Waffer Technology Corp (6235) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Waffer Technology Corp TWD 48.30, price TWD 38.70, upside +24.8%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Waffer Technology Corporation engages in the production and sale of magnesium aluminum alloy molded products in the Mainland of China, Taiwan, Vietnam, Germany, the United States, and internationally.
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Waffer Technology Corporation engages in the production and sale of magnesium aluminum alloy molded products in the Mainland of China, Taiwan, Vietnam, Germany, the United States, and internationally. The company's products include cosmetic and internal parts for notebooks; handheld scanners and mobile phone; camera, video cam, projector, and monitoring optical parts; and auto parts, as well as other products, such as wearable, tools, sports, and others. It is also involved in the provision of light-metal solution of magnesium and aluminum alloy, mold and tooling research and development, magnesium alloy injection and die-casting, CNC, and painting and assembly of vertical integration OEM/ODM processing services. Additionally, the company manufactures and processes automotive aluminum alloy die-cast tools, 3C product magnesium injection tools, other light metal die-casting tools, and fixtures and gauges. It serves medical, industrial, telecommunications, construction, automotive, sporting goods, aeronautical, transportation, national defense, and other industries. The company was formerly known as Waffer Industrial Company, Limited and changed its name to Waffer Technology Corporation in 2000. Waffer Technology Corporation was founded in 1950 and is based in Taipei, Taiwan.
Stock analysis
Waffer Technology Corp (6235) currently trades at 38.70 TWD, while our model-based Fair Value estimate is 48.30 TWD, implying the stock looks roughly 19.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 54.11 TWD per share, and 14 of the 26 models we run sit above the 38.70 TWD price.
Bear case: the Dividend Discount group reads lowest at 13.50 TWD, and 12 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 26.76 TWD (bear) to 63.43 TWD (bull), the price of 38.70 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 43/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Waffer Technology Corp reported revenue of 6.6B TWD in FY2025 versus 2.8B TWD in FY2021, a compound +23.8%/yr. Reported net income was 580M TWD in FY2025, compounding +37.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 7.7B TWD (≈ $244M) · P/E ratio 13.4 · P/S ratio 1.17 · EPS (TTM) 2.89 TWD · Dividend yield 3.1% · Net margin 8.7% · Return on equity 10.7% · Return on assets (EBIT) 6.8%.
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 49% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 25%, 6235 screens cheaper than that median.
Fair Value models
Bear 26.76 TWDFair Value 48.30 TWDBull 63.43 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 (1.24 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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.7%
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.
+16.8%
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.
+27.1%
Start year 2020 (pandemic). Over 10 years: +14.2% a year
Revenue growth 23 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.
+7.1%
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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.
+7.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)3.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5% vs −3%, picking up
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.36% → 10%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
+16.3%
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 +14.5% 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.Metal Fabrication · 263 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score43 · Below median
Fair Value upside+25% · Top 25%
Profitability
Return on equity (TTM)11% · Top 25%
Return on assets4% · Above median
Net margin (TTM)8% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth13% · Above median
Dividend yield (TTM)3.1% · Top 25%
Balance sheet
Debt / equity0.27× · Above median
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
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Is Waffer Technology Corp (6235) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 48.30 TWD versus a price of 38.70 TWD, about +25% upside (undervalued).
What is the fair value of 6235?
Our model-based fair value for Waffer Technology Corp is 48.30 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 38.70 TWD.
What is the quality score of 6235?
Waffer Technology Corp has a Quality Score of 43/100. 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 Waffer Technology Corp (6235)?
Our model-based price target is the fair value of 48.30 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 26.76 TWD, optimistic scenario 63.43 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Waffer Technology Corp stock forecast for 2026?
Our models put fair value at 48.30 TWD, about +25% upside versus a price of 38.70 TWD (undervalued). Cautious scenario 26.76 TWD, optimistic scenario 63.43 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Waffer Technology Corp (6235)?
Waffer Technology Corp reported trailing-twelve-month revenue of about 6.8B TWD (latest available figure, as of Sep 24, 2026).
Does Waffer Technology Corp pay a dividend?
Waffer Technology Corp currently shows a dividend yield of about 3.10% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Waffer Technology Corp (6235)?
For today's price to be fair in a discounted-cash-flow model, Waffer Technology Corp would have to grow free cash flow by +16.3 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6235 use?
