P/B 1.37× · Cheaper than median
P/S (TTM) 0.41× · Cheaper than 75% of peers
EV/EBITDA 63.3× · Pricier than 75% of peers

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 100 · sector 0
FUTURE 100 · sector 60
PAST 2 · sector 25
HEALTH 98 · sector 97
DIVIDEND 52 · sector 22

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 Semiconductors stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $211.80 $96.91 -54%
Taiwan Semiconductor Manufacturing Company TSM $418.47 $208.16 -50%
Broadcom Inc 1AVGO €367.75 €121.25 -67%
Micron Technology, Inc 1MU €784.90 €185.67 -76%
SK hynix Inc 000660 2,082,000 KRW 1,109,311 KRW -47%
Advanced Micro Devices, Inc 1AMD €425.20 €56.33 -87%
Intel Corporation INTC C$68.40 C$9.82 -86%
Texas Instruments Incorporated TXN $311.46 $59.75 -81%
MediaTek Inc 2454 3,740 TWD 1,163 TWD -69%
SK Square Co 402340 1,212,000 KRW 868,000 KRW -28%

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Frequently asked questions

Is V-TAC Technology Co (6229) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 37.68 TWD versus a price of 23.55 TWD, about +60% (undervalued).
What is the fair value of 6229?
Our model-based fair value for V-TAC Technology Co is 37.68 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 23.55 TWD.
What is the quality score of 6229?
V-TAC Technology Co has a Quality Score of 42/100. 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 V-TAC Technology Co (6229)?
V-TAC Technology Co reported trailing-twelve-month revenue of about 2.4B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6229?
The net profit margin of V-TAC Technology Co is about 0.2%, meaning it keeps roughly 0.2% of revenue as net income. Based on the latest reported figures.

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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