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Horizon Fixture Group (6957) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 13.4B TWD

HF Horizon Fixture Group 6957 · TW
Price214.00 TWD
Fair Value151.75 TWD
Upside-29.1%
Quality52/100
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Mixed Growth
Solidly profitable · 14.2% net margin
Low debt · generates free cash flow
4.85% dividend yield
Mixed vs. peers (7/14)
Moderate moat 63/100
Evidence: High Range 108.50 TWD – 219.12 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 140.89 TWD to 151.75 TWD (+7.7%) since Jul 12, 2026. Share price +2.1% over the past month.

A solid business, but screening 29% overvalued on our models.

What matters now

  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (108.50 TWD to 219.12 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (2 years)

266.80 TWD 125.84 TWD Fair Value 151.75 TWD Jun 2024 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

25‑month range 125.84 TWD – 266.80 TWD · fair‑value band 108.50 TWD – 219.12 TWD · the 214.00 TWD price screens above the 151.75 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Horizon Fixture Group (6957) currently trades at 214.00 TWD, while our model-based Fair Value estimate is 151.75 TWD, implying the stock looks roughly 29.1% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Consumer Cyclical 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, Horizon Fixture Group generated revenue of 4.0B TWD at a net margin of 14.3%. Revenue grew 28.7% year over year. It earns a return on equity of 24.3%. Net debt stands at 579M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 108.50 TWD (bear case) to 219.12 TWD (bull case); at 214.00 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 8% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at -29%, 6957 screens richer 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
Growth DCF 88.08 TWD 118.73 TWD 172.13 TWD 80
Residual Income 62.29 TWD 74.90 TWD 181.71 TWD 76
Rev-Margin DCF 94.61 TWD 142.81 TWD 201.98 TWD 74
All 24 models by family
DCF Models
FCF DCF 84.36 TWD 115.87 TWD 175.43 TWD 38
Owner Earnings 113.28 TWD 155.82 TWD 236.25 TWD 31
5Y Revenue Exit 94.61 TWD 140.89 TWD 208.82 TWD 39
5Y EBITDA Exit 110.59 TWD 168.42 TWD 245.66 TWD 41
5Y P/E Exit 114.53 TWD 175.21 TWD 248.18 TWD 38
10Y Revenue Exit 87.07 TWD 122.52 TWD 161.45 TWD 36
10Y EBITDA Exit 99.66 TWD 139.81 TWD 183.58 TWD 37
10Y P/E Exit 102.06 TWD 144.07 TWD 185.10 TWD 35
Earnings-Based
Graham-Dodd 69.53 TWD 91.78 TWD 105.54 TWD 54
EPV 94.42 TWD 109.86 TWD 123.37 TWD 59
Dividend Discount
Gordon GGM 120.85 TWD 132.28 TWD 149.69 TWD 70
DDM Multi-Stage 120.85 TWD 153.85 TWD 198.61 TWD 61
Multiples
P/E Multiple 153.37 TWD 204.49 TWD 255.62 TWD 63
P/S Multiple 130.36 TWD 173.82 TWD 217.27 TWD 58
P/B Multiple 105.88 TWD 141.17 TWD 176.46 TWD 55
EV/EBIT 161.99 TWD 215.38 TWD 268.78 TWD 53
EV/EBITDA 147.71 TWD 196.35 TWD 244.98 TWD 54
EV/Revenue 109.78 TWD 156.05 TWD 202.33 TWD 43
Asset-Based
NCAV (Graham) 23.53 TWD 31.53 TWD 47.06 TWD 50
Growth DCF
Growth DCF 88.08 TWD 118.73 TWD 172.13 TWD 80
Rev-Margin DCF 94.61 TWD 142.81 TWD 201.98 TWD 74
Economic Profit
Residual Income 62.29 TWD 74.90 TWD 181.71 TWD 76
ROIC Compounder 94.77 TWD 113.91 TWD 133.70 TWD 72
Growth Earnings
Growth-Adj P/E 108.50 TWD 155.01 TWD 201.51 TWD 68

