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Waste Recovery Technology Inc (6894) Fair Value & Analysis

Industrials · TW · Market cap 7.8B TWD

WR Waste Recovery Technology Inc 6894 · TWO
Price346.50 TWD
Fair Value230.74 TWD
Upside-33.4%
Quality60/100
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Mixed Growth
Solidly profitable · 19.5% net margin
generates free cash flow
2.54% dividend yield
Ranks above peers (8/13)
Wide moat 77/100
Evidence: High Range 143.82 TWD – 369.22 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −2.9% over the past month.

A solid business, but screening 33% overvalued on our models.

What matters now

  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (143.82 TWD to 369.22 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (4 years)

409.00 TWD 121.86 TWD Fair Value 230.74 TWD Aug 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

48‑month range 121.86 TWD – 409.00 TWD · fair‑value band 143.82 TWD – 369.22 TWD · the 346.50 TWD price screens above the 230.74 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Waste Recovery Technology Inc (6894) currently trades at 346.50 TWD, while our model-based Fair Value estimate is 230.74 TWD, implying the stock looks roughly 33.4% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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: high).

Over the trailing twelve months, Waste Recovery Technology Inc generated revenue of 1.6B TWD at a net margin of 19.5%. Revenue grew 60.2% year over year. It earns a return on equity of 19.6%. The stock trades on a trailing P/E of 32.0. Fundamentals as of Jul 23, 2026

Our scenario range runs from 143.82 TWD (bear case) to 369.22 TWD (bull case); at 346.50 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 17% below its 52-week high and 121% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at -33%, 6894 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 70.00 TWD 92.58 TWD 279.99 TWD 76
Growth DCF 64.58 TWD 104.89 TWD 183.79 TWD 72
Growth-Adj P/E 245.50 TWD 350.72 TWD 455.94 TWD 68
All 24 models by family
DCF Models
FCF DCF 67.85 TWD 96.90 TWD 187.44 TWD 38
Owner Earnings 166.65 TWD 352.25 TWD 727.58 TWD 31
5Y Revenue Exit 86.99 TWD 148.88 TWD 278.74 TWD 39
5Y EBITDA Exit 166.89 TWD 310.82 TWD 593.28 TWD 41
5Y P/E Exit 156.84 TWD 361.39 TWD 644.47 TWD 38
10Y Revenue Exit 79.05 TWD 174.52 TWD 242.70 TWD 36
10Y EBITDA Exit 139.13 TWD 341.80 TWD 717.07 TWD 37
10Y P/E Exit 131.97 TWD 320.76 TWD 647.58 TWD 35
Earnings-Based
Graham-Dodd 74.72 TWD 521.05 TWD 731.22 TWD 54
Lynch FV 190.82 TWD 272.60 TWD 354.38 TWD 50
PEG = 1.0 190.82 TWD 272.60 TWD 354.38 TWD 46
EPV 126.95 TWD 144.78 TWD 160.16 TWD 59
Multiples
P/E Multiple 173.05 TWD 230.74 TWD 288.42 TWD 63
P/S Multiple 86.90 TWD 115.86 TWD 144.83 TWD 58
P/B Multiple 140.09 TWD 186.79 TWD 233.48 TWD 55
EV/EBIT 214.50 TWD 281.31 TWD 348.13 TWD 53
EV/EBITDA 200.74 TWD 262.97 TWD 325.20 TWD 54
EV/Revenue 87.03 TWD 118.31 TWD 149.59 TWD 43
Asset-Based
NCAV (Graham) 33.11 TWD 44.37 TWD 66.22 TWD 50
Growth DCF
Growth DCF 64.58 TWD 104.89 TWD 183.79 TWD 72
Rev-Margin DCF 86.99 TWD 168.13 TWD 317.64 TWD 67
Economic Profit
Residual Income 70.00 TWD 92.58 TWD 279.99 TWD 76
ROIC Compounder 159.45 TWD 229.06 TWD 303.89 TWD 67
Growth Earnings
Growth-Adj P/E 245.50 TWD 350.72 TWD 455.94 TWD 68

Widest divergence: Growth Earnings (350.72 TWD) versus Asset-Based (44.37 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.6B TWD
Revenue growth (YoY) +60.2%
Net margin 19.5%
Return on equity 19.6%
Free cash flow 80.5M TWD FY2025
P/E ratio 30.0
More key figures
Operating margin 27.8%
EPS (TTM) 10.92 TWD
Dividend yield 2.5%
EPS growth (YoY) +53.8%

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 77

Profitability 61
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 29
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 85
Distance to the 52-week high (market factor)
Net Issuance 54
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

Waste Recovery Technology Inc. engages in the recycled metal service, and waste liquid electrolysis recovery equipment in Taiwan.

