PharmaEssentia (6446) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of PharmaEssentia stock TWD 521, price TWD 1,185, that is 56.0% below the price, quality 61 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 56.21 TWD – 86,833 TWD · fair‑value band 315.95 TWD – 903.53 TWD · the 1,185 TWD price screens above the 521.20 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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PharmaEssentia Corporation, a biopharmaceutical company engages in medicine discovery, supplements in developing specialty pharmaceutical reagents, API, and new drug patterns developments in the Americas, Europe, Asia, and Taiwan.
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Its products include BESREMi, an interferon therapy indicated for polycythemia vera, essential thrombocythemia, PMF, and adult T-cell leukemias.
The company also develops Ropeg + anti PD-1; PEG-IL-2 (P11838); PEG-Cytokines; PD-1-IL-2v; ADC; ADCS; NY-ESO-1 TCR-T; and Novel TCR-T for the treatment of solid tumor and immunology. PharmaEssentia Corporation was founded in 1990 and is headquartered in Taipei, Taiwan.
Stock analysis
PharmaEssentia (6446) currently trades at 1,185 TWD, while our model-based Fair Value estimate is 521.20 TWD, 56% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 566.57 TWD per share, and 0 of the 26 models we run sit above the 1,185 TWD price.
Bear case: the Asset-Based group reads lowest at 57.06 TWD, and 26 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 315.95 TWD (bear) to 903.53 TWD (bull), the price of 1,185 TWD sits above 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 61/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
PharmaEssentia reported revenue of 15.6B TWD in FY2025 versus 657M TWD in FY2021, a compound +120.9%/yr. Reported net income was 5.0B TWD in FY2025.
Key figures
Market cap 489B TWD (≈ $14.9B) Large · P/E ratio 67.1 · P/S ratio 23.6 · EPS (TTM) 17.67 TWD · Dividend yield 0.1% · Net margin 36.8% · Return on equity 23.3% · Return on assets (EBIT) −9.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 25% below its 52-week high and 190% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −56%, 6446 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (14.38 TWD to 578.30 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear315.95 TWDFair Value 521.20 TWDBull903.53 TWD
Price 1,185 TWD · Downside -56.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (16.32 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF194.10 TWD274.71 TWD532.27 TWD75
EPV157.60 TWD174.87 TWD190.01 TWD74
Growth DCF185.85 TWD316.60 TWD531.49 TWD74
All 26 models by family
DCF Models
FCF DCF194.10 TWD274.71 TWD532.27 TWD75
Owner Earnings178.06 TWD336.41 TWD670.74 TWD70
5Y Revenue Exit157.12 TWD229.73 TWD381.53 TWD69
5Y EBITDA Exit195.12 TWD306.59 TWD525.32 TWD71
5Y P/E Exit245.14 TWD498.41 TWD846.71 TWD66
10Y Revenue Exit166.09 TWD294.17 TWD374.04 TWD65
10Y EBITDA Exit197.54 TWD376.28 TWD689.05 TWD63
10Y P/E Exit234.16 TWD484.36 TWD903.00 TWD58
Earnings-Based
Graham-Dodd82.92 TWD578.30 TWD811.56 TWD61
Lynch FV298.77 TWD426.82 TWD554.86 TWD59
PEG = 1.0298.77 TWD426.82 TWD554.86 TWD55
EPV157.60 TWD174.87 TWD190.01 TWD74
Dividend Discount
Gordon GGM8.18 TWD17.12 TWD27.36 TWD64
DDM Multi-Stage8.18 TWD14.38 TWD17.95 TWD64
Multiples
P/E Multiple201.21 TWD268.29 TWD335.36 TWD63
P/S Multiple99.20 TWD132.27 TWD165.34 TWD58
P/B Multiple258.93 TWD345.24 TWD431.55 TWD55
EV/EBIT204.72 TWD255.35 TWD305.97 TWD66
EV/EBITDA188.03 TWD233.10 TWD278.16 TWD67
EV/Revenue132.20 TWD166.21 TWD200.23 TWD54
Asset-Based
NCAV (Graham)37.66 TWD57.06 TWD71.33 TWD54
Growth DCF
Growth DCF185.85 TWD316.60 TWD531.49 TWD74
Rev-Margin DCF167.64 TWD254.94 TWD437.79 TWD68
Economic Profit
Residual Income81.76 TWD114.10 TWD205.50 TWD70
ROIC Compounder184.92 TWD249.02 TWD333.15 TWD69
Growth Earnings
Growth-Adj P/E396.60 TWD566.57 TWD736.54 TWD65
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+60.6%
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.
+75.7%
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.
+94.8%
Start year 2020 (pandemic). Over 10 years: +105.6% a year
Revenue growth 15 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.
+46.1%
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Profit margin (trend) ⓘ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.
−307.9% (2020) → 31.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+45.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+49.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +42.8% a year for the price and +46.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (73 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
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.Drug Manufacturers - Specialty & Generic · 551 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−56.0% · Bottom 25%
Profitability
Return on equity (12 months)23.3% · Top 25%
Return on assets13.5% · Top 25%
Net margin (12 months)36.8% · Top 25%
Operating margin (12 months)46.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)90.3% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)67.1× · Priciest 25%
P/B15.30× · Priciest 25%
P/S (12 months)23.58× · Priciest 25%
Price / free cash flow145.1× · Priciest 25%
EV/EBITDA57.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)100· sector 25
PAST (return on equity)93· sector 29
HEALTH (low debt)100· sector 96
DIVIDEND (yield)2· sector 33
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "PharmaEssentia Fair Value". https://www.fairvalue-calculator.com/stock/6446
Frequently asked questions
Is PharmaEssentia (6446) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 521.20 TWD versus a price of 1,185 TWD, about 56% lower (overvalued).
