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Waffer Technology Corporation (6235) Fair Value & Analysis

Industrials · TW · Market cap 7.8B TWD

WT Waffer Technology Corporation 6235 · TW
Price39.75 TWD
Fair Value49.80 TWD
Upside+25.3%
Quality43/100
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Healthy Growth
Thin margins · 7.6% net margin
Low debt · generates free cash flow
3.00% dividend yield
Ranks above peers (11/14)
Narrow moat 43/100
Evidence: High Range 32.80 TWD – 63.43 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −6.3% over the past month.

Below-average quality, screening 25% undervalued on our models.

What matters now

  • A fairly wide model range (32.80 TWD to 63.43 TWD) leaves room in how you read the outcome.
  • Our model range runs from 32.80 TWD (bear) to 63.43 TWD (bull), base 49.80 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 43/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

172.00 TWD 15.23 TWD Fair Value 49.80 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 15.23 TWD – 172.00 TWD · fair‑value band 32.80 TWD – 63.43 TWD · the 39.75 TWD price screens below the 49.80 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Waffer Technology Corporation (6235) currently trades at 39.75 TWD, while our model-based Fair Value estimate is 49.80 TWD, implying the stock looks roughly 25.3% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Industrials 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, Waffer Technology Corporation generated revenue of 6.8B TWD at a net margin of 7.6%. Revenue grew 13.1% year over year. It earns a return on equity of 10.7%. Net debt stands at 941M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 32.80 TWD (bear case) to 63.43 TWD (bull case); at 39.75 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 49% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at 25%, 6235 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 22.35 TWD 38.76 TWD 64.97 TWD 80
Residual Income 22.58 TWD 25.88 TWD 45.03 TWD 76
Rev-Margin DCF 25.68 TWD 46.51 TWD 73.20 TWD 74
All 26 models by family
DCF Models
FCF DCF 22.55 TWD 40.57 TWD 70.48 TWD 38
Owner Earnings 9.57 TWD 17.84 TWD 31.55 TWD 31
5Y Revenue Exit 25.68 TWD 47.14 TWD 76.35 TWD 39
5Y EBITDA Exit 42.24 TWD 81.07 TWD 130.11 TWD 41
5Y P/E Exit 34.48 TWD 65.16 TWD 100.28 TWD 38
10Y Revenue Exit 23.39 TWD 43.08 TWD 73.33 TWD 36
10Y EBITDA Exit 35.05 TWD 67.30 TWD 117.06 TWD 37
10Y P/E Exit 30.02 TWD 55.94 TWD 92.79 TWD 35
Earnings-Based
Graham-Dodd 19.72 TWD 89.62 TWD 122.93 TWD 54
Lynch FV 23.45 TWD 33.50 TWD 43.55 TWD 50
PEG = 1.0 23.45 TWD 33.50 TWD 43.55 TWD 46
EPV 19.70 TWD 23.04 TWD 25.91 TWD 59
Dividend Discount
Gordon GGM 10.71 TWD 21.34 TWD 32.32 TWD 70
DDM Multi-Stage 10.71 TWD 18.45 TWD 22.53 TWD 61
Multiples
P/E Multiple 45.68 TWD 60.91 TWD 76.14 TWD 63
P/S Multiple 36.98 TWD 49.31 TWD 61.64 TWD 58
P/B Multiple 36.98 TWD 49.31 TWD 61.64 TWD 55
EV/EBIT 39.46 TWD 53.08 TWD 66.71 TWD 53
EV/EBITDA 57.00 TWD 76.47 TWD 95.95 TWD 54
EV/Revenue 27.75 TWD 40.26 TWD 52.76 TWD 43
Asset-Based
NCAV (Graham) 12.48 TWD 16.73 TWD 24.97 TWD 50
Growth DCF
Growth DCF 22.35 TWD 38.76 TWD 64.97 TWD 80
Rev-Margin DCF 25.68 TWD 46.51 TWD 73.20 TWD 74
Economic Profit
Residual Income 22.58 TWD 25.88 TWD 45.03 TWD 76
ROIC Compounder 19.70 TWD 23.04 TWD 27.23 TWD 72
Growth Earnings
Growth-Adj P/E 37.88 TWD 54.11 TWD 70.35 TWD 68

Widest divergence: Growth Earnings (54.11 TWD) versus Asset-Based (16.73 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.8B TWD
Revenue growth (YoY) +13.1%
Net margin 7.6%
Return on equity 10.7%
Free cash flow 395M TWD FY2025
P/E ratio 14.2
More key figures
Operating margin 6.6%
EPS (TTM) 2.89 TWD
Dividend yield 3.0%
EPS growth (YoY) -50.8%
Net debt 941M TWD FY2025

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

Quality Score breakdown

Overall quality 43/100

Of which business quality 47 · Market factors (momentum, volatility) 29

Profitability 42
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 49
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Waffer Technology Corporation 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.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.6B TWD
Latest YoY
+13.7%
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.
+16.8%
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.
+27.1%
Avg. growth/yr (23Y) 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.
+7.1%
Revenue +23.8%/yr
FY21 2.8B TWD
FY22 4.2B TWD
FY23 5.8B TWD
FY24 5.8B TWD
FY25 6.6B TWD
Net income +37.0%/yr
FY21 165M TWD
FY22 323M TWD
FY23 803M TWD
FY24 594M TWD
FY25 580M TWD
Character of growth · EPS growth decomposed (2015-2025) −2.4 % p.a.
Revenue per share +11.7 pp

of which total revenue +13.9 pp · buybacks/dilution −2.1 pp

EBIT margin +33.1 pp
Tax rate −2.5 pp
Residual (interest, one-offs) −44.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Waffer Technology Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6235

Peer Group

Metal Fabrication · 244 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 43 · Below median
Fair Value upside +25% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 13% · Above median
Dividend yield (TTM) 3.0% · Top 25%
Debt / equity 0.27× · Higher than median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than 75% of peers
P/B 1.57× · Cheaper than median
P/S (TTM) 1.15× · Pricier than median
P/FCF 0.6× · Cheaper than 75% of peers
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 67 · sector 0
FUTURE 66 · sector 36
PAST 43 · sector 21
HEALTH 87 · sector 95
DIVIDEND 60 · sector 25

Insider activity: 40/100

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.

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Frequently asked questions

Is Waffer Technology Corporation (6235) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 49.80 TWD versus a price of 39.75 TWD, about +25% (undervalued).
What is the fair value of 6235?
Our model-based fair value for Waffer Technology Corporation is 49.80 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 39.75 TWD.
What is the quality score of 6235?
Waffer Technology Corporation 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 revenue of Waffer Technology Corporation (6235)?
Waffer Technology Corporation reported trailing-twelve-month revenue of about 6.8B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6235?
The net profit margin of Waffer Technology Corporation is about 7.6%, meaning it keeps roughly 7.6% of revenue as net income. Based on the latest reported figures.
Does Waffer Technology Corporation pay a dividend?
Waffer Technology Corporation currently shows a dividend yield of about 2.99% 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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