Full company description

Waste Recovery Technology Inc. engages in the recycled metal service, and waste liquid electrolysis recovery equipment in Taiwan. It offers a dimensionally stable anode product for copper plating; Recocell electrowinning system to treat various copper-containing wastewater; solvent extraction system for copper-containing wastewater; and PCB on-line electrowinning recycling system for acid and alkaline etching process. The company is also involved in wholesale, import, and export of wastewater treatment equipment and spare parts; provision of technical consultation; repair and maintenance services; and sales of metal products. In addition, it provides waste disposal, technical consulting services, and machine equipment rental related to wastewater treatment. Further, the company engages in research and development, manufacturing, and sales of specialized environmental protection equipment; and machinery rental services. Additionally, it manufactures and sells chemical materials, machinery, and battery materials. Waste Recovery Technology Inc. was founded in 1990 and is based in Taichung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Waste Recovery Technology Inc reported revenue of 1.4B TWD in FY2025 versus 717M TWD in FY2021, a compound +17.8%/yr. Reported net income was 262M TWD in FY2025, compounding +12.4%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.4B TWD
Latest YoY
+40.7%
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.
+19.5%
Revenue +17.8%/yr
FY21 717M TWD
FY22 807M TWD
FY23 776M TWD
FY24 980M TWD
FY25 1.4B TWD
Net income +12.4%/yr
FY21 164M TWD
FY22 186M TWD
FY23 163M TWD
FY24 202M TWD
FY25 262M TWD

6894 screens 33% overvalued. Compare with Veralto Corporation →

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Cite: Fair Value Calculator (2026). "Waste Recovery Technology Inc Fair Value". https://www.fairvalue-calculator.com/stock/6894

Peer Group

Pollution & Treatment Controls · 91 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 60 · Above median
Fair Value upside −33% · Below median
Return on equity (TTM) 20% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth 60% · Top 25%
Dividend yield (TTM) 2.5% · Above median

Valuation Multiples vs Pollution & Treatment Controls median · lower = cheaper

P/E (TTM) 30.0× · Pricier than median
P/B 4.95× · Pricier than 75% of peers
P/S (TTM) 4.96× · Pricier than 75% of peers
P/FCF 3.0× · Cheaper than median
EV/EBITDA 14.6× · Pricier 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 0 · sector 0
FUTURE 100 · sector 14
PAST 79 · sector 10
HEALTH 0 · sector 95
DIVIDEND 51 · sector 37

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

Insider activity: 45/100

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 Pollution & Treatment Controls stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Veralto Corporation VLTO $94.21 $69.11 -27%
Zurn Elkay Water Solutions Corporation ZWS $47.63 $24.92 -48%
Canmax Technologies Co 300390 ¥57.02 ¥10.41 -82%
CECO Environmental Corp CECO $83.63 $15.19 -82%
Fujian Longking Co 600388 ¥17.58 ¥15.59 -11%
Munters Group MTRS kr 166.60 kr 16.90 -90%
China Conch Venture Holdings 0586 HK$8.83 HK$14.14 +60%
Mega Union Technology Inc 6944 1,005 TWD 539.58 TWD -46%
MayAir Technology (China) Co 688376 ¥96.57 ¥18.80 -81%
Zhongyuan Environmental Protection Co 000544 ¥7.30 ¥15.46 +112%

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Frequently asked questions

Is Waste Recovery Technology Inc (6894) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 230.74 TWD versus a price of 346.50 TWD, about −33% (overvalued).
What is the fair value of 6894?
Our model-based fair value for Waste Recovery Technology Inc is 230.74 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 346.50 TWD.
What is the quality score of 6894?
Waste Recovery Technology Inc 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 revenue of Waste Recovery Technology Inc (6894)?
Waste Recovery Technology Inc reported trailing-twelve-month revenue of about 1.6B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6894?
The net profit margin of Waste Recovery Technology Inc is about 19.5%, meaning it keeps roughly 19.5% of revenue as net income. 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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