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Nan Liu Enterprise Co (6504) Fair Value & Analysis

Consumer Defensive · TW · Market cap 2.6B TWD

NL Nan Liu Enterprise Co 6504 · TW
Price39.00 TWD
Fair Value56.24 TWD
Upside+44.2%
Quality48/100
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Weak Growth
Loss-making · -1.8% net margin
Moderate debt · generates free cash flow
Trails peers (4/12)
Narrow moat 20/100
Evidence: High Range 27.27 TWD – 85.20 TWD Share as image

Fair value as of: Jul 21, 2026

From 16 valuation models · updated 20 days ago

Share price +8.3% over the past month.

Below-average quality, screening 44% undervalued on our models.

What matters now

  • The model range is unusually wide (27.27 TWD to 85.20 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (48/100) 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)

182.93 TWD 35.45 TWD Fair Value 56.24 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 35.45 TWD – 182.93 TWD · fair‑value band 27.27 TWD – 85.20 TWD · the 39.00 TWD price screens below the 56.24 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Nan Liu Enterprise Co (6504) currently trades at 39.00 TWD, while our model-based Fair Value estimate is 56.24 TWD, implying the stock looks roughly 44.2% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Defensive 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, Nan Liu Enterprise Co generated revenue of 6.5B TWD at a net margin of -1.8%. Revenue declined 4.7% year over year. It earns a return on equity of -3.2%. Net debt stands at 4.3B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 27.27 TWD (bear case) to 85.20 TWD (bull case); at 39.00 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 38% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 44%, 6504 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 34.84 TWD 55.38 TWD 83.11 TWD 80
Rev-Margin DCF 18.57 TWD 33.24 TWD 49.91 TWD 74
ROIC Compounder 0.6900 TWD 2.34 TWD 72
All 16 models by family
DCF Models
FCF DCF 33.99 TWD 56.97 TWD 89.83 TWD 38
Owner Earnings 37.57 TWD 62.30 TWD 97.64 TWD 31
5Y Revenue Exit 18.57 TWD 32.65 TWD 49.90 TWD 39
5Y EBITDA Exit 52.62 TWD 95.22 TWD 144.27 TWD 41
10Y Revenue Exit 23.28 TWD 37.12 TWD 54.44 TWD 36
10Y EBITDA Exit 45.05 TWD 79.19 TWD 123.71 TWD 37
Earnings-Based
EPV 0.6900 TWD 2.34 TWD 59
Dividend Discount
Gordon GGM 8.78 TWD 17.50 TWD 26.50 TWD 70
DDM Multi-Stage 8.78 TWD 13.74 TWD 18.47 TWD 61
Multiples
EV/EBIT 22.69 TWD 34.71 TWD 46.73 TWD 53
EV/EBITDA 73.53 TWD 102.49 TWD 131.46 TWD 54
EV/Revenue 10.94 TWD 21.36 TWD 31.77 TWD 43
Asset-Based
NCAV (Graham) 23.73 TWD 31.79 TWD 47.45 TWD 50
Growth DCF
Growth DCF 34.84 TWD 55.38 TWD 83.11 TWD 80
Rev-Margin DCF 18.57 TWD 33.24 TWD 49.91 TWD 74
Economic Profit
ROIC Compounder 0.6900 TWD 2.34 TWD 72

Widest divergence: DCF Models (56.97 TWD) versus Earnings-Based (0.6900 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.5B TWD
Revenue growth (YoY) -4.7%
Net margin -1.8%
Return on equity -3.2%
Free cash flow 326M TWD FY2025
Operating margin 4.3%
More key figures
EPS (TTM) -1.09 TWD
EPS growth (YoY) -83.1%
Net debt 4.3B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 39

Profitability 19
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 83
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

Nan Liu Enterprise Co., Ltd. engages in the manufacture and sales of air-through nonwoven and spunlace nonwoven products in Mainland China, Japan, India, Taiwan, and internationally. It offers wet napkins, facial mask, and skin care products; biotechnological products; and disposable surgical gowns.

Full company description

Nan Liu Enterprise Co., Ltd. engages in the manufacture and sales of air-through nonwoven and spunlace nonwoven products in Mainland China, Japan, India, Taiwan, and internationally. It offers wet napkins, facial mask, and skin care products; biotechnological products; and disposable surgical gowns. The company also provides spunlace wood pulp composite fabric; cotton; hot press/hot air non-woven products; essence mask; moisturizing mask; anti-wrinkle mask; anti-scarring mask; whitening and moisturizing invisible mask; and essence revitalizing mask. In addition, it provides dry towels, cleansers, and respirators. The company was founded in 1973 and is headquartered in Kaohsiung City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nan Liu Enterprise Co reported revenue of 6.6B TWD in FY2025 versus 6.8B TWD in FY2021, a compound −0.6%/yr. Reported net income was −79.4M TWD in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
6.6B TWD
Latest YoY
−1.5%
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.
+3.4%
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.
−6.7%
Avg. growth/yr (22Y) 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.
+8.2%
Revenue −0.6%/yr
FY21 6.8B TWD
FY22 6.0B TWD
FY23 6.2B TWD
FY24 6.7B TWD
FY25 6.6B TWD
Net income
FY21 117M TWD
FY22 57.7M TWD
FY23 120M TWD
FY24 101M TWD
FY25 −79.4M TWD
Character of growth · EPS growth decomposed (2014-2025) −16.8 % p.a.
Revenue per share +1.3 pp

of which total revenue +1.3 pp · buybacks/dilution +0.0 pp

EBIT margin −15.6 pp
Tax rate −4.7 pp
Residual (interest, one-offs) +2.3 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). "Nan Liu Enterprise Co Fair Value". https://www.fairvalue-calculator.com/stock/6504

Peer Group

Household & Personal Products · 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 48 · Below median
Fair Value upside +44% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 4% · Below median
Revenue growth -5% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.66× · Higher than 75% of peers

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/S (TTM) 0.01× · Cheaper than 75% of peers
P/FCF 0.3× · Cheaper than median
EV/EBITDA 1.5× · 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 92 · sector 28
FUTURE 0 · sector 4
PAST 0 · sector 26
HEALTH 67 · sector 98
DIVIDEND 0 · sector 50

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Nan Liu Enterprise Co (6504) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 56.24 TWD versus a price of 39.00 TWD, about +44% (undervalued).
What is the fair value of 6504?
Our model-based fair value for Nan Liu Enterprise Co is 56.24 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 39.00 TWD.
What is the quality score of 6504?
Nan Liu Enterprise Co has a Quality Score of 48/100. 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 Nan Liu Enterprise Co (6504)?
Nan Liu Enterprise Co reported trailing-twelve-month revenue of about 6.5B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6504?
The net profit margin of Nan Liu Enterprise Co is about -1.8%, 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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