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Mutual-Tek Industries Co (6407) Fair Value & Analysis

Technology · TW · Market cap 1.7B TWD

MT Mutual-Tek Industries Co 6407 · TWO
Price23.20 TWD
Fair Value31.80 TWD
Upside+37.1%
Quality53/100
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Mixed Growth
Thin margins · 3.6% net margin
Low debt · generates free cash flow
Ranks above peers (11/14)
Narrow moat 35/100
Evidence: High Range 16.94 TWD – 48.37 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 35.40 TWD to 31.80 TWD (−10.2%) since Jul 12, 2026. Share price −17.9% over the past month.

A solid business, screening 37% undervalued on our models.

What matters now

  • The model range is unusually wide (16.94 TWD to 48.37 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

55.25 TWD 6.45 TWD Fair Value 31.80 TWD Feb 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 6.45 TWD – 55.25 TWD · fair‑value band 16.94 TWD – 48.37 TWD · the 23.20 TWD price screens below the 31.80 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Mutual-Tek Industries Co (6407) currently trades at 23.20 TWD, while our model-based Fair Value estimate is 31.80 TWD, implying the stock looks roughly 37.1% undervalued today. The Quality Score stands at 53/100 (solid 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, Mutual-Tek Industries Co generated revenue of 3.2B TWD at a net margin of 3.6%. Revenue grew 24.0% year over year. It earns a return on equity of 8.2%. Net debt stands at 605M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 16.94 TWD (bear case) to 48.37 TWD (bull case); at 23.20 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 67% below its 52-week high and 41% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at 37%, 6407 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 6.67 TWD 9.33 TWD 13.00 TWD 80
Residual Income 14.81 TWD 15.66 TWD 16.58 TWD 76
Rev-Margin DCF 13.74 TWD 23.70 TWD 35.96 TWD 74
All 26 models by family
DCF Models
FCF DCF 6.70 TWD 9.63 TWD 13.89 TWD 38
Owner Earnings 7.33 TWD 10.63 TWD 15.41 TWD 31
5Y Revenue Exit 13.74 TWD 24.06 TWD 38.00 TWD 39
5Y EBITDA Exit 22.09 TWD 40.61 TWD 63.56 TWD 41
5Y P/E Exit 16.25 TWD 29.04 TWD 43.33 TWD 38
10Y Revenue Exit 10.37 TWD 18.63 TWD 31.05 TWD 36
10Y EBITDA Exit 15.82 TWD 29.47 TWD 49.87 TWD 37
10Y P/E Exit 12.33 TWD 21.89 TWD 34.98 TWD 35
Earnings-Based
Graham-Dodd 10.36 TWD 41.80 TWD 56.86 TWD 54
Lynch FV 10.43 TWD 14.90 TWD 19.37 TWD 50
PEG = 1.0 10.43 TWD 14.90 TWD 19.37 TWD 46
EPV 15.14 TWD 16.99 TWD 18.53 TWD 59
Dividend Discount
Gordon GGM 7.77 TWD 14.00 TWD 19.27 TWD 70
DDM Multi-Stage 7.77 TWD 12.79 TWD 14.96 TWD 61
Multiples
P/E Multiple 22.85 TWD 30.47 TWD 38.09 TWD 63
P/S Multiple 19.42 TWD 25.90 TWD 32.37 TWD 58
P/B Multiple 19.42 TWD 25.90 TWD 32.37 TWD 55
EV/EBIT 26.99 TWD 35.45 TWD 43.92 TWD 53
EV/EBITDA 34.96 TWD 46.08 TWD 57.20 TWD 54
EV/Revenue 18.72 TWD 26.05 TWD 33.39 TWD 43
Asset-Based
NCAV (Graham) 9.32 TWD 12.49 TWD 18.64 TWD 50
Growth DCF
Growth DCF 6.67 TWD 9.33 TWD 13.00 TWD 80
Rev-Margin DCF 13.74 TWD 23.70 TWD 35.96 TWD 74
Economic Profit
Residual Income 14.81 TWD 15.66 TWD 16.58 TWD 76
ROIC Compounder 15.14 TWD 16.99 TWD 18.53 TWD 72
Growth Earnings
Growth-Adj P/E 17.71 TWD 25.30 TWD 32.89 TWD 68

