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91APP, Inc (6741) Fair Value & Analysis

Technology · TW · Market cap 6.2B TWD

9I 91APP, Inc 6741 · TWO
Price56.00 TWD
Fair Value86.42 TWD
Upside+54.3%
Quality81/100
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Healthy Growth
Highly profitable · 26.1% net margin
generates free cash flow
3.65% dividend yield
Ranks above peers (12/13)
Wide moat 75/100
Evidence: High Range 68.14 TWD – 135.16 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 85.33 TWD to 86.42 TWD (+1.3%) since Jul 12, 2026. Share price −6.7% over the past month.

A strong business, screening 54% undervalued on our models.

What matters now

  • The rarer combination: high quality (81/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (68.14 TWD). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (68.14 TWD to 135.16 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

373.38 TWD 55.00 TWD Fair Value 86.42 TWD May 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 55.00 TWD – 373.38 TWD · fair‑value band 68.14 TWD – 135.16 TWD · the 56.00 TWD price screens below the 86.42 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

91APP, Inc (6741) currently trades at 56.00 TWD, while our model-based Fair Value estimate is 86.42 TWD, implying the stock looks roughly 54.3% undervalued today. The Quality Score stands at 81/100 (high 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, 91APP, Inc generated revenue of 1.9B TWD at a net margin of 26.1%. Revenue grew 31.4% year over year. It earns a return on equity of 16.6%. The balance sheet holds a net cash position of 1.5B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 68.14 TWD (bear case) to 135.16 TWD (bull case); at 56.00 TWD, the current price sits below 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 37% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -50% fair-value upside, at 54%, 6741 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
Residual Income 29.24 TWD 38.66 TWD 110.83 TWD 76
Growth DCF 79.65 TWD 141.18 TWD 233.55 TWD 72
Growth-Adj P/E 72.78 TWD 103.97 TWD 135.16 TWD 68
All 24 models by family
DCF Models
FCF DCF 81.49 TWD 137.23 TWD 264.95 TWD 38
Owner Earnings 78.15 TWD 139.73 TWD 252.49 TWD 31
5Y Revenue Exit 55.21 TWD 83.95 TWD 123.32 TWD 39
5Y EBITDA Exit 70.93 TWD 118.57 TWD 180.71 TWD 41
5Y P/E Exit 79.86 TWD 138.23 TWD 208.61 TWD 38
10Y Revenue Exit 62.39 TWD 93.61 TWD 143.09 TWD 36
10Y EBITDA Exit 73.88 TWD 119.37 TWD 193.21 TWD 37
10Y P/E Exit 79.84 TWD 134.01 TWD 217.57 TWD 35
Earnings-Based
Graham-Dodd 31.12 TWD 178.17 TWD 247.74 TWD 54
Lynch FV 50.16 TWD 71.66 TWD 93.16 TWD 50
PEG = 1.0 50.16 TWD 71.66 TWD 93.16 TWD 46
EPV 52.82 TWD 58.90 TWD 64.15 TWD 59
Multiples
P/E Multiple 68.64 TWD 91.52 TWD 114.40 TWD 63
P/S Multiple 30.54 TWD 40.72 TWD 50.90 TWD 58
P/B Multiple 58.35 TWD 77.79 TWD 97.24 TWD 55
EV/EBIT 86.01 TWD 109.90 TWD 133.80 TWD 53
EV/EBITDA 69.16 TWD 87.44 TWD 105.72 TWD 54
EV/Revenue 42.82 TWD 55.04 TWD 67.26 TWD 43
Asset-Based
NCAV (Graham) 14.34 TWD 19.22 TWD 28.69 TWD 50
Growth DCF
Growth DCF 79.65 TWD 141.18 TWD 233.55 TWD 72
Rev-Margin DCF 55.21 TWD 83.42 TWD 122.48 TWD 67
Economic Profit
Residual Income 29.24 TWD 38.66 TWD 110.83 TWD 76
ROIC Compounder 59.40 TWD 75.42 TWD 96.18 TWD 67
Growth Earnings
Growth-Adj P/E 72.78 TWD 103.97 TWD 135.16 TWD 68

