ECOVE Environment Corp (6803) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of ECOVE Environment Corp stock TWD 298, price TWD 253, upside +17.8%, quality 60 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 167.83 TWD – 292.71 TWD · fair‑value band 171.41 TWD – 387.46 TWD · the 253.00 TWD price screens below the 298.04 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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ECOVE Environment Corp. provides waste management services to public and private entities in Taiwan, Macau, China, Southeast Asia, the United States, and India.
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The company finances, plans, constructs, operates, and maintains energy-from-waste, hazardous and special waste treatment, photovoltaic power, recycling, and water and wastewater treatment plants.
It also provides management consulting, testing and commissioning, resource management, maintenance and overhaul for system and equipment, and upgrade and improve systems and equipment, as well as waste collection, transportation, and disposal services for the energy-from-waste, railway, waste management, and public utility sectors.
The company was founded in 1994 and is headquartered in Taipei, Taiwan. ECOVE Environment Corp. is a subsidiary of CTCI Corporation.
Stock analysis
ECOVE Environment Corp (6803) currently trades at 253.00 TWD, while our model-based Fair Value estimate is 298.04 TWD, implying the stock looks roughly 15% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 322.04 TWD per share, and 13 of the 26 models we run sit above the 253.00 TWD price.
Bear case: the Asset-Based group reads lowest at 54.53 TWD, and 13 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 171.41 TWD (bear) to 387.46 TWD (bull), the price of 253.00 TWD sits inside 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 60/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ECOVE Environment Corp reported revenue of 9.7B TWD in FY2025 versus 6.0B TWD in FY2021, a compound +12.8%/yr. Reported net income was 1.3B TWD in FY2025, compounding +10.1%/yr from FY2021.
Key figures
Market cap 18.4B TWD (≈ $560M) Small · P/E ratio 13.8 · P/S ratio 1.90 · EPS (TTM) 18.40 TWD · Dividend yield 6.2% · Net margin 13.9% · Return on equity 20.4% · Return on assets (EBIT) 11.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −25% fair-value upside, at 18%, 6803 screens cheaper than that median.
Fair Value models
Bear171.41 TWDFair Value 298.04 TWDBull387.46 TWD
Price 253.00 TWD · Upside +17.8%
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 10 months old). Earnings retained since then (2.22 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.
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.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.2%
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.
+11.2%
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.
+11.4%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 16 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.
+8.3%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+14.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.2%
Dividend (yield on the price)6.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.2% vs 5.5%, steady
Profit margin 2020 to 2025 ⓘ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.23% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+14.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +12.8% a year for the price.
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.Waste Management · 155 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+17.8% · Above median
Profitability
Return on equity (12 months)20.4% · Top 25%
Return on assets8.0% · Top 25%
Net margin (12 months)13.9% · Above median
Operating margin (12 months)17.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−1.9% · Below median
Dividend yield (12 months)6.2% · Top 25%
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiplesvs Waste Management median · lower = cheaper
P/E (12 months)13.8× · Cheaper than median
P/B2.60× · Priciest 25%
P/S (12 months)1.90× · Pricier than median
Price / free cash flow (fiscal year)22.0× · Pricier than median
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Is ECOVE Environment Corp (6803) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 298.04 TWD versus a price of 253.00 TWD, about +18% upside (undervalued).
What is the fair value of 6803?
Our model-based fair value for ECOVE Environment Corp is 298.04 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 253.00 TWD.
What is the quality score of 6803?
ECOVE Environment Corp has a Quality Score of 60/100. 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 ECOVE Environment Corp (6803)?
Our model-based price target is the fair value of 298.04 TWD (as of Nov 7, 2026) from 26 valuation models. Cautious scenario 171.41 TWD, optimistic scenario 387.46 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the ECOVE Environment Corp stock forecast for 2026?
Our models put fair value at 298.04 TWD, about +18% upside versus a price of 253.00 TWD (undervalued). Cautious scenario 171.41 TWD, optimistic scenario 387.46 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of ECOVE Environment Corp (6803)?
ECOVE Environment Corp reported trailing-twelve-month revenue of about 9.7B TWD (latest available figure, as of Nov 7, 2026).
Does ECOVE Environment Corp pay a dividend?
ECOVE Environment Corp currently shows a dividend yield of 6.25% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of ECOVE Environment Corp (6803) and when is the ex-dividend date?
ECOVE Environment Corp pays a dividend of 15.81 TWD per share a year, a dividend yield of 6.2%. The last ex-dividend date was Jul 3, 2026. A dividend has been paid every year since at least 2010. The payout ratio is 85.9% of earnings. Free cash flow covers the dividend 0.73 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into ECOVE Environment Corp (6803)?
