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United Purification Technology Co (6977) Fair Value & Analysis

Utilities · TW · Market cap 2.7B TWD

UP United Purification Technology Co 6977 · TWO
Price231.50 TWD
Fair Value282.33 TWD
Upside+22.0%
Quality59/100
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Expensive Growth
Solidly profitable · 10.7% net margin
Low debt · generates free cash flow
2.31% dividend yield
Ranks above peers (10/14)
Wide moat 73/100
Evidence: High Range 186.85 TWD – 620.28 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −1.5% over the past month.

A solid business, screening 22% undervalued on our models.

What matters now

  • The model range is unusually wide (186.85 TWD to 620.28 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (8 months)

407.50 TWD 155.50 TWD Fair Value 282.33 TWD Dec 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Jul 23, 2026.

How to read this chart

8‑month range 155.50 TWD – 407.50 TWD · fair‑value band 186.85 TWD – 620.28 TWD · the 231.50 TWD price screens below the 282.33 TWD fair value. As of Jul 23, 2026.

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Analysis

United Purification Technology Co (6977) currently trades at 231.50 TWD, while our model-based Fair Value estimate is 282.33 TWD, implying the stock looks roughly 22.0% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, United Purification Technology Co generated revenue of 2.1B TWD at a net margin of 10.7%. Revenue grew 141.8% year over year. It earns a return on equity of 36.8%. The balance sheet holds a net cash position of 54.5M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 186.85 TWD (bear case) to 620.28 TWD (bull case); at 231.50 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 45% below its 52-week high and 64% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -10% fair-value upside, at 22%, 6977 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
Growth DCF 46.29 TWD 72.65 TWD 115.13 TWD 80
Residual Income 115.28 TWD 160.60 TWD 1,274 TWD 76
Rev-Margin DCF 194.16 TWD 373.74 TWD 746.44 TWD 74
All 24 models by family
DCF Models
FCF DCF 48.18 TWD 64.95 TWD 117.24 TWD 38
Owner Earnings 268.66 TWD 574.61 TWD 1,193 TWD 31
5Y Revenue Exit 175.34 TWD 329.49 TWD 655.30 TWD 39
5Y EBITDA Exit 147.61 TWD 273.43 TWD 521.10 TWD 41
5Y P/E Exit 191.53 TWD 454.53 TWD 821.06 TWD 38
10Y Revenue Exit 131.17 TWD 354.51 TWD 523.71 TWD 36
10Y EBITDA Exit 119.58 TWD 296.16 TWD 620.28 TWD 37
10Y P/E Exit 150.91 TWD 388.57 TWD 797.63 TWD 35
Earnings-Based
Graham-Dodd 112.93 TWD 787.56 TWD 1,105 TWD 54
Lynch FV 406.88 TWD 581.26 TWD 755.64 TWD 50
PEG = 1.0 406.88 TWD 581.26 TWD 755.64 TWD 46
EPV 186.85 TWD 213.65 TWD 236.77 TWD 59
Multiples
P/E Multiple 224.20 TWD 298.93 TWD 373.67 TWD 63
P/S Multiple 211.75 TWD 282.33 TWD 352.91 TWD 58
P/B Multiple 72.06 TWD 96.09 TWD 120.11 TWD 55
EV/EBIT 250.50 TWD 328.30 TWD 406.10 TWD 53
EV/EBITDA 181.82 TWD 236.73 TWD 291.63 TWD 54
EV/Revenue 205.90 TWD 286.81 TWD 367.72 TWD 43
Asset-Based
NCAV (Graham) 26.69 TWD 35.77 TWD 53.38 TWD 50
Growth DCF
Growth DCF 46.29 TWD 72.65 TWD 115.13 TWD 80
Rev-Margin DCF 194.16 TWD 373.74 TWD 746.44 TWD 74
Economic Profit
Residual Income 115.28 TWD 160.60 TWD 1,274 TWD 76
ROIC Compounder 227.60 TWD 321.22 TWD 438.68 TWD 72
Growth Earnings
Growth-Adj P/E 508.49 TWD 726.41 TWD 944.33 TWD 68

Widest divergence: Growth Earnings (726.41 TWD) versus Asset-Based (35.77 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.1B TWD
Revenue growth (YoY) +142%
Net margin 10.7%
Return on equity 36.8%
Free cash flow 26.6M TWD FY2025
P/E ratio 12.3
More key figures
Operating margin 14.9%
EPS (TTM) 16.20 TWD
Dividend yield 2.3%
EPS growth (YoY) +387%
Net cash 54.5M TWD FY2024

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

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 50

Profitability 77
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 24
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 60
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.