Widest divergence: Multiples (26.05 TWD) versus Growth DCF (9.33 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.2B TWD
Revenue growth (YoY) +24.0%
Net margin 3.6%
Return on equity 8.2%
Free cash flow 38.0M TWD FY2025
P/E ratio 15.2
More key figures
Operating margin 6.0%
EPS (TTM) 1.52 TWD
EPS growth (YoY) +54.2%
Net debt 605M TWD FY2025

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 54

Profitability 38
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 84
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

Mutual-Tek Industries Co., Ltd. engages in the design, production, and sale of PCBs in Taiwan. It offers multi-layer soft and hard boards for camera modules, wearable devices, and medical applications; thin circuit boards for substrate products; ultra-thin hard board for NB CAM application; and car board for automotive applications.

Full company description

Mutual-Tek Industries Co., Ltd. engages in the design, production, and sale of PCBs in Taiwan. It offers multi-layer soft and hard boards for camera modules, wearable devices, and medical applications; thin circuit boards for substrate products; ultra-thin hard board for NB CAM application; and car board for automotive applications. The company also provides multi-layer soft and hard boards for IoT; and CIS for DSLR cameras and copiers, scanners. Mutual-Tek Industries Co., Ltd. was founded in 2006 and is based in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mutual-Tek Industries Co reported revenue of 3.2B TWD in FY2025 versus 1.6B TWD in FY2021, a compound +17.8%/yr. Reported net income was 114M TWD in FY2025, compounding −13.7%/yr from FY2021.

Growth Quality 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.2B TWD
Latest YoY
+10.5%
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.
+18.2%
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.
+4.5%
Avg. growth/yr (6Y) 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.
−5.6%
Revenue +17.8%/yr
FY21 1.6B TWD
FY22 1.9B TWD
FY23 2.0B TWD
FY24 2.9B TWD
FY25 3.2B TWD
Net income −13.7%/yr
FY21 207M TWD
FY22 21.6M TWD
FY23 28.6M TWD
FY24 100M TWD
FY25 114M TWD

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Cite: Fair Value Calculator (2026). "Mutual-Tek Industries Co Fair Value". https://www.fairvalue-calculator.com/stock/6407

Peer Group

Electronic Components · 625 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 53 · Below median
Fair Value upside +37% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth 24% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 15.2× · Cheaper than 75% of peers
P/B 1.24× · Cheaper than median
P/S (TTM) 0.55× · Cheaper than median
P/FCF 1.4× · Cheaper than median
EV/EBITDA 6.3× · Cheaper 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 83 · sector 0
FUTURE 100 · sector 32
PAST 33 · sector 24
HEALTH 99 · sector 95
DIVIDEND 0 · 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 Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,880 TWD 515.23 TWD -73%
Hon Hai Precision Industry Co 2317 242.50 TWD 270.47 TWD +12%
Luxshare Precision Industry Co 002475 ¥62.14 ¥38.44 -38%
Samsung Electro-Mechanics Co 009150 1,260,000 KRW 166,421 KRW -87%
Elite Material Co 2383 4,990 TWD 714.36 TWD -86%
Yageo Corporation 2327 699.00 TWD 216.55 TWD -69%
Shengyi Technology Co 600183 ¥132.29 ¥27.45 -79%
Shennan Circuits Co 002916 ¥364.00 ¥93.50 -74%
Victory Giant Technology (HuiZhou) Co 2476 HK$297.00 HK$103.98 -65%
Wus Printed Circuit (Kunshan) Co 002463 ¥127.80 ¥31.95 -75%

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Frequently asked questions

Is Mutual-Tek Industries Co (6407) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 31.80 TWD versus a price of 23.20 TWD, about +37% (undervalued).
What is the fair value of 6407?
Our model-based fair value for Mutual-Tek Industries Co is 31.80 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 23.20 TWD.
What is the quality score of 6407?
Mutual-Tek Industries Co has a Quality Score of 53/100. 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 Mutual-Tek Industries Co (6407)?
Mutual-Tek Industries Co reported trailing-twelve-month revenue of about 3.2B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6407?
The net profit margin of Mutual-Tek Industries Co is about 3.6%, meaning it keeps roughly 3.6% 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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