What is the fair value of 6446?
Our model-based fair value for PharmaEssentia is 521.20 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 1,185 TWD.
What is the quality score of 6446?
PharmaEssentia has a Quality Score of 61/100. 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 PharmaEssentia (6446)?
Our model-based price target is the fair value of 521.20 TWD (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 315.95 TWD, optimistic scenario 903.53 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the PharmaEssentia stock forecast for 2026?
Our models put fair value at 521.20 TWD, about 56% lower versus a price of 1,185 TWD (overvalued). Cautious scenario 315.95 TWD, optimistic scenario 903.53 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of PharmaEssentia (6446)?
PharmaEssentia reported trailing-twelve-month revenue of about 20.8B TWD (latest available figure, as of Nov 3, 2026).
Does PharmaEssentia pay a dividend?
PharmaEssentia currently shows a dividend yield of 0.11% relative to its recent price (as of Nov 3, 2026).
What growth is priced into PharmaEssentia (6446)?
For today's price to be fair in a discounted-cash-flow model, PharmaEssentia would have to grow free cash flow by +45.0 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +94.8 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 6446 use?
Our models discount PharmaEssentia at 8.9 %: a base by market capitalisation (large), damped by beta 0.65, 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 PharmaEssentia that is +45.0 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has PharmaEssentia (6446) delivered so far?
Over the past 5 years revenue at PharmaEssentia grew +94.8 % a year. The price currently implies +45.0 % 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 PharmaEssentia (6446) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into PharmaEssentia (+45.0 % 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 PharmaEssentia (6446)?
The free-cash-flow yield on the price is 0.69 %: that much free cash flow PharmaEssentia produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PharmaEssentia (6446)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PharmaEssentia it is 521.20 TWD per share (as of Nov 3, 2026), against a price of 1,185 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is PharmaEssentia stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 6446 trades above its calculated fair value: price 1,185 TWD, fair value 521.20 TWD, a gap of about −56% (overvalued). 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 6446?
No. The price is what the market pays today (1,185 TWD); the fair value is what the company's own numbers justify (521.20 TWD). For PharmaEssentia the two are 663.80 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is PharmaEssentia worth?
The market values PharmaEssentia at about 489B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 1,185 TWD; our models calculate a fair value of 521.20 TWD per share.
What do the bullish and bearish scenarios say about 6446?
Our models span a range for PharmaEssentia: cautious scenario 315.95 TWD, base 521.20 TWD, optimistic 903.53 TWD per share (as of Nov 3, 2026, price 1,185 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6446?
PharmaEssentia trades at a price-to-earnings ratio of 67.1 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 521.20 TWD is built from several models across several years. Other multiples: P/B 15.3, P/S 23.6, EV/EBITDA 57.3.
How solid is the balance sheet of PharmaEssentia (6446)?
Balance-sheet figures for PharmaEssentia (as of Nov 3, 2026): return on equity 23.3%, debt of 0.00 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 6446 from its 52-week high?
PharmaEssentia trades at 1,185 TWD, about 25% below its 52-week high of 1,585 TWD and 190% above the low of 408.38 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 521.20 TWD is for.
Which stocks are comparable to PharmaEssentia?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, 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 PharmaEssentia stock attractive at the current price?
The data as of Nov 3, 2026: price 1,185 TWD, calculated fair value 521.20 TWD (−56%), Quality Score 61/100, 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 6446 calculated?
We run PharmaEssentia 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 521.20 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 15.5% above its aggregate fair value. PharmaEssentia itself currently trades above fair value. 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 PharmaEssentia (6446)?
The closing price on Nov 5, 2026 was 1,185 TWD. Our model-based fair value is 521.20 TWD, about 56% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PharmaEssentia right now?
The price sits above even our optimistic bull case (903.53 TWD). The favourable scenario is already priced in. The model range is unusually wide (315.95 TWD to 903.53 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of PharmaEssentia
How large is the market capitalisation of PharmaEssentia (6446)?
The market capitalisation of PharmaEssentia is 489B TWD (≈ $14.9B). 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 PharmaEssentia (6446)?
The price-to-sales ratio of PharmaEssentia is 23.6 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PharmaEssentia (6446)?
Earnings per share at PharmaEssentia are 17.67 TWD (price ÷ EPS = P/E 67.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PharmaEssentia (6446)?
The dividend yield of PharmaEssentia is 0.1% (payout 7.7%). 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 PharmaEssentia (6446)?
The net margin of PharmaEssentia is 36.8% (last twelve months). 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 PharmaEssentia (6446)?
The return on equity (ROE) of PharmaEssentia is 23.3% (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 PharmaEssentia (6446)?
On an EBIT basis the return on assets of PharmaEssentia is −9.4% (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 PharmaEssentia (6446)?
The operating margin of PharmaEssentia is 46.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PharmaEssentia (6446)?
Revenue at PharmaEssentia is growing +90.3% versus a year earlier (3y avg +75.7%). 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 PharmaEssentia (6446)?
Earnings per share at PharmaEssentia are growing +204% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does PharmaEssentia (6446) hold?
PharmaEssentia holds more cash than debt, 21.9B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 3, 2026