Winston Medical Supply Co., Ltd. (6817) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Winston Medical Supply Co., Ltd. TWD 134, price TWD 44.70, upside +200.0%, quality 76 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Winston Medical Supply Co.,Ltd. develops, manufactures, and distributes pharmaceuticals, nutrition supplements, and cosmeceutical products in Taiwan and internationally.
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Winston Medical Supply Co.,Ltd. develops, manufactures, and distributes pharmaceuticals, nutrition supplements, and cosmeceutical products in Taiwan and internationally. The company offers sterile ophthalmic preparations comprising gels, suspensions, solutions, and emulsions; hormone preparations, which primarily cover birth control and oral suspension for cancer related cachexia; external use preparations comprising ointments; and other oral preparations that are in oral dosage forms, such as powders, troches, tablets, film coated tablets, chewables, and capsules for the treatment of colds, gastrointestinal issues, and other indications. It also offers medical equipment, medical beauty products, and health food. In addition, the company engages in import and export trade; and manufacturers' agency and bidding business activities. The company was founded in 1974 and is based in Tainan City, Taiwan. Winston Medical Supply Co., Ltd. is a subsidiary of Medigen Biotechnology Corp.
Stock analysis
Winston Medical Supply Co., Ltd. (6817) currently trades at 44.70 TWD, while our model-based Fair Value estimate is 134.10 TWD, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 146.51 TWD per share, and 22 of the 25 models we run sit above the 44.70 TWD price.
Bear case: the Asset-Based group reads lowest at 15.55 TWD, and 3 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: 93.87 TWD (bear) to 194.32 TWD (bull), the price of 44.70 TWD sits below 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 76/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Winston Medical Supply Co., Ltd. reported revenue of 700M TWD in FY2025 versus 537M TWD in FY2021, a compound +6.9%/yr. Reported net income was 117M TWD in FY2025, compounding +6.2%/yr from FY2021.
Key figures
Market cap 1.1B TWD (≈ $33.3M) · P/E ratio 7.0 · P/S ratio 1.18 · EPS (TTM) 6.37 TWD · Dividend yield 11.2% · Net margin 16.8% · Return on equity 27.1% · Return on assets (EBIT) 19.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 57% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 200%, 6817 screens cheaper than that median.
Fair Value models
Bear 93.87 TWDFair Value 134.10 TWDBull 194.32 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.01 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.Evidence ⓘEvidence = 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.83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.7%
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.
+4.9%
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.
+6.7%
Start year 2020 (pandemic)
Revenue growth 6 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.
+11.5%
’19
’20
’21
’22
’23
’24
’25
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.
+21.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.2%
Dividend (yield on the price)11.2%
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.17% → 20%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−19.2%
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 −20.5% a year for the price.
Compare Winston Medical Supply Co., Ltd. with another stock
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 · 629 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+200% · Top 25%
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)18% · Top 25%
Growth and dividend
Revenue growth−7% · Below median
Dividend yield (TTM)11.2% · Top 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Winston Medical Supply Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/6817
Frequently asked questions
Is Winston Medical Supply Co., Ltd. (6817) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 134.10 TWD versus a price of 44.70 TWD, about +200% upside (undervalued).
What is the fair value of 6817?
Our model-based fair value for Winston Medical Supply Co., Ltd. is 134.10 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 44.70 TWD.
What is the quality score of 6817?
Winston Medical Supply Co., Ltd. has a Quality Score of 76/100. 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 Winston Medical Supply Co., Ltd. (6817)?
Our model-based price target is the fair value of 134.10 TWD (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 93.87 TWD, optimistic scenario 194.32 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Winston Medical Supply Co., Ltd. stock forecast for 2026?
Our models put fair value at 134.10 TWD, about +200% upside versus a price of 44.70 TWD (undervalued). Cautious scenario 93.87 TWD, optimistic scenario 194.32 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Winston Medical Supply Co., Ltd. (6817)?
Winston Medical Supply Co., Ltd. reported trailing-twelve-month revenue of about 700M TWD (latest available figure, as of Sep 24, 2026).
Does Winston Medical Supply Co., Ltd. pay a dividend?
Winston Medical Supply Co., Ltd. currently shows a dividend yield of about 11.19% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Winston Medical Supply Co., Ltd. (6817)?
For today's price to be fair in a discounted-cash-flow model, Winston Medical Supply Co., Ltd. would have to grow free cash flow by -19.2 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6817 use?
Our models discount Winston Medical Supply Co., Ltd. at 9.0 %: a base by market capitalisation (nano), damped by beta 0.14, 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 Winston Medical Supply Co., Ltd. that is -19.2 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Winston Medical Supply Co., Ltd. (6817) delivered so far?
