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Techzone Technology Materials Co., Ltd. (6947) Fair Value & Analysis

Industrials · TW · Market cap 7.8B TWD (≈ $247M) · ISIN TW0006947005

What is Techzone Technology Materials Co., Ltd. really worth?

TT Techzone Technology Materials Co., Ltd. 6947 · TWO
Price from Aug 27, 202670.30 TWD
Fair Value16.76 TWD
Upside−76.2%
Quality28/100

Below-average quality, and trading another 319% above our fair value of 16.76 TWD.

As of Sep 2, 2026, the fair value of Techzone Technology Materials Co., Ltd. is 16.76 TWD per share against a price of 70.30 TWD, so the fair value sits 76% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 10.7% net margin

Risks

!Expensive Growth (revenue 5y +28.2 %/yr)
!High debt · negative free cash flow
!Trails peers (4/13)
!Moderate moat 46/100
!Weak on past: 29 out of 100
!Weak on balance sheet: 14 out of 100
!Weak on dividend: 17 out of 100

For context

·0.85% dividend yield
Evidence: High Range 12.70 TWD – 16.76 TWD

Fair value as of: Sep 2, 2026

From 12 valuation models · updated 4 days ago

Share price −2.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (16.76 TWD). The favourable scenario is already priced in.
  • Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (9 months)

94.00 TWD 68.60 TWD Fair Value 16.76 TWD Dec 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 2, 2026.

How to read this chart

9‑month range 68.60 TWD – 94.00 TWD · fair‑value band 12.70 TWD – 16.76 TWD · the 70.30 TWD price screens above the 16.76 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 2, 2026.

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Analysis

Techzone Technology Materials Co., Ltd. (6947) currently trades at 70.30 TWD, while our model-based Fair Value estimate is 16.76 TWD, implying the stock looks roughly 319.5% overvalued today. The Quality Score stands at 28/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of 23.52 TWD per share, and 0 of the 12 models we run sit above the 70.30 TWD price. Bear case: the Dividend Discount group reads lowest at 9.07 TWD, and 12 of the 12 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Techzone Technology Materials Co., Ltd. generated revenue of 1.5B TWD at a net margin of 10.7%. Revenue grew 134.4% year over year. It earns a return on equity of 7.3%. Net debt stands at 4.4B TWD. Fundamentals as of Sep 2, 2026

Our scenario range runs from 12.70 TWD (bear case) to 16.76 TWD (bull case); at 70.30 TWD, the current price sits above 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 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −76%, 6947 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.0682 TWD per share, which is 0.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence 16.74 TWD 16.43 TWD 13.88 TWD 76
Gordon GGM 5.27 TWD 10.50 TWD 15.90 TWD 67
DDM Multi-Stage 5.27 TWD 9.07 TWD 11.08 TWD 67
All 12 models by family
Earnings-Based
Graham-Dodd 4.77 TWD 33.28 TWD 46.70 TWD 63
Lynch FV 12.70 TWD 18.14 TWD 23.58 TWD 61
PEG = 1.0 12.70 TWD 18.14 TWD 23.58 TWD 57
Dividend Discount
Gordon GGM 5.27 TWD 10.50 TWD 15.90 TWD 67
DDM Multi-Stage 5.27 TWD 9.07 TWD 11.08 TWD 67
Multiples
P/E Multiple 11.58 TWD 15.44 TWD 19.30 TWD 63
P/S Multiple 8.95 TWD 11.93 TWD 14.91 TWD 58
P/B Multiple 8.95 TWD 11.93 TWD 14.91 TWD 55
EV/EBITDA 6.13 TWD 16.73 TWD 62
Asset-Based
NCAV (Graham) 11.62 TWD 15.57 TWD 23.23 TWD 54
Economic Profit
Residual Income best evidence 16.74 TWD 16.43 TWD 13.88 TWD 76
Growth Earnings
Growth-Adj P/E 16.46 TWD 23.52 TWD 30.57 TWD 67

Widest divergence: Growth Earnings (23.52 TWD) versus Dividend Discount (9.07 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 133.6 as of Jun 12, 2026
P/S ratio 6.87 P/E × margin
EPS (TTM) 0.7000 TWD price ÷ EPS = P/E 133.6
Dividend yield 0.9% payout 85.7%
Net margin 5.1% FY2025
Return on equity 7.3% TTM
More key figures
Profitability
Return on assets (EBIT) 7.0% avg 5y
Operating margin 26.6% TTM
Growth
Revenue (TTM) 1.5B TWD TTM
Revenue growth (YoY) +134% 3y avg +28.5%
EPS growth (YoY) +148%
Balance sheet & cash flow
Free cash flow −987M TWD FY2025
Net debt 4.4B TWD FY2025

Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 28/100

Of which business quality 28 · Market factors (momentum, volatility) 41

Profitability 18
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 13
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 42
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Techzone Technology Materials Co., Ltd. operates as an industrial waste treatment center in Taiwan. It engages in incineration treatment, waste heat recovery, and distillation recycling activities. The company was founded in 2012 and is based in Taoyuan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Techzone Technology Materials Co., Ltd. reported revenue of 1.3B TWD in FY2025 versus 541M TWD in FY2021, a compound +24.2%/yr. Reported net income was 66.2M TWD in FY2025, compounding −19.5%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.3B TWD
Latest YoY
+59.6%
Avg. revenue 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.
+28.5%
Avg. revenue 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.
+28.2%
Avg. revenue growth/yr (6Y) 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.
+29.6%
Value creation/yr (5Y, in TWD) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+9.5% · in TWD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+8.6%
Dividend yield0.9%
Operating margin (EBIT) 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.13.6% (2020) → 10.5% (2025) · falling
Worst earnings drop58% (2025) · in TWD
Revenue +24.2%/yr
FY21 541M TWD
FY22 607M TWD
FY23 695M TWD
FY24 807M TWD
FY25 1.3B TWD
Net income −19.5%/yr
FY21 157M TWD
FY22 190M TWD
FY23 143M TWD
FY24 89.8M TWD
FY25 66.2M TWD

6947 screens 319% overvalued. Compare with Waste Management, Inc →

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Cite: Fair Value Calculator (2026). "Techzone Technology Materials Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/6947.TWO

Peer Group

Waste Management · 166 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 28 · Bottom 25%
Fair Value upside −76% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 1% · Below median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 27% · Top 25%
Revenue growth 134% · Top 25%
Dividend yield (TTM) 0.9% · Bottom 25%
Debt / equity 1.72× · Higher than 75% of peers

Valuation Multiples vs Waste Management median · lower = cheaper

P/E (TTM) 133.6× · Pricier than 75% of peers
P/B 3.56× · Pricier than 75% of peers
P/S (TTM) 5.12× · Pricier than 75% of peers
EV/EBITDA 22.6× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 3
FUTURE100 · sector 18
PAST29 · sector 26
HEALTH14 · sector 82
DIVIDEND17 · sector 45

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

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

Similar stocks

10 more Waste Management stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $217.76 $128.02 −41%
Republic Services, Inc RSG $220.92 $120.63 −45%
Waste Connections, Inc WCN C$230.52 C$78.67 −66%
Veolia Environnement SA VIE €32.60 €23.26 −29%
Clean Harbors, Inc CLH $311.81 $154.01 −51%
GFL Environmental Inc GFL C$57.62 C$44.27 −23%
Fomento de Construcciones y Contratas, S.A FCC €11.30 €7.30 −35%
GEM Co 002340 ¥6.67 ¥5.27 −21%
Zhejiang Weiming Environment Protection Co 603568 ¥14.86 ¥20.95 +41%
Cleanaway Waste Management Limited CWY A$2.60 A$1.18 −55%

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Frequently asked questions

Is Techzone Technology Materials Co., Ltd. (6947) overvalued or undervalued?
As of Sep 2, 2026, our model estimates a fair value of 16.76 TWD versus the last price from Aug 27, 2026 of 70.30 TWD, about −76% upside (overvalued).
What is the fair value of 6947?
Our model-based fair value for Techzone Technology Materials Co., Ltd. is 16.76 TWD (as of Sep 2, 2026), built from audited fundamentals. Last price (from Aug 27, 2026): 70.30 TWD.
What is the quality score of 6947?
Techzone Technology Materials Co., Ltd. has a Quality Score of 28/100. 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 Techzone Technology Materials Co., Ltd. (6947)?
Our model-based price target is the fair value of 16.76 TWD (as of Sep 2, 2026) from 12 valuation models. Cautious scenario 12.70 TWD, optimistic scenario 16.76 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Techzone Technology Materials Co., Ltd. stock forecast for 2026?
Our models put fair value at 16.76 TWD, about −76% upside versus the last price from Aug 27, 2026 of 70.30 TWD (overvalued). Cautious scenario 12.70 TWD, optimistic scenario 16.76 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Techzone Technology Materials Co., Ltd. (6947)?
Techzone Technology Materials Co., Ltd. reported trailing-twelve-month revenue of about 1.5B TWD (latest available figure, as of Sep 2, 2026).
What is the net profit margin of 6947?
The net profit margin of Techzone Technology Materials Co., Ltd. is about 10.7%, meaning it keeps roughly 10.7% of revenue as net income. Based on the latest reported figures.
Does Techzone Technology Materials Co., Ltd. pay a dividend?
Techzone Technology Materials Co., Ltd. currently shows a dividend yield of about 0.85% relative to its recent price (as of Sep 2, 2026).
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