Our models discount Waffer Technology Corp at 11.8 %: a base by market capitalisation (micro), damped by beta 0.39, 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 Waffer Technology Corp that is +16.3 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Waffer Technology Corp (6235) delivered so far?
Over the past 5 years revenue at Waffer Technology Corp grew +27.1 % a year. The price currently implies +16.3 % 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 Waffer Technology Corp (6235) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Waffer Technology Corp (+16.3 % 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 Waffer Technology Corp (6235)?
The free-cash-flow yield on the price is 5.10 %: that much free cash flow Waffer Technology Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Waffer Technology Corp (6235)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Waffer Technology Corp it is 48.30 TWD per share (as of Sep 24, 2026), against a price of 38.70 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Waffer Technology Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6235 trades below its calculated fair value: price 38.70 TWD, fair value 48.30 TWD, a gap of about +25% (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 6235?
No. The price is what the market pays today (38.70 TWD); the fair value is what the company's own numbers justify (48.30 TWD). For Waffer Technology Corp the two are 9.60 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Waffer Technology Corp worth?
The market values Waffer Technology Corp at about 7.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 38.70 TWD; our models calculate a fair value of 48.30 TWD per share.
What do the bullish and bearish scenarios say about 6235?
Our models span a range for Waffer Technology Corp: cautious scenario 26.76 TWD, base 48.30 TWD, optimistic 63.43 TWD per share (as of Sep 24, 2026, price 38.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6235?
Waffer Technology Corp trades at a price-to-earnings ratio of 13.4 (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 48.30 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 1.1, EV/EBITDA 6.8.
How solid is the balance sheet of Waffer Technology Corp (6235)?
Balance-sheet figures for Waffer Technology Corp (as of Sep 24, 2026): return on equity 10.7%, debt of 0.27 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 6235 from its 52-week high?
Waffer Technology Corp trades at 38.70 TWD, about 49% below its 52-week high of 76.60 TWD and 11% above the low of 34.85 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 48.30 TWD is for.
Which stocks are comparable to Waffer Technology Corp?
From the same area (Industrials) we also value Carpenter Technology Corporation, ATI Inc, Mueller Industries, Inc, Aurubis AG, 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 Waffer Technology Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 38.70 TWD, calculated fair value 48.30 TWD (+25%), Quality Score 43/100, from 26 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 6235 calculated?
We run Waffer Technology Corp through 26 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 48.30 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. Waffer Technology Corp currently trades 25 % 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 Waffer Technology Corp (6235)?
The closing price on Sep 24, 2026 was 38.70 TWD. Our model-based fair value is 48.30 TWD, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Waffer Technology Corp right now?
A fairly wide model range (26.76 TWD to 63.43 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Waffer Technology Corp (6235) come from?
Earnings per share at Waffer Technology Corp grew −2.4 % a year from 2015 to 2025. Broken into its drivers: revenue per share +11.7 %, EBIT margin +33.1 %, tax rate −2.5 %, residual (interest, one-offs) −32.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Waffer Technology Corp
How large is the market capitalisation of Waffer Technology Corp (6235)?
The market capitalisation of Waffer Technology Corp is 7.7B TWD (≈ $244M). 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 Waffer Technology Corp (6235)?
The price-to-sales ratio of Waffer Technology Corp is 1.17 (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 Waffer Technology Corp (6235)?
Earnings per share at Waffer Technology Corp are 2.89 TWD (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Waffer Technology Corp (6235)?
The dividend yield of Waffer Technology Corp is 3.1% (payout 41.5%). 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 Waffer Technology Corp (6235)?
The net margin of Waffer Technology Corp is 8.7% (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 Waffer Technology Corp (6235)?
The return on equity (ROE) of Waffer Technology Corp is 10.7% (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 Waffer Technology Corp (6235)?
On an EBIT basis the return on assets of Waffer Technology Corp is 6.8% (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 Waffer Technology Corp (6235)?
The operating margin of Waffer Technology Corp is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Waffer Technology Corp (6235)?
Revenue at Waffer Technology Corp is growing +13.1% versus a year earlier (3y avg +16.8%). 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 Waffer Technology Corp (6235)?
Earnings per share at Waffer Technology Corp are growing −50.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Waffer Technology Corp (6235) carry?
The net debt of Waffer Technology Corp is 941M TWD (fiscal year 2025, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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