About the company

United Purification Technology Co., Ltd., together with its subsidiaries, designs, plans, assemblies, manufactures, sells and installs pure/recycled water equipment in Taiwan and Mainland China. It also engages in machinery and equipment repair and installation; motor repair; and ESG coaching planning and implementation activities.

Full company description

United Purification Technology Co., Ltd., together with its subsidiaries, designs, plans, assemblies, manufactures, sells and installs pure/recycled water equipment in Taiwan and Mainland China. It also engages in machinery and equipment repair and installation; motor repair; and ESG coaching planning and implementation activities. The company's products are used in semiconductor/electronics factories; petrochemical/power plants; electronic grade specialty chemical factories; and biotechnology and pharmaceutical factories. United Purification Technology Co., Ltd. was founded in 1998 and is headquartered in Taichung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

United Purification Technology Co reported revenue of 2.1B TWD in FY2025 versus 751M TWD in FY2021, a compound +29.5%/yr. Reported net income was 226M TWD in FY2025, compounding +22.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.1B TWD
Latest YoY
+240.0%
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.
+28.3%
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.
+30.9%
Revenue +29.5%/yr
FY21 751M TWD
FY22 1.0B TWD
FY23 775M TWD
FY24 621M TWD
FY25 2.1B TWD
Net income +22.9%/yr
FY21 99.2M TWD
FY22 84.5M TWD
FY23 23.6M TWD
FY24 9.6M TWD
FY25 226M TWD

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Cite: Fair Value Calculator (2026). "United Purification Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/6977

Peer Group

Utilities - Regulated Water · 67 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 59 · Top 25%
Fair Value upside +22% · Above median
Return on equity (TTM) 37% · Top 25%
Return on assets 14% · Top 25%
Net margin (TTM) 11% · Above median
Operating margin (TTM) 15% · Below median
Revenue growth 142% · Top 25%
Dividend yield (TTM) 2.3% · Below median
Debt / equity 0.04× · Lower than 75% of peers

Valuation Multiples vs Utilities - Regulated Water median · lower = cheaper

P/E (TTM) 12.3× · Cheaper than 75% of peers
P/B 3.75× · Pricier than 75% of peers
P/S (TTM) 1.29× · Cheaper than median
P/FCF 3.2× · Pricier than median
EV/EBITDA 8.6× · Cheaper 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 63 · sector 1
FUTURE 100 · sector 28
PAST 100 · sector 29
HEALTH 98 · sector 66
DIVIDEND 46 · sector 49

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 Utilities - Regulated Water stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
American Water Works Company AWK $134.33 $65.80 -51%
SBSP3 SBSP3 R$29.22 R$31.23 +7%
SBS SBS $5.79 $5.21 -10%
Essential Utilities, Inc WTRG $38.59 $21.81 -43%
CSMG3 CSMG3 R$66.10 R$60.17 -9%
Grandblue Environment Co 600323 ¥29.42 ¥33.29 +13%
American States Water Company AWR $85.01 $48.02 -44%
Chengdu Xingrong Environment Co 000598 ¥6.97 ¥10.74 +54%
California Water Service Group CWT $49.73 $33.56 -33%
Chongqing Water Group 601158 ¥4.12 ¥2.77 -33%

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Frequently asked questions

Is United Purification Technology Co (6977) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 282.33 TWD versus a price of 231.50 TWD, about +22% (undervalued).
What is the fair value of 6977?
Our model-based fair value for United Purification Technology Co is 282.33 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 231.50 TWD.
What is the quality score of 6977?
United Purification Technology Co has a Quality Score of 59/100. 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 United Purification Technology Co (6977)?
United Purification Technology Co reported trailing-twelve-month revenue of about 2.1B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6977?
The net profit margin of United Purification Technology Co is about 10.7%, meaning it keeps roughly 10.7% of revenue as net income. Based on the latest reported figures.
Does United Purification Technology Co pay a dividend?
United Purification Technology Co currently shows a dividend yield of about 2.31% 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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