Over the past 5 years revenue at Winston Medical Supply Co., Ltd. grew +6.8 % a year. The price currently implies -19.2 % 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 Winston Medical Supply Co., Ltd. (6817) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into Winston Medical Supply Co., Ltd. (-19.2 % 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 Winston Medical Supply Co., Ltd. (6817)?
The free-cash-flow yield on the price is 16.73 %: that much free cash flow Winston Medical Supply Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Winston Medical Supply Co., Ltd. (6817)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Winston Medical Supply Co., Ltd. it is 134.10 TWD per share (as of Sep 24, 2026), against a price of 44.70 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Winston Medical Supply Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6817 trades below its calculated fair value: price 44.70 TWD, fair value 134.10 TWD, a gap of about +200% (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 6817?
No. The price is what the market pays today (44.70 TWD); the fair value is what the company's own numbers justify (134.10 TWD). For Winston Medical Supply Co., Ltd. the two are 89.40 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Winston Medical Supply Co., Ltd. worth?
The market values Winston Medical Supply Co., Ltd. at about 1.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 44.70 TWD; our models calculate a fair value of 134.10 TWD per share.
What do the bullish and bearish scenarios say about 6817?
Our models span a range for Winston Medical Supply Co., Ltd.: cautious scenario 93.87 TWD, base 134.10 TWD, optimistic 194.32 TWD per share (as of Sep 24, 2026, price 44.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6817?
Winston Medical Supply Co., Ltd. trades at a price-to-earnings ratio of 7.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 134.10 TWD is built from several models across several years. Other multiples: P/B 2.5, P/S 1.5, EV/EBITDA 4.8.
How solid is the balance sheet of Winston Medical Supply Co., Ltd. (6817)?
Balance-sheet figures for Winston Medical Supply Co., Ltd. (as of Sep 24, 2026): return on equity 27.1%, debt of 0.08 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is 6817 from its 52-week high?
Winston Medical Supply Co., Ltd. trades at 44.70 TWD, about 57% below its 52-week high of 104.03 TWD and 7% above the low of 41.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 134.10 TWD is for.
Which stocks are comparable to Winston Medical Supply Co., Ltd.?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun 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 Winston Medical Supply Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 44.70 TWD, calculated fair value 134.10 TWD (+200%), Quality Score 76/100, from 25 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 6817 calculated?
We run Winston Medical Supply Co., Ltd. through 25 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 134.10 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 14.0 % above its aggregate fair value. Winston Medical Supply Co., Ltd. currently trades 200 % 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 Winston Medical Supply Co., Ltd. (6817)?
The closing price on Sep 24, 2026 was 44.70 TWD. Our model-based fair value is 134.10 TWD, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Winston Medical Supply Co., Ltd. right now?
The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (93.87 TWD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (93.87 TWD to 194.32 TWD) leaves room in how you read the outcome.
Key figures of Winston Medical Supply Co., Ltd.
How large is the market capitalisation of Winston Medical Supply Co., Ltd. (6817)?
The market capitalisation of Winston Medical Supply Co., Ltd. is 1.1B TWD (≈ $33.3M). 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 Winston Medical Supply Co., Ltd. (6817)?
The price-to-sales ratio of Winston Medical Supply Co., Ltd. is 1.18 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Winston Medical Supply Co., Ltd. (6817)?
Earnings per share at Winston Medical Supply Co., Ltd. are 6.37 TWD (price ÷ EPS = P/E 7.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Winston Medical Supply Co., Ltd. (6817)?
The dividend yield of Winston Medical Supply Co., Ltd. is 11.2% (payout 78.5%). 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 Winston Medical Supply Co., Ltd. (6817)?
The net margin of Winston Medical Supply Co., Ltd. is 16.8% (fiscal year 2025). 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 Winston Medical Supply Co., Ltd. (6817)?
The return on equity (ROE) of Winston Medical Supply Co., Ltd. is 27.1% (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 Winston Medical Supply Co., Ltd. (6817)?
On an EBIT basis the return on assets of Winston Medical Supply Co., Ltd. is 19.9% (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 Winston Medical Supply Co., Ltd. (6817)?
The operating margin of Winston Medical Supply Co., Ltd. is 17.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Winston Medical Supply Co., Ltd. (6817)?
Revenue at Winston Medical Supply Co., Ltd. is growing −6.6% versus a year earlier (3y avg +4.9%). 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 Winston Medical Supply Co., Ltd. (6817)?
Earnings per share at Winston Medical Supply Co., Ltd. are growing −24.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Winston Medical Supply Co., Ltd. (6817) hold?
Winston Medical Supply Co., Ltd. holds more cash than debt, 197M TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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