For today's price to be fair in a discounted-cash-flow model, ECOVE Environment Corp would have to grow free cash flow by +14.5 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 6803 use?
Our models discount ECOVE Environment Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.08, 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 ECOVE Environment Corp that is +14.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has ECOVE Environment Corp (6803) delivered so far?
Over the past 5 years revenue at ECOVE Environment Corp grew +11.4 % a year. The price currently implies free-cash-flow growth of +14.5 % per 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 ECOVE Environment Corp (6803) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into ECOVE Environment Corp (+14.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ECOVE Environment Corp (6803)?
The free-cash-flow yield on the price is 4.55 %: that much free cash flow ECOVE Environment Corp produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ECOVE Environment Corp (6803)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ECOVE Environment Corp it is 298.04 TWD per share (as of Nov 7, 2026), against a price of 253.00 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is ECOVE Environment Corp stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 6803 trades below its calculated fair value: price 253.00 TWD, fair value 298.04 TWD, a gap of about +18% (undervalued). 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 6803?
No. The price is what the market pays today (253.00 TWD); the fair value is what the company's own numbers justify (298.04 TWD). For ECOVE Environment Corp the two are 45.04 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is ECOVE Environment Corp worth?
The market values ECOVE Environment Corp at about 18.4B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 253.00 TWD; our models calculate a fair value of 298.04 TWD per share.
What do the bullish and bearish scenarios say about 6803?
Our models span a range for ECOVE Environment Corp: cautious scenario 171.41 TWD, base 298.04 TWD, optimistic 387.46 TWD per share (as of Nov 7, 2026, price 253.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6803?
ECOVE Environment Corp trades at a price-to-earnings ratio of 13.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 298.04 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 16.6. Other multiples: P/B 2.6, P/S 1.9, EV/EBITDA 8.7.
How solid is the balance sheet of ECOVE Environment Corp (6803)?
Balance-sheet figures for ECOVE Environment Corp (as of Nov 7, 2026): return on equity 20.4%, debt of 0.40 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 6803 from its 52-week high?
ECOVE Environment Corp trades at 253.00 TWD, about 14% below its 52-week high of 292.71 TWD and at the low of 253.00 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 298.04 TWD is for.
Which stocks are comparable to ECOVE Environment Corp?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Veolia Environnement SA, 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 ECOVE Environment Corp stock attractive at the current price?
The data as of Nov 7, 2026: price 253.00 TWD, calculated fair value 298.04 TWD (+18%), Quality Score 60/100, 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 6803 calculated?
We run ECOVE Environment Corp through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 298.04 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. ECOVE Environment Corp currently trades 15% below its own fair value, and the market average says nothing about that. 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 ECOVE Environment Corp (6803)?
The closing price on Nov 6, 2026 was 253.00 TWD. Our model-based fair value is 298.04 TWD, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ECOVE Environment Corp right now?
A fairly wide model range (171.41 TWD to 387.46 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of ECOVE Environment Corp (6803) come from?
Earnings per share at ECOVE Environment Corp grew +4.5 % a year from 2012 to 2023. Broken into its drivers: revenue per share +5.7 %, EBIT margin −0.2 %, tax rate −0.4 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of ECOVE Environment Corp
How large is the market capitalisation of ECOVE Environment Corp (6803)?
The market capitalisation of ECOVE Environment Corp is 18.4B TWD (≈ $560M). 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 ECOVE Environment Corp (6803)?
The price-to-sales ratio of ECOVE Environment Corp is 1.90 (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 ECOVE Environment Corp (6803)?
Earnings per share at ECOVE Environment Corp are 18.40 TWD (price ÷ EPS = P/E 13.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ECOVE Environment Corp (6803)?
The dividend yield of ECOVE Environment Corp is 6.2% (payout 85.9%). 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 ECOVE Environment Corp (6803)?
The net margin of ECOVE Environment Corp is 13.9% (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 ECOVE Environment Corp (6803)?
The return on equity (ROE) of ECOVE Environment Corp is 20.4% (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 ECOVE Environment Corp (6803)?
On an EBIT basis the return on assets of ECOVE Environment Corp is 11.2% (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 ECOVE Environment Corp (6803)?
The operating margin of ECOVE Environment Corp is 17.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ECOVE Environment Corp (6803)?
Revenue at ECOVE Environment Corp is growing −1.9% versus a year earlier (3y avg +11.2%). 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 ECOVE Environment Corp (6803)?
Earnings per share at ECOVE Environment Corp are growing −1.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ECOVE Environment Corp (6803) carry?
The net debt of ECOVE Environment Corp is 2.4B TWD (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026