Widest divergence: DCF Models (119.37 TWD) versus Asset-Based (19.22 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.9B TWD
Revenue growth (YoY) +31.4%
Net margin 26.1%
Return on equity 16.6%
Free cash flow 557M TWD FY2025
P/E ratio 14.2
More key figures
Operating margin 28.3%
EPS (TTM) 4.40 TWD
Dividend yield 3.7%
EPS growth (YoY) -12.3%
Net cash 1.5B TWD FY2023

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

Quality Score breakdown

Overall quality 81/100

Of which business quality 79 · Market factors (momentum, volatility) 35

Profitability 58
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 98
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

91APP, Inc., a Software-as-a-Service company, provides information system software and e-commerce value-added services in Taiwan, Hong Kong, Singapore, and Malaysia. The company offers commerce and marketing cloud; 91APP payments; retail media marketing; and OMO Essential, OMO advanced, and OMO enterprise solutions.

Full company description

91APP, Inc., a Software-as-a-Service company, provides information system software and e-commerce value-added services in Taiwan, Hong Kong, Singapore, and Malaysia. The company offers commerce and marketing cloud; 91APP payments; retail media marketing; and OMO Essential, OMO advanced, and OMO enterprise solutions. It also provides 360 TP Operation, a digital agency for brand management activities, such as official website operation, commodity management, marketing activities, e-commerce platform operation, advertisement/video, order processing/customer service, data analysis, and brand OMO consultation. It serves ecommerce stores, brick-and-mortar business owners, and mega-chain store enterprises. The company was incorporated in 2013 and is headquartered in Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

91APP, Inc reported revenue of 1.8B TWD in FY2025 versus 1.1B TWD in FY2021, a compound +13.2%/yr. Reported net income was 508M TWD in FY2025, compounding +14.2%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.8B TWD
Latest YoY
+11.6%
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.
+12.7%
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.
+15.6%
Avg. growth/yr (7Y) 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.
+19.1%
Revenue +13.2%/yr
FY21 1.1B TWD
FY22 1.3B TWD
FY23 1.4B TWD
FY24 1.6B TWD
FY25 1.8B TWD
Net income +14.2%/yr
FY21 298M TWD
FY22 338M TWD
FY23 398M TWD
FY24 498M TWD
FY25 508M TWD

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Cite: Fair Value Calculator (2026). "91APP, Inc Fair Value". https://www.fairvalue-calculator.com/stock/6741

Peer Group

Software - Infrastructure · 370 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 81 · Top 25%
Fair Value upside +54% · Top 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth 31% · Top 25%
Dividend yield (TTM) 3.7% · Top 25%

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

P/E (TTM) 12.7× · Cheaper than 75% of peers
P/B 1.94× · Cheaper than median
P/S (TTM) 3.19× · Pricier than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 7.4× · 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 100 · sector 0
FUTURE 100 · sector 46
PAST 66 · sector 15
HEALTH 0 · sector 98
DIVIDEND 73 · sector 28

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Microsoft Corporation MSFT $384.00 $274.17 -29%
Oracle Corporation ORAC C$9.08 C$2.94 -68%
Fortinet, Inc FTNT $160.78 $44.96 -72%
Synopsys, Inc 1SNPS €354.50 €93.61 -74%
Block, Inc XYZ A$114.53 A$70.69 -38%
CoreWeave, Inc CRWV $79.94 $44.89 -44%
Range Intelligent Computing Technology Group 300442 ¥71.60 ¥34.00 -53%
Oracle Financial Services Software Limited OFSS ₹11,651 ₹5,821 -50%
360 Security Technology Inc 601360 ¥9.64 ¥5.05 -48%
One97 Communications Limited PAYTM ₹1,342 ₹181.50 -86%

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Frequently asked questions

Is 91APP, Inc (6741) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 86.42 TWD versus a price of 56.00 TWD, about +54% (undervalued).
What is the fair value of 6741?
Our model-based fair value for 91APP, Inc is 86.42 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 56.00 TWD.
What is the quality score of 6741?
91APP, Inc has a Quality Score of 81/100. 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 91APP, Inc (6741)?
91APP, Inc reported trailing-twelve-month revenue of about 1.9B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6741?
The net profit margin of 91APP, Inc is about 26.1%, meaning it keeps roughly 26.1% of revenue as net income. Based on the latest reported figures.
Does 91APP, Inc pay a dividend?
91APP, Inc currently shows a dividend yield of about 3.65% relative to its recent price (as of Jul 21, 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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