Widest divergence: Multiples (173.82 TWD) versus Asset-Based (31.53 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 4.0B TWD
Revenue growth (YoY) +28.7%
Net margin 14.2%
Return on equity 24.3%
Free cash flow 462M TWD FY2025
P/E ratio 24.1
More key figures
Operating margin 10.0%
EPS (TTM) 10.18 TWD
Dividend yield 4.9%
EPS growth (YoY) +21.7%
Net debt 579M TWD FY2025

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

Quality Score breakdown

Overall quality 52/100

Of which business quality 54 · Market factors (momentum, volatility) 73

Profitability 63
Margins and returns on capital today
Quality Growth 6
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 78
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 60
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

Horizon Fixture Group Co., Ltd. designs, manufactures, and sells in-store displays in Taiwan. It offers eye-catching shelving systems, interactive kiosks, modular stands, commercial display racks, and bed frames. It serves apparel, beverages, hospitality, footwear, paints, furniture, and home wellness sectors.

Full company description

Horizon Fixture Group Co., Ltd. designs, manufactures, and sells in-store displays in Taiwan. It offers eye-catching shelving systems, interactive kiosks, modular stands, commercial display racks, and bed frames. It serves apparel, beverages, hospitality, footwear, paints, furniture, and home wellness sectors. The company was founded in 1998 and is based in Nantou City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Horizon Fixture Group reported revenue of 3.8B TWD in FY2025 versus 3.5B TWD in FY2021, a compound +2.0%/yr. Reported net income was 561M TWD in FY2025, compounding +30.6%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.8B TWD
Latest YoY
−4.7%
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.
−4.1%
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.
+9.6%
Revenue +2.0%/yr
FY21 3.5B TWD
FY22 4.3B TWD
FY23 3.9B TWD
FY24 4.0B TWD
FY25 3.8B TWD
Net income +30.6%/yr
FY21 193M TWD
FY22 523M TWD
FY23 880M TWD
FY24 747M TWD
FY25 561M TWD

6957 screens 29% overvalued. Compare with Midea Group →

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Cite: Fair Value Calculator (2026). "Horizon Fixture Group Fair Value". https://www.fairvalue-calculator.com/stock/6957

Peer Group

Furnishings, Fixtures & Appliances · 311 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 52 · Below median
Fair Value upside −29% · Below median
Return on equity (TTM) 24% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 10% · Top 25%
Revenue growth 29% · Top 25%
Dividend yield (TTM) 4.9% · Above median
Debt / equity 0.38× · Higher than 75% of peers

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 24.1× · Pricier than median
P/B 5.21× · Pricier than 75% of peers
P/S (TTM) 3.32× · Pricier than 75% of peers
P/FCF 0.9× · Cheaper than median
EV/EBITDA 16.6× · Pricier than 75% of peers

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 22
FUTURE 100 · sector 0
PAST 97 · sector 19
HEALTH 81 · sector 97
DIVIDEND 97 · sector 55

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
Ecovacs Robotics Co 603486 ¥58.97 ¥54.14 -8%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%

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Frequently asked questions

Is Horizon Fixture Group (6957) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 151.75 TWD versus a price of 214.00 TWD, about −29% (overvalued).
What is the fair value of 6957?
Our model-based fair value for Horizon Fixture Group is 151.75 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 214.00 TWD.
What is the quality score of 6957?
Horizon Fixture Group has a Quality Score of 52/100. 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 Horizon Fixture Group (6957)?
Horizon Fixture Group reported trailing-twelve-month revenue of about 4.0B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6957?
The net profit margin of Horizon Fixture Group is about 14.3%, meaning it keeps roughly 14.3% of revenue as net income. Based on the latest reported figures.
Does Horizon Fixture Group pay a dividend?
Horizon Fixture Group currently shows a dividend yield of about 4.85% relative to its recent price (as of Jul 23, 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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