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Excelsior Biopharma (6496) Fair Value & Analysis

Healthcare · TW · Market cap 1.2B TWD

EB Excelsior Biopharma 6496 · TWO
Price24.90 TWD
Fair Value7.90 TWD
Upside-68.3%
Quality43/100
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Risks

!Trades 215% ABOVE our fair value of 7.90 TWD
!Weak Growth (revenue 5y −9.1 %/yr)
!Loss-making · -21.7% net margin
!Low debt · negative free cash flow
Weak Growth (revenue 5y −9.1 %/yr)
Loss-making · -21.7% net margin
Low debt · negative free cash flow
Trails peers (3/11)
Narrow moat 12/100
Evidence: Low Range 7.36 TWD – 8.69 TWD Share as image

Fair value as of: Aug 19, 2026

From 3 valuation models · updated 6 days ago

Share price +2.9% over the past month.

Below-average quality, and trading another 215% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (8.69 TWD). The favourable scenario is already priced in.
  • Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

36.50 TWD 22.85 TWD Fair Value 7.90 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range 22.85 TWD – 36.50 TWD · fair‑value band 7.36 TWD – 8.69 TWD · the 24.90 TWD price screens above the 7.90 TWD fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Excelsior Biopharma (6496) currently trades at 24.90 TWD, while our model-based Fair Value estimate is 7.90 TWD, implying the stock looks roughly 68.3% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Excelsior Biopharma generated revenue of 906M TWD at a net margin of -21.7%. Revenue grew 3.9% year over year. It earns a return on equity of -23.3%. Net debt stands at 106M TWD. Fundamentals as of Aug 19, 2026

Our scenario range runs from 7.36 TWD (bear case) to 8.69 TWD (bull case); at 24.90 TWD, the current price sits above 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 18% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -35% fair-value upside, at -68%, 6496 screens richer 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
Gordon GGM 7.80 TWD 8.41 TWD 9.32 TWD 70
DDM Multi-Stage 7.80 TWD 9.29 TWD 11.20 TWD 61
NCAV (Graham) 8.65 TWD 11.59 TWD 17.31 TWD 50
All 3 models by family
Dividend Discount
Gordon GGM 7.80 TWD 8.41 TWD 9.32 TWD 70
DDM Multi-Stage 7.80 TWD 9.29 TWD 11.20 TWD 61
Asset-Based
NCAV (Graham) 8.65 TWD 11.59 TWD 17.31 TWD 50

Widest divergence: Asset-Based (11.59 TWD) versus Dividend Discount (8.41 TWD). Highest evidence: Gordon GGM (70).

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Key figures & financial health

P/S ratio 1.31 TTM
Net margin -21.7% TTM
Return on equity -23.3% TTM
Return on assets -8.1% TTM
Operating margin -24.9% TTM
EPS (TTM) -3.97 TWD
More key figures
Growth
Revenue (TTM) 906M TWD TTM
Revenue growth (YoY) +3.9% 3y avg +10.2%
EPS growth (YoY) -79.6%
Balance sheet & cash flow
Free cash flow −176M TWD FY2025
Net debt 106M TWD FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 42 · Market factors (momentum, volatility) 51

Profitability 17
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 87
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Excelsior Biopharma Inc. develops and sells pharmaceutical products in Taiwan, China, and internationally. It offers general pharmaceuticals; orphan drugs; antidotes; rapid test kits and reagent; consumer products under the Repavar, Om3gafort, Oral7, and Excelsior Probiotics brand names; and over the counter drugs under the Norit, Puresenna, and Tazac brand …

Full company description

Excelsior Biopharma Inc. develops and sells pharmaceutical products in Taiwan, China, and internationally. It offers general pharmaceuticals; orphan drugs; antidotes; rapid test kits and reagent; consumer products under the Repavar, Om3gafort, Oral7, and Excelsior Probiotics brand names; and over the counter drugs under the Norit, Puresenna, and Tazac brand names. The company also provides specialty medicine and public health products. In addition, it is involved in importing and exporting of active pharmaceutical ingredients, food, and cosmeceuticals; development of cosmetics; research, importing and exporting of technologies; and pharmaceutical technologies transfer. The company was formerly known as Excelsior Enterprise Co., Ltd. and changed its name to Excelsior Biopharma Inc. in June 2003. Excelsior Biopharma Inc. was founded in 1986 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Excelsior Biopharma reported revenue of 898M TWD in FY2025 versus 1.3B TWD in FY2021, a compound −9.5%/yr. Reported net income was −183M TWD in FY2025.

Growth Quality 6/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
898M TWD
Latest YoY
+4.2%
Avg. revenue 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.
+10.2%
Avg. revenue 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.
−9.1%
Avg. revenue 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.
−7.8%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −9.5%/yr
FY21 1.3B TWD
FY22 672M TWD
FY23 772M TWD
FY24 862M TWD
FY25 898M TWD
Net income
FY21 −15.6M TWD
FY22 −33.8M TWD
FY23 −91.0M TWD
FY24 −98.7M TWD
FY25 −183M TWD

6496 screens 68% overvalued. Compare with Merck KGaA →

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Cite: Fair Value Calculator (2026). "Excelsior Biopharma Fair Value". https://www.fairvalue-calculator.com/stock/6496

Peer Group

Drug Manufacturers - Specialty & Generic · 633 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 −68% · Bottom 25%
Return on assets -8% · Bottom 25%
Net margin (TTM) -22% · Bottom 25%
Operating margin (TTM) -25% · Bottom 25%
Revenue growth 4% · Below median
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/B 0.05× · Cheaper than 75% of peers
P/S (TTM) 0.04× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 3
FUTURE20 · sector 21
PAST0 · sector 22
HEALTH93 · sector 97
DIVIDEND82 · sector 30

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Merck KGaA MRK €140.00 €106.48 -24%
Takeda Pharmaceutical Company TAK $17.41 $11.29 -35%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.76 ¥25.94 -52%
Galderma Group GALD CHF 178.55 CHF 55.07 -69%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,944 ₹989.50 -49%
Haleon plc HLN $9.80 $7.62 -22%
Teva Pharmaceutical Industries Limited TEVA $36.74 $15.37 -58%
Sandoz Group SDZ CHF 72.64 CHF 48.68 -33%
Zoetis Inc ZTS $73.54 $104.88 +43%
Hansoh Pharmaceutical Group 3692 HK$33.50 HK$16.14 -52%

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Frequently asked questions

Is Excelsior Biopharma (6496) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 7.90 TWD versus a price of 24.90 TWD, about −68% (overvalued).
What is the fair value of 6496?
Our model-based fair value for Excelsior Biopharma is 7.90 TWD (as of Aug 19, 2026), built from audited fundamentals. The current price: 24.90 TWD.
What is the quality score of 6496?
Excelsior Biopharma 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 Excelsior Biopharma (6496)?
Excelsior Biopharma reported trailing-twelve-month revenue of about 906M TWD (latest available figure, as of Aug 19, 2026).
What is the net profit margin of 6496?
The net profit margin of Excelsior Biopharma is about -21.7%, meaning it is currently running at